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Boko Haram Aside, Nigeria is Becoming Major Global Economy

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Nigeria has been getting a lot of bad press lately, owing largely to the militant Islamist group Boko Haram’s abduction of more than 200 schoolgirls in April, part of a brutal campaign of kidnappings, bombings and murder, according to The Daily Star.

But, while these developments certainly merit international concern, they should not be allowed to obscure Nigeria’s recent achievements – or spur the outside world to turn its back on the country.

According to The Daily Star, what is lost in most discussions about Nigeria today is the strong economic record that the country has established over the last decade.

In fact, a recent yearlong study by the McKinsey Global Institute showed that, over the next 15 years, Nigeria has the potential to become a major global economy.

With roughly 170 million inhabitants, Nigeria has Africa’s largest population. But it has only recently been acknowledged as having the continent’s largest economy – 26th in the world – following the release of “rebased” data putting GDP at $510 billion last year.

MGI estimates that from 2013 until 2030, Nigeria could expand its economy by more than 6 percent annually, with its GDP exceeding $1.6 trillion – moving it into the global top 20. Moreover, if Nigeria’s leaders work to ensure that growth is inclusive, an estimated 30 million people could escape poverty.

The problem is that Nigeria remains subject to outdated assumptions, which are limiting its prospects, especially among foreign companies and investors.

For example, many believe that Nigeria is a petro-economy, wholly at the mercy of the world oil market.

But the resources sector accounts for only 14 percent of GDP – meaning that, while oil production remains a critical source of revenue and exports, the Nigerian economy is far more diverse than many assume.

A related myth is that Nigeria’s economic growth is unstable, with large and unpredictable shifts in performance from year to year.

In fact, as Nigeria has diversified its economy and detached public-spending plans from current oil prices (part of a 2004 budget reform), it has become increasingly stable, both economically and fiscally. Indeed, in recent years (2010-13, in “rebased” terms), GDP has grown by a steady 6-7 percent, owing more to rising productivity than to favorable demographics.

Finally, there is a general misunderstanding about the Nigerian economy’s evolution. Despite widespread poverty and low (though improving) productivity in almost all industries outside of the resources sector, Nigeria has a rapidly growing consumer class that will play an increasingly important role in driving growth.

By 2030, more than 34 million households, with about 160 million people, are likely to be earning more than $7,500 annually, making them aspiring consumers.

This implies a potential rise in consumption from $388 billion annually to $1.4 trillion – a prospect that is already attracting investments by multinational consumer-goods producers and retailers.

Nigeria’s prospects are enhanced further by its strategic location, which will enable it to take advantage of booming demand across Africa and other parts of the developing world. Add to that a large and growing population and an entrepreneurial spirit, and the future looks bright.

In order to unleash this potential and ensure that the next decade of growth brings sharp reductions in poverty, Nigeria’s leaders must pursue reforms aimed at increasing productivity, raising incomes and delivering essential services such as health care and education more efficiently.

For example, to increase productivity and incomes in the agricultural sector, the government could pursue land-title reform aimed at opening more farmland without deforestation; expand the use of fertilizer and mechanized equipment; and support a shift to more profitable crops.

Moreover, improvements in distribution and marketing would allow farmers to keep more of the proceeds from the sale of their crops.

In urban areas, productivity suffers from a high degree of informal employment, sometimes even by major corporations. This keeps too many Nigerians in low-skill, low-paying jobs and deprives the economy of the dynamism that competitive small- and medium-size enterprises create.

The spate of Internet startups that have emerged in Nigeria demonstrates that the skills are there, and tapping Nigeria’s diaspora can augment that talent pool.

To make it easier to do business in Nigeria, the government also will need to streamline processes for registering and running a legal business and, together with aid agencies and the private sector, increase investment in infrastructure. It will also need to intensify its fight against endemic corruption, which represents a tax on all businesses.

Finally, to promote inclusive growth – essential to relieving human suffering and mitigating social and political tensions – Nigeria must improve public-service delivery dramatically.

The fact that Nigeria lags behind countries that spend comparable amounts on public services proves that it has the scope to improve.

