Connect with us

E-Business

Nigeria’s inflation rate rises to 31.7 %

Published

on

Kindly share this post

A report released by the National Bureau of Statistics (NBS) has revealed that the headline inflation in the country increased to 31.7 per cent in February 2024 from 29.9 per cent recorded in January 2024.

The recent figure is the highest level of inflation recorded in the country for 28 years. In the Consumer Price Index report for February 2024, it was also stated that food inflation increased to 37.92 per cent in February from 35.41 per cent in January 2024.

It read; “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.9%. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 % points when compared to the January 2024
headline inflation rate.

“On a year-on-year (YoY) basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%.

“This shows that the headline inflation rate (YoY basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).

“Furthermore, on a month-on-month (MoM) basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).

“This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.

“The food inflation rate in February 2024 was 37.92% on a YoY basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%).

“The rise in food inflation on a year-on-year basis was caused by increases in the prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.

“On a MoM basis, the food inflation in February 2024 was 3.79%; this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).

“In February 2024, food inflation on a year-on-year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.5%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in food inflation on a year-on-year basis.

“On a MoM basis, however, February 2024 food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja (2.60%) recorded the slowest rise in food inflation on a MoM basis.”


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

NDPC to Begin Prosecution of Data Privacy Offenders from 2025

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) will start prosecuting data privacy offenders from the beginning of 2025, according to Babatunde Bamigboye, head of the Legal Enforcement and Regulation Department of the commission.

NDPC to Begin Prosecution of Data Privacy Offenders from 2025

This move is part of its efforts to enforce regulations and promote responsible data handling in Nigeria.

Bamigboye, disclosed this during a one-day cybersecurity awareness campaign with the theme “Utilising AI-Powered Services for Proactive Cybersecurity” in Abuja.

The event was organised by SOPHOS UK in collaboration with SPOKES Network and Net-Trix Solutions to foster networking with industry experts on how AI is shaping the future of cybersecurity.

Bamigboye explained that, due to the significant implications of data privacy breaches in Nigeria, the commission has embarked on awareness programmes to educate individuals on their data protection rights and inform data processors and controllers of their obligations.

To this end, he announced that beginning next year, the commission would prosecute any data controllers or processors found in breach of the law.

“At this moment, we have investigated quite a number of cases, and in terms of prosecution—as you know, as a lawyer, this means going to court—but we haven’t taken any matters to court yet.

“This is the formative stage; we understand the implications for the country as a whole. And usually, when you talk about prosecution, it also involves some criminal activities. So, at this moment, our focus has been on creating awareness.

“But from next year, we will step up enforcement in this area. What we have done so far is to take remedial actions against certain data controllers and processors who defaulted under the Act,” he noted.

He assured investors that Nigeria’s cyberspace is secure for digital transactions.

“Nigerian cyberspace is safe; otherwise, we wouldn’t be experiencing the smooth flow of digital transactions in Nigeria. It is safe but not without threats, and we are doing our best as a country to combat these threats.”

Christopher Odutola, a sales engineer at SOPHOS UK, noted in his presentation that 100% cybersecurity cannot be guaranteed, hence the need for proactive measures.

“A lot of people will come to you and say, ‘We can give you 99.9% or 100% cybersecurity.’ It’s not true.

“Nobody can provide 100% security anywhere in the world. What they can do, as I mentioned earlier, is reduce the risk for you. However, determining the extent of risk reduction is difficult.

“It’s impossible to eliminate 100% of risks anywhere in the world. What we provide is what we call a cybersecurity breach protection warranty. This warranty covers incidents such as data breaches or ransomware attacks. For instance, if you lose your files while we manage your SOC as a service, we will reimburse up to one million dollars in response costs.”

Odutola further stressed the importance of organisations reducing cyber threat risks to secure cyberspace.

“There are risks to businesses, risks from downtime, attackers, scammers, and the rest, trying to infiltrate networks.

“The risk is always high. As cybersecurity professionals, we are doing as much as possible to reduce these risks.

“The various security controls we implement—antivirus software, firewalls, email security, cloud security, network security, and others—are aimed at reducing risks. We must focus on minimising risks. For instance, we currently see risks originating from third-party suppliers and vendors.”

According to him, “We have a process called risk assessment, which helps to evaluate vendors to ensure they do not introduce risks into our environment. This is why these security controls are crucial.

“We have them in place. It’s equally important to involve senior management in the discussion, as this is often where the gap lies. Unfortunately, cybersecurity is often perceived as a cost centre.”

Harrison Oloye, chief executive officer (CEO) of Net-Trix Solutions, said the event aimed to raise awareness about cyber threats and equip users to manage potential attacks.

“What we did, as Net-Trix Solutions Limited in conjunction with Spokes Network, is to create awareness and educate the public and private sectors on how to use Artificial Intelligence (AI) to combat cyber threats.”

Speaking further on achievements in creating awareness, he said: “As part of our Corporate Social Responsibility (CSR), we educate and train as many people as possible on the dangers of cyber threats and cyber-related crimes.”

Ms. Sifon Ufot, head of Business at SPOKES Network, emphasised the need to take proactive measures against cyber threats.

“We need to stay cyber-safe because hackers working behind the scenes are not joking—they work 24/7. For us, staying proactive is essential. With the help of AI, we can stay proactive; it provides information beforehand and even prevents some attacks from reaching us.”

 

 

 

 

 


Kindly share this post
Continue Reading

E-Business

Nigeria, Others Confront Flood of Cyber-Attacks

Published

on

Kindly share this post

Check Point, a cyber security company has reported that Nigeria, South Africa, Kenya, and Morocco are seeing targeted cyber-attacks on government, education, and financial institutions.

Nigeria, Others Confront Flood of Cyber-Attacks

In its just released 2024 African Perspectives on Cyber security report, Check Point, said that the cyber security sector is growing by 20-25% annually, fuelled by investments in infrastructure and Artificial Intelligence-driven solutions.

The report said that  South Africa has seen 3,312 attacks on government institutions every week and a 90% increase in ransomware, with cybercrime costing the country nearly 1% of GDP.

Kenya, in East Africa, sees 4,719 attacks on the government sector each week, indicating an urgent need for enhanced defenses.

According to the report, Nigeria sees 4,718 attacks every week, which is one of the highest in Africa.

In a recent incident, the report states that a banking trojan assault affected 100,000 customer accounts, resulting in a $3 million loss.

Morocco is one of Africa’s most targeted countries, with 8,733 attacks on government entities reported each week, the report said.

According to Check Point, the Moroccan government recently faced a state-sponsored cyberattack that compromised classified communications, raising significant national security concerns.

“Organisations in Africa are attacked roughly 3300 times per week, if we look at the global average it is about 1 800, it is almost double the attacks,” said Hendrik de Bruin, head of security consulting at Check Point SADC during the presentation.

Check Point noted that the continent’s GDP is predicted to exceed $4 trillion by 2027, and digital infrastructure has emerged as a key driver of economic growth. However, rapid digitisation has resulted in increased vulnerability.

De Bruin explained: “We are slowly, but surely digitalising our industries, we are digitising our governments, private sectors are digitising themselves, so we have got an expanding digital attack footprint.

“We also have cloud adoption, which is not new, but picking up pace in Africa. That is another way that these attackers are using to gain access to organisations, and we also see a large uptake on cloud specific attacks as well.”

 

 

 

 


Kindly