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FG Launches Tech Initiative to Train 10,000 Nigerian Youths
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The Ministry of Innovation, Science and Technology, in partnership with Humanity Advancement Innovation Network (HAIN), has launched an innovative initiative to unlock the immense potential of Nigeria’s youth.
The Minister, Chief Uche Nnaji, while signing the Memorandum of Understanding in Abuja, said the partnership represents a significant milestone in the journey to foster a thriving innovation ecosystem across Nigeria.
He added that the partnership aligns perfectly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in the areas of job creation, economic diversification, and inclusive development.
According to the minister, the Innovative Science and Technology Programme (ISTEP) will train and certify 10,000 innovators across 200 local government areas in the next two years.
“It will be establishing 2,500 youth-led innovative enterprises to drive economic growth and competitiveness,” he added.
“Also, developing six Innovation Academies and three iSTECH City Hubs as centres of excellence in technology and innovation. Creating 5,000 new jobs, contributing to national efforts to tackle unemployment.”
He stressed that the programme underscores the collective commitment to leveraging innovation and technology to address pressing challenges in key sectors such as agriculture, energy, and industrial development.
“It will enhance food security through agricultural and green innovation and promote inclusive economic development by fostering innovation-driven enterprises.”
The minister, who urged youths to seize the opportunity, added that the future of the nation depends on their creativity, resilience, and entrepreneurial spirit.
On his part, the Team Lead of Humanity Advancement Innovation Network (HAIN), Daniel Olasetemi, said the group will provide training and market access for young entrepreneurs to thrive.
He added that Nigeria is currently facing economic challenges due to its dependence on imported goods, saying this can only be addressed through the grooming of young entrepreneurs.
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Austriacard to Partner Banks, Fintechs, Others Boost Payment System
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Austriacard Holdings, an international card and secure chip solution provider, has said it will partner with banks, fintechs and other stakeholders to enhance development of the Nigerian payment system.
Burak Bilge, Executive Vice President, Turkiye, Middle East and Africa, MEA, Austria Card disclosed this while speaking to journalists at the sidelines of a breakfast event organized by the company to interact with senior management officials in the payment industry including banks and fintechs companies.
Stressing that the vision of Austria Card is to be an important partner in the Nigerian payment ecosystem, Bilge explained that the purpose of the meeting is to introduce the company’s latest product and service offerings to the stakeholders in the Nigerian payment industry.
Speaking on the value of partnership for the Nigerian payment industry, Bilge said, Austriacards offers B2B clients solutions ranging from bank payment cards, technologies and chip operating systems.
The company, he said, “is a leader in fast growing segments such as Challenger banks, with dominant positions in Central and South Eastern Europe, expanding in MEA, UK and the US.
“Austriacards has an industrial presence in nine countries, and sales operations across the world, having Visa, MasterCard, HSA, CC EALS certifications, and strong research and development capabilities.”
In addition to this, Bilge said Autriacard has strong financials, with the company achieving over €300 million in revenue, 43.1 million Earnings Before Interest, Taxes, Depreciation, and Amortization, EBITDA and Net Income of €16.8 million in the first three quarters of 2024.
He said: “We are bringing in, first, a lot of domestic experience from other countries. There are a lot of local brands across the world which we know, which we have developed so far.
“We don’t want to sell a chip or card. We want to become a stakeholder in the Nigerian ecosystem so we can support and we can also learn from Nigeria.”
Stressing the benefits of partnership with Austria Cards to Nigerian payment firms, Bilge said, “In order for a local brand to become successful, it also need international experience, because this has been done in other markets, so you need that experience to come into the market also, and this is what Austriacard will do.
“I believe it’s the right moment for Austriacard to step in, because especially with the trade tariffs, and especially with states being more active against China, Taiwan, there will be gaps, and there will be potentials in Nigeria, which they (local brands) will not be able to fulfill.
“So I believe, if we don’t act as Austriacards and as a company that wants to help the industry here, there might be some interruptions also with the service levels and with the kind of products that is coming into the market.”
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NITDA, Flutterwave, Alami Sign MoU to Accelerate Nigeria’s Digital Transformation
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The National Information Technology Development Agency (NITDA) has signed a strategic partnership with Flutterwave, Africa’s leading payments technology company, and Alami a private limited liability company with focus on empowering young entrepreneurs and SMEs in the technology and creative industries through Memorandum of Understanding (MoU) to drive digital transformation and strengthen Nigeria’s economy.