All that is needed to ensure that assistance – from seed subsidies to immunization – reaches those who need it most, regardless of where they live in the country, is a strong commitment from Nigeria’s leaders to build more effective and transparent government agencies.

Nigerians do not need sympathy or even outrage from the global community. What they need is support and encouragement. Only with stable and inclusive growth can Nigeria escape the clutches of brutal forces such as Boko Haram and give its citizens the security and prosperity that they deserve.

Paul Collier is a professor of economics and public policy at the Blavatnik School of Government, Oxford University, where he is also professorial fellow of St. Antony’s College and co-director of the Center for the Study of African Economies. Acha Leke is Director of McKinsey in Africa.


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Fidelity Bank’s New Initiative Aims to Improve Maternal Health in Lagos

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Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.

The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.

Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.

Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”

Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.

“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.

“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”

Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”

“On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center.

“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.

One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels.

The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.


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Sophos MDR Defends 26,000 Customers Worldwide with New Enhancements

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Sophos, a global leader of innovative security solutions for defeating cyberattacks, today announced that its Sophos Managed Detection and Response (MDR) service has reached a major milestone, now protecting more than 26,000 organizations globally, growing its customer base by 37% in 2024.

This achievement highlights the increasing demand for Sophos’ proactive, expert-led security solutions, which help organizations of all sizes stay protected 24/7 against increasingly sophisticated cyber threats, including the most advanced ransomware, business email compromise (BEC) and phishing attacks.

Sophos MDR offers a comprehensive suite of capabilities that go beyond standard threat containment to include full-scale incident response, such as root cause analysis, the removal of malicious tools or artifacts used by attackers, and investigations across customers’ environments to ensure adversaries are fully ejected to prevent another attack.

What further differentiates Sophos is that these incident response services are included with Sophos MDR on an unlimited basis, meaning customers are not additionally charged and there is no limit on the number of incident response hours.

Sophos MDR Complete also includes a breach protection warranty covering up to $1 million USD in incident response expenses. Sophos provides flexibility for how customers can work with the MDR analysts, including the ability to pre-authorize them to contain an active threat.

Sophos Investment in MDR and New Features

Sophos has made significant investments into its MDR offering with increased analyst capacity, AI assisted workflows, new features and expanded integrations to help deliver the best possible outcomes through improved protection, detection and investigation of threats. Sophos has added the following new features:

· Proof of Value: New Sophos MDR service insights to explain the MDR team’s actions including highlighting the human hours spent threat hunting and creating and tuning detections. High-value dashboard enhancements include details of MITRE ATT&CK tactics uncovered in proactive threat hunts conducted by Sophos’ MDR team, MDR analyst coverage, case investigation summaries and an account health check status.

· Enhanced Security for Microsoft Customers: New Sophos-proprietary detections for Microsoft Office 365 identify threats including business email compromise and adversary in the middle account takeover attacks, independent of the customer’s Microsoft license level.

· Expanded Compatibility with Third Parties: This expanded ecosystem of turnkey integrations with third-party cybersecurity and IT tools includes a new Backup and Recovery integration category.

· Proactive Vulnerability Mitigation: Sophos Managed Risk powered by Tenable provides attack surface vulnerability management as a new managed service option for Sophos MDR customers.

· Efficiency and Automation: Sophos MDR has added AI-powered workflows to streamline the operational processes and drive better security outcomes for our customers. This innovation delivers a reduced mean time to respond (MTTR) through more efficient triage, while also ensuring that all legitimate threats are rapidly investigated. This enables analysts to concentrate on other tasks such as threat hunting, account health monitoring and detection engineering.

“Attackers are continuously advancing their tactics to outmanoeuvre traditional security defenses,” said Rob Harrison, senior vice president of product management at Sophos.

“Our customers rely on Sophos MDR to help their organizations tackle today’s threats 24/7 with full-scale incident response to remove active adversaries and conduct root cause analysis to identify the underlying issues that led to an incident.

“We’re consistently evolving our solutions with new offerings and integrations, just like attackers are constantly evolving their tactics, so customers can disrupt threats before they escalate into destructive attacks.”

