E-Business
eNigeria Delegates Decry N868bn Spent on Importation of Hardware, Software
Delegates at the just concluded 2017 eNigeria Conference and exhibition have expressed dismay that Nigeria spends a whooping sum of N868 billion ($2.8bn) annually on importation of hardware and software products and services annually.
This was revealed in a six page communiqué issued at the end of the three day annual ICT event held at the International conference Centre, Abuja and read by Dr. Collins Agu, the director of Corporate Planning and Strategies at NITDA.
The delegates expressed concern that such expenditure has led to capital flight and massive job loss in the country.
The communiqué also noted that the Nigerian economy is making digital transition which is evident from the sheer volume of online financial transactions in the country which stood at over N56 trillion in 2016, and 204 percent increase in internet transactions between 2014 and 2017 – from N5.41 billion to N16.45 billion.
The delegates further decried low patronage of Made-in-Nigeria ICT goods and services, which they said had resulted in considerable capital flight out of the country.
They described digital economy as an important enabler of economic growth since digital skills and technologies have the capacity to boost the productivity of every nation with such skills and technologies projected to contribute $2 trillion to the global economy by 2020.
The communiqué reads: ‘‘We are concerned that a whopping $2.8 billion is expended on the importation of hardware and software products and services annually to the country which had led to capital flight.
‘‘We also note that the Nigerian economy is making digital transition which is evident from the sheer volume of online financial transactions in the country which stood at over N56 trillion in 2016, and 204 percent increase in Internet transactions between 2014 and 2017 – from N5.41 billion to N16.45 billion.
‘‘Digital economy is an important enabler of economic growth since digital skills and technologies have the capacity to boost the productivity of every nation with such skills and technologies projected to contribute $2 trillion to the global economy by 2020;
‘‘We note all efforts of NITDA on local content development, infrastructural deployment, capacity building as well as creation and review of existing regulations for effective ICT sector in the country;
‘‘We equally note that in 2017, NITDA saved the sum of N2.5billion for the Federal Government of Nigeria through the IT Project Clearance initiative.
‘‘ICT deployment in Nigeria is growing at a very high rate thus positioning the country as one of the fastest growing economies in sub-Sahara Africa, with the sector contributing about 12.58 percent to the GDP in 2017.’’ Continuing, the communiqué noted: The importance of a thriving Local Content Policy through ability to develop a “home-grown” digital economy which is dependent upon the development of ICT-capacity of Nigerians,
‘‘The directive of the Federal Government of Nigeria for all Ministries, Department and Agencies (MDAs) to patronize “Made-in-Nigeria” Information Technology (IT) products and services.
‘‘That the digital economy comprises economic activities resulting from the billions of online connections leading to increase in revenue, empowerment of citizens, reduction in corruption and the creation of jobs.
‘‘The serious efforts of countries which experienced a high level economic growth through growing their digital economies.
‘‘The efforts of NITDA at collaborating with relevant government organisations such as the Bureau for Public Procurement (BPP); the Economic and Financial Crimes Commission (EFCC) and the Office of the Auditor-General of the Federation should be intensified to ensure that the certificates issued are used to assess the level of compliance of IT projects.
‘‘The giant strides made by NITDA in the development of Rulemaking Process aimed at stakeholders participation in the development of regulations, policies, and guidelines.’’
The theme of the 2017 eNigeria conference, ‘‘Fostering Digital Economy through Local Content Development and Effective Regulations’’, was predicated on three segments of using ICT to reduce unemployment, enhance national security and promote ICT local content development through effective regulations.
Employees may also use corporate emails to register for personal accounts on marketplaces and social media, increasing the risk of account theft and corporate security breaches, according to a study by Kaspersky Digital Footprint Intelligence.
Kaspersky shares these findings and suggests key cybersecurity practices to mitigate the risks of credential leaks.
Kaspersky experts analysed compromised credentials leaked on the dark web between 2019 and 2024 for three popular entertainment platforms: Roblox, Discord and Netflix. The analysis revealed that, on average, 7% of users whose accounts were leaked had registered on these platforms using a corporate email address.
