General News
GITEX: NITDA Prefers Investment To Importation, Laments N720b Yearly Losses

By peter oluka
As this year’s Gulf Information Technology Exhibition going on at the Dubai World Trade Centre, United Arabs Emirates (UAE) entered second day, Dr. Isa Pantami, the director general of the National Information Technology Development Agency (NITDA), has said that the agency was set to reduce $2 billion (about N720 billion) being lost by the Nigerian economy as capital flight as a result wanton importation of foreign technologies into the country.
Pantami made the disclosure during a media interaction just at the where, where government officials across diverse agencies, IT companies, 10 Nigerian tech startups area participating.
This is coming just as the Nigerian lawmakers, participating at the regional event said they would ensure that the startup, who are being presented for global pitch at in Dubai have access reasonable years of tax holiday.
The startups at this year’s 37th GITEX include Coudiora, Nicademia, Beat Drone, Accounteer, Dropque, MTK e-Learning Portal, My Padi, Ward Monitor, Tattara and Six Internet of Things (IoT).
They are to compete with hundreds of tech startups from across the world to be able to win a $30,000 million (about N10.8 million) investment towards developing their solution in a more commercially viable way.
According to NITDA DG, there is a need for Nigeria to promote local technology solutions developed Nigerians with specific reference to the 10 startups in order to truly catapult Nigerian into becoming one of the countries to be reckoned with in on the global ICT map.
Pantami said NITDA has realised that “developing our ICT ecosystem but for the indigenous IT companies and for startup by offering them an enabling environment in terms of policy and laws to operate is one of the ways Nigeria can adopt to curb annual $2 billion (N720 billion) to capital flight.”
Explaining the seven areas NITDA is focusing on at this year’s IT exhibition towards developing the country’s ICT ecosystem, Pantami said the agency has come with seven agenda designed to develop Nigeria’s IT industry and curb the huge annual capital flight.
“These include promoting IT regulations in Nigeria, IT development and promotions, striking partnership on how to better secure Nigerian cyberspace, capacity building, promotion of e-government in Nigeria, showcasing indigenous tech innovations as well as looking for investors, who will assist in supporting local development of Nigeria’s IT industry,” he said.
He also added that NITDA is working with Economic and Financial Crimes Commission to ensure that the annual estimated N37.8 billion wasted on frivolous ICT projects, especially when they abandon local IT companies and go abroad or their IT procurements, is curbed through enforcing NITDA Act that says all MDAs must get clearance from NITDA for any IT project they want to embark upon to ensure those projects are implementable.
He noted that a NITDA screen of one of an MDA’s IT project conducted recently resulted in saving government N500 million. This is saved from a single IT project and you can now imagine how much we would be saving government as an agency if thorough screening of all MDAs’ IT projects are carried out in the country.
Meanwhile, Senator Abdul Fatai Buhari, chairman, Senate Committee on ICT and Cybersecurity and his counterparts in Nigeria’s House of Representatives, Hon. Onawo Muhammed Ogoshi, who joined the NITDA management to undertake a tour of the solutions being showcased by the 10 startups.
The impressed lawmakers, who took a great deal of time, listening to the 10 startups to explain their tech solutions to them at the instance of Pantami, who led the tour, promised to implement tax holidays for the 10 startups.
“This is how Microsoft, Google, Facebook and several other of such IT companies started and as lawmakers, our mandate is to always enact laws that would support local innovations,” Senator Buhari said.
Other dignitaries, who joined the NITDA DG during the tour included President of Nigerian Computer Society (NCS), Prof Prof Adesola Aderounmu; Director General of National Automotive Design and Development Agency (NADDC), Mr. Jelani Aliyu; Chief Executive Officer of Pinnacle International Consulting, USA, Mr. Akande Ojo and the Chief Executive Officer, Know-How Media International Limited, the local partner to Pinnacle, Mr. Segun Oruame, among others.
Overall, Pantami said NITDA is focusing on mobilising global attention on the investment potential of Nigeria’s IT sector and promotion of local tech-entrepreneurs at this year’s GITEX 2017 at an African Investment Forum for all participants at the going GITEX on tomorrow (Wednesday).
This year’s GITEX, a five-day regional conference, opened on Sunday as the premier technology event in the Middle East, Asia and Africa , hosting 185, 000 visitors from more than 140 countries.
General News
AfCFTA Opens Opportunity for Logistics Sector