Better Together: Sophos MDR Integrations

Sophos has invested significantly in third party integrations for its MDR customers to ingest and analyze events and alerts from an even broader range of tools and products, while also expanding propriety detections based on suspicious behaviour identified in Microsoft environments. This includes:

· A new Backup and Recovery integration pack with Acronis, Rubrik and Veeam integrations to strengthen defenses against ransomware.

· Microsoft Office 365 Management Activity integrations, enabling the ingestion of audit logs and security alerts across the Microsoft ecosystem. More than 9,000 customers have this integration in the Sophos MDR solution.

Sophos MDR Accolades

Sophos MDR has received multiple recognitions and accolades from customers, analysts and media in 2024:

Sophos named a Leader in the IDC MarketScape: Worldwide Managed Detection and Response (MDR) 2024 Vendor Assessment *
Sophos named a Leader in the IDC MarketScape: European Managed Detection and Response (MDR) Services in 2024 Vendor Assessment **.

· Sophos named a Leader in Frost & Sullivan’s 2024 Frost Radar™ for Global Managed Detection and Response (MDR)

· Sophos MDR declared the Winner of the “Best Managed Detection and Response Service” award in the 2024 SC Awards, and “Best Managed Security Service” award in the 2024 SC Awards Europe

· Sophos named a Gartner® Peer Insights™ Customers’ Choice for MDR Services for the 2nd year in a row

· Sophos MDR named CRN 2024 Products of The Year for Revenue and Profit

Threat Landscape from Sophos MDR

In the last 12 months, Sophos shared findings from the following MDR cases it analyzed for customers:

· In December 2024, Sophos released The Bite from Inside: The Sophos Active Adversary Report that provides an in-depth look at the changing behaviors and attack techniques that adversaries used in the first half of 2024. The data is derived from nearly 200 IR and MDR cases and found that attackers are looking for ways to hide in plain sight by abusing trusted applications or “Living off the Land” binaries or LOLbins. Sophos saw a 51% increase in abusing these applications.

· Sophos X-Ops released information that it is seeing an uptick of Akira ransomware cases across its MDR and Incident Response customers with eight cases since November 2024 across Akira’s 127 victims disclosed in the past six months.

· In June 2024, Sophos MDR published details on a nearly two-year long cyber espionage campaign they uncovered against a high-level government entity in Southeast Asia. The operation, which Sophos named Crimson Palace, involved three separate clusters of threat activity that overlapped with several well-known Chinese nation-state groups.

What Sophos MDR Customers Are Saying

Sophos was named a Customers’ Choice vendor in the second Gartner® Peer Insights™ Voice of the Customer Report for MDR. Sophos scored the highest overall customer rating of 4.9/5, based on 344 reviews, as of Sept. 30, 2024, with verified customer reviews celebrating Sophos MDR’s innovation.

Here’s what customers are saying about Sophos MDR:

· “Earlier it was very difficult for us to manage the alerts and incidents generated by the tools and technology but after MDR deployment we have complete peace of mind. We also have other products from Sophos so our overall experience from a manageability point of view is also good,” from assistant director of IT in the healthcare and biotech industry.

· “Sophos MDR is a wonderful product and services by Sophos, you don’t need a SOC after getting MDR,” from an IT manager in the IT services industry.

· “Sophos MDR is one of the best in the market. It’s a good service to have good sleep at night, as the burden of threat hunting is offloaded,” from an IT infrastructure specialist in the retail industry.

· “We have had an incredibly positive experience using Sophos MDR. We rest more easily knowing that their team is acting as an extension of our own team in doing threat hunting/detection/remediation in our environment on a 24/7 basis,” from an operations associate.


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DecemberIssaVybe: FirstBank Sponsors ‘The Cavemen Concert’, Thrills Audience

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By Oladapo Sofowora

December is a particularly vibrant and deeply meaningful month in Nigeria, imbued with a palpable sense of excitement and celebration that permeates the air. As daily life slows down, this festive season offers a welcome opportunity for relaxation and togetherness. Families and friends gather to create cherished memories, participating in a rich tapestry of cultural activities that showcase Nigeria’s diverse heritage.

The month is characterized by a colourful array of events, including theatrical plays, musical concerts, traditional festivals, operas, fashion shows, poetry readings, and various forms of performance arts, all reflecting the dynamic cultural expressions of Nigerian society.