“Registering on various services for personal use with a work email is not best practice. First, you may lose access to these accounts if you change jobs. Second, it can pose security risks for both you and your company.
“If your passwords follow a predictable pattern across different services – for example, ‘Word2025!’, where ‘2025’ is a recurring part – it increases the likelihood of other accounts being compromised, including your work account, should your corporate email be exposed in a dark web leak,” explains Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.
Kaspersky experts also found that bank employees most commonly registered their work email addresses on streaming services, marketplaces and social networks. In a few cases, corporate emails were also used as logins on gaming platforms and adult content websites.
Corporate email usage on entertainment platforms: statistics from a sample of 50 banking sector companies.
To conduct this study, experts compiled a sample of 50 banking sector companies and examined compromised credentials leaked on the dark web, identifying those linked to the corporate domains of these companies across five categories of popular platforms.
Learn more in the report. In light of this growing infostealer threat, Kaspersky has launched a dedicated landing page to raise awareness of the issue and provide strategies for mitigating associated risks.
If you encounter a data leak through infostealers, the following steps should be taken immediately:
- Change compromised account passwords and monitor for suspicious activity associated with those accounts.
- Run full security scans on all devices, removing any detected malware.
- Companies are recommended to monitor dark web markets proactively to detect compromised accounts before they pose risks to customers or employees. A detailed guide on setting up monitoring can be found here. Leverage Kaspersky Digital Footprint Intelligence to track what cybercriminals know about your company’s assets, identify potential attack vectors, and implement protective measures in a timely manner.
- As an enterprise, implement a security awareness program for employees, including regular training and performance assessments. Enforce a strict password policy for all corporate resources to reduce the risks of encountering credential-related cyber threats.
Nigeria Data Protection Commission (NDPC) has signed a Memorandum of Understanding with Mastercard to enhance data protection in Nigeria.
Dr. Vincent Olatunji, commissioner, NDPC and Derek Ho,deputy chief privacy officer, Mastercard
The agreement was sealed during a workshop where 150 Data Protection Officers (DPOs) were trained on Data Protection Impact Assessments (DPIAs).
Dr. Vincent Olatunji, commissioner, NDPC, said the event kicks off activities for the 8th NADPA conference, highlighting government efforts to train more certified DPOs.
Olatunji also disclosed the Federal Government’s commitment to increasing the number of certified DPOs with the required skills to manage data protection.
He noted that Nigeria’s digital-savvy youth are key to driving this agenda.
“Human capital is really key to us, and the ecosystem we are regulating is very special. It is still new, still emerging, and we need all we can to build the capacity of officers.
“We want to build the capacity of our people so we can be able to deliver on our mandate and fully deepen privacy in Nigeria.
“We are targeting to build the capacity of 250,000 DPOs annually, and we are working with partners like Mastercard to achieve that,” he said.
Derek Ho,deputy chief privacy officer, Mastercard, also stressed the need for collaboration to build trust in the digital economy and urged participants to embrace training as data protection keeps evolving.
Central Securities Clearing System PLC (CSCS) has announced the launch of *7270#, its Unstructured Supplementary Service Data (USSD) code service, set to go live on May 8th, 2025.
The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users.
Also, this service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.
Driven by a relentless commitment to innovation, CSCS aims to revolutionize information access within the Nigerian capital market through this USSD code service.
As the Central Securities Depository (CSD), CSCS focuses on enhancing investor experiences and providing deeper market insights with unparalleled convenience.
The CSCS USSD code service offers seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms.
Investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.
Haruna Jalo-Waziri, managing director/chief executive officer of CSCS, said ” We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information.
“This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.
“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network.
“This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively.” he added.
The CSCS USSD code service will initially be available to MTN users only. However, CSCS plans to expand this service to other networks soon.
This innovative service offers investors streamlined and secure access to critical market information at their fingertips.
Aisha Umar Mumuni, chief digital officer of MTN Nigeria, said, “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users.
“By making critical investment information available at the touch of a button, we are helping to democratize access to the capital markets and, in the process, enhance investor engagement and market transparency,” she said.
CSCS continues to lead the way in technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem.
This initiative underscores our dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making.
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