This collaboration aligns with NITDA’s commitment to implementing the National Digital Economy Policy and Strategy (NDEPS) and ensuring that small and medium-sized enterprises (SMEs) are equipped with the necessary tools to thrive in the digital era.
The partnership came following a meeting between NITDA’s Director General, Kashifu Inuwa, the CEOs of Flutterwave, Olugbenga Agboola, and Alami’s CEO, Ms. Olu White, to strengthen collaborations on FinTech innovation, digital literacy, infrastructure development, and promoting open-source technology.
The Parties will be working together to bridge the digital divide by promoting digital literacy, fostering fintech innovation, and creating an enabling environment for businesses to leverage secure and efficient financial solutions.
Speaking on the partnership, the Director General of NITDA, Kashifu Inuwa Abdullahi, emphasised the significance of public-private collaboration in achieving Nigeria’s digital economy aspirations.
“Flutterwave’s innovative fintech solutions align with our vision for a thriving digital economy. Slow digital adoption among SMEs has been a major obstacle to economic growth, and through this collaboration, we aim to provide businesses with the resources and infrastructure needed to transition into the digital age,” he stated.
Inuwa also underscored the importance of strengthening NITDA’s engagement with key private sector players like Flutterwave to accelerate digital transformation.
“This partnership is a vital step towards achieving shared goals for digital transformation, showcasing our commitment to the betterment of Nigeria in line with the President’s Bola Ahmed Tinubu Renewed Hope Agenda,” he added.
By equipping Nigerian businesses with the tools to embrace digital solutions, we aim to enhance economic growth, create job opportunities, and ensure inclusive access to the benefits of a digital economy. Together, we are committed to building a resilient and sustainable digital future for all Nigerians.
Flutterwave’s Founder and CEO, Olugbenga ‘GB’ Agboola, expressed confidence in the partnership’s potential to empower SMEs, sayinh “Many small businesses in Nigeria struggle to fully embrace digital solutions, and we believe that by providing seamless and secure payment technologies, we can help them scale with confidence. Our collaboration with NITDA reinforces our dedication to fostering a truly inclusive digital economy,” he said.
The partnership will focus on Strengthening Public-Private partnerships through Digital Payment Infrastructure and Technology Financing; Digital Nigeria Week 2025: Showcasing Payment Innovations, Workshops & Panel Discussions, Empowering SMEs & Startups, and Fostering Strategic Partnerships.
Furthermore, the MoU will focus on Collaboration on NITDA’s Key Initiatives like the National Digital Economy Policy and Strategy (NDEPS), NITDA Strategic Roadmap and Action Plan (SRAP 2.0), Innovation and Entrepreneurship Programmes, Digital Literacy and Skills Development, and Cybersecurity.
This collaboration represents a major milestone in Nigeria’s journey toward digital transformation, demonstrating NITDA’s commitment to fostering an inclusive, innovative, and sustainable digital future for all Nigerians.
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Reps Summon Galaxy Backbone over Alleged Financial, Contract Breaches
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Galaxy Backbone, Nigeria’s information technology and shared service provider, has been given 72 hours to appear before the House of Representatives Public Accounts Committee (PAC) due to multiple claims of financial violations and breaches of existing contract and financial regulations totalling billions of Naira.
The committee found Galaxy Backbone guilty of non-remittance of taxes worth N329,845,000 to be paid within the stipulated 21 days and ruled that necessary sanctions should apply.
The committee, headed by Representative Bamidele Salam at its hearing in Abuja, grilled the organisation due to several queries in the Auditor-General’s For the Federation’s 2021 report.
Another issue that came under scrutiny was the payment of N66,799,440 for a contractual obligation without relevant documentation.
The committee requested the organisation to furnish it with details of the transaction within 72 hours.
The committee also uncovered the payment to a company in the United States of America (USA), ST Engineering, which used the same address in terms of street and number in two different states.
The committee observed that there was no evidence of execution of the contract.
Galaxy Backbone was also given another 72 hours to furnish the PAC with all the details of the contractor and all documents as required by the Bureau of Public Procurement (BPP) and other regulatory procedures.
The failure by Galaxy Backbone to convincingly explain other violations, such as e-payment violations totalling N12,661,300 in addition to other doubtful payments amounting to N2,433,701.56, as well as a procurement contract of $164,403, further infuriated the committee.
Consequently, Galaxy Backbone was handed another invitation for reappearance to speak on pending issues on Thursday, 27th February, 2025, by 1pm.
The Managing Director of the Galaxy Backbone was represented at the hearing by Mr. Sani Mohammed Ibrahim, executive director, Finance and Corporate Service, along with other key officials of the company.
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