As December unfolds, the excitement continues to build, with streets and homes becoming vibrant displays of holiday spirit. Elaborate decorations adorn every corner, featuring colourful Christmas ornaments, twinkling lights, and festive paraphernalia that evoke a sense of wonder and joy. Evening skies light up with breathtaking fireworks, illuminating the night and further enhancing the joyous mood of the season. Year-end Thanksgiving parties have become commonplace, offering spaces for loved ones to gather, share meals, and express gratitude for the blessings and experiences of the past year. This period also allows Nigerians to reconnect with family and friends, many of whom travel from various parts of the globe to partake in these significant celebrations.

As the year-end festivities for 2024 draw near, FirstBank has thoughtfully curated an exhilarating lineup of events under the DecemberIssaVybe program, aimed at enhancing the enjoyment of this festive season. A highlight of this initiative is the much-anticipated concert featuring The Cavemen, a celebrated musical duo. Which was held on Friday, December 27, 2024, at Muri Okunola Park, located along the bustling Lekki-Epe Expressway, the event brought Lagos to life with a captivating performance that seamlessly blends highlife, soul, and folk music. Attendees enjoyed an engaging experience filled with mesmerizing sounds for over an hour, keeping them on their feet and immersed in the rhythm.

The atmosphere at the concert was electrifying, drawing a diverse crowd of enthusiastic youth eager to experience The Cavemen’s unique interpretation of highlife music—a genre deeply rooted in Nigerian culture and characterized by its rich, rhythmic beats and soulful melodies. The concert also featured an impressive lineup of other notable artists, such as the popular act Ckay, who collectively contributed to a night filled with remarkable entertainment and unforgettable performances.

The stage witnessed a pulsation of energy as The Cavemen’s talented band propelled the evening forward, delivering an infectious performance marked by masterfully executed guitar riffs, powerful drumming, and enchanting vocals. Audiences found themselves wholly absorbed in the moment, as the music unites them in joy and celebration, showcasing the revitalization and redefinition of the highlife genre that The Cavemen have pioneered.

In addition to the music, the concert artfully integrates comedic performances, highlighting the vibrant and diverse creative entertainment scene in Africa. Acclaimed comedians took to the stage, drawing laughter and delight from the crowd, while emerging music also had their moment in the spotlight, receiving enthusiastic applause and encouragement from an appreciative audience.

Recognising the profound impact of December in nurturing relationships and spreading joy, FirstBank has actively engaged its First@arts initiative to launch the annual DecemberIssaVybe campaign. This initiative is meticulously crafted to inspire and empower individuals across Nigeria to create and experience exhilarating moments throughout this joyous season. By providing fully sponsored access to premium concerts, theatrical performances, shows, and festivals featuring some of the industry’s top entertainers, FirstBank aims to alleviate the financial burdens that often accompany festive celebrations.

In a time marked by economic uncertainty, FirstBank stands as a crucial support system for Nigerians wishing to celebrate without the weight of added financial stress. With a proud legacy spanning over 130 years, this esteemed financial institution has woven itself into the fabric of Nigerian life. FirstBank has long championed numerous festive concerts showcasing Africa’s music icons, including Kizz Daniel, Davido, Burna Boy, Asake, and Tiwa Savage, crafting unforgettable experiences for music aficionados across the nation.

The DecemberIssaVybe campaign encapsulates the essence of creating lasting memories during this festive season. It serves as a dynamic platform for both local and international audiences to immerse themselves in unique, culturally rich experiences tailored to the holiday spirit. Since its inception in 2018, the FirstBankIssaVybe campaign has quickly become a highly anticipated annual event, delighting participants with exhilarating moments designed to resonate and linger long after the celebrations are over.

Olayinka Ijabiyi, the Acting Group Head of Marketing & Corporate Communications at FirstBank, emphasized the institution’s unwavering commitment to crafting a ‘Wow December to Remember’ experience for individuals of all ages.

He stated, “FirstBank is devoted to facilitating memorable homecoming experiences this December through gatherings such as weddings, family reunions, and festive celebrations, ensuring that every moment spent together is cherished.” Through this commitment, FirstBank continues to play a pivotal role in the celebration of culture and community during this significant time of year.


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