The African Continental Free trade Area (AfCFTA) has created an opportunity for truckers, airlines and other players in the logistics and transportation sector.
About 2.2 million trucks, valued at $345 billion, will be needed for trade facilitation under the AfCFTA between now and 2045, according to the African Export-Import Bank (Afreximbank).
Similarly, 243 aircraft, valued at $25 billion, will be required, with 169,000 rail wagons estimated at $36 billion needed for the continental trade.
Also, more than 130 vessels, valued at $4 billion, will be required to trade under the AfCFTA, Afreximbank said.
“Road, rail, air, and maritime infrastructure are inadequate,” said Gain more Zanamwe, director of trade facilitation and investment promotion, Afreximbank, said at a roadshow in Lagos on Monday.
“Most of the intra-African trade – about 77 percent – is done by road, and this needs to change,” he further said.
He noted that Nigeria is not playing in vehicle market due to a cacophony of poor policies.
“I have had conversations with original equipment manufacturers (OEMs). They said why they are not in Nigeria is because of lack of a comprehensive auto policy. If Nigeria fixes the policy, the country can surpass what South Africa is doing,” he noted.
The AfCFTA creates access to a market of 1.4 billion people or $3.4 billion. It also provides an opportunity for Africans to trade with each other and tap from continent’s resources.
Africa’s trade with each other stands at merely 15 percent as against Europe’s 60 percent -70 percent, Asia’s 50 percent -60 percent and North America’s 40 percent.
“We need an ‘Africa-First mentality,” said Kanayo Awani, executive vice president, intra-African trade and export development, Afreximbank, stressing the need for Africans to deepen trade with each other.
The World Bank says the AfCFTA offers a promising opportunity to revive stagnant investment and development.
According to World Bank research, fully implementing the AfCFTA Aagreement could drive intra-Africa FDI by 68 percent and external investment by 122 percent.
“But the devil is in the details: to achieve these gains, countries need to implement the AfCFTA Agreement and its protocols, including the Investment Protocol.
“Drawing on regional integration successes in the Association of Southeast Asian Nations (ASEAN) and the European Union (EU), we know it is imperative to proactively initiate and organize efforts to implement investment reforms,” the World Bank noted.
Nonye Ayeni, chief executive of the Nigerian Export Promotion Council (NEPC), said Africa needs to move beyond the fragmented trade units existing today. She said a nation like Nigeria must begin to produce to export to Africa’s large market.
“Everything needed to produce electric cars could be obtained here. From lithium to rubber, we do not need to import them. We have the tool to bridge the trade gap through collaboration, commitment and cooperation.”
Nigeria’s non-oil export sector recorded a 24.75 percent increase in the first quarter (Q1) of 2025, compared to the same period in 2024.
Non-oil products valued at $1.791 billion were exported between January and March 2025, up from $1.436 billion in the first quarter of 2024.
Cocoa beans accounted for 45.02 percent of total non-oil exports, while urea/fertilizer ranked second with 19.32 percent, with cashew nuts coming third with 5.81 percent.
However, these are agro-based products and insignificant when compared with other emerging markets.
Bangladesh’s exports hit $50 billion in 2024, driven by manufactured goods such as ready-made garments (RMG), jute and jute products, frozen fish and seafood, and leather and leather products, official data said.
Vietnam achieved a record export turnover of $405.53 billion, representing a 14.3 percent increase compared to the previous year.
Malaysia’s exports rose by 4.8 percent to $263.1 billion in 2024, with manufactured goods accounting for 86 percent of its total exports, , according to the nation’s MATRADE.
“It is time we began to think of what we can sell. What value chain can I play in, and what can we do? The world is watching,” said Jumoke Oduwole, minister of industry, trade and investment.
General News
FirstBank Rolls Out Facial ID for Seamless Mobile Banking

First Bank of Nigeria Ltd. has introduced a new facial biometric feature on its mobile banking application, FirstMobile, aimed at simplifying user enrollment and device activation.
The bank, in a statement, said the innovation was part of a series of enhancements rolled out to improve customer experience.
According to the statement, the facial biometric system allows users to register or activate the FirstMobile app using facial recognition, eliminating the need for a debit card.
It said the feature included advanced anti-spoofing technology designed to strengthen account security and prevent identity fraud.
The bank said the new upgrades would benefit new and diaspora customers without cards, users with lost or expired cards, and others facing verification or access challenges.
Other key features introduced include the issuance of virtual credit cards for secure online shopping, instant credit card activation, and flexible salary advance options with up to three months repayment.
It added that general performance improvements and bug fixes were also part of the latest app update.
Chukwuma Ezirim, Group Executive of E-Business and Retail Products, said the development aligned with the bank’s drive to provide seamless, secure, and stress-free digital banking.
“We are committed to leveraging technology to simplify banking for our customers anywhere in the world,” Ezirim said.
The bank reiterated its commitment to ensuring data security while delivering innovative digital financial services across its customer base.
General News
NELFund Warns Students Against Fake Loan Portal

Nigerian Education Loan Fund (NELFund) has cautioned students and the general public against falling victim to a fake loan portal being circulated online under the guise of presidential approval.
Oseyemi Oluwatuyi, director of Strategic Communications, NELFundNELFund, issued a statement on Monday discrediting the fraudulent message and associated website, which falsely claims that President Bola Tinubu has ordered the reopening of the student loan portal.
Oluwatuyi identified the fake website as: “https://nelfund-student-loan-2025.po-rt-al.com/NELFUND/”, stressing that it is unauthorized, misleading, and entirely fake.
“The only official portal for the NELFUND Student Loan Application is: https://nelf.gov.ng,” the statement clarified.
She urged students, parents, and guardians to exercise caution online and avoid clicking on unverified links or submitting personal or financial details to suspicious websites.
“NELFUND remains committed to transparency, safety, and fairness in the loan application process and will always make announcements through its verified platforms,” Oluwatuyi stated.
The Fund also encouraged members of the public to report any suspicious websites or messages via email at info@nelf.gov.ng or through NELFund’s official social media platforms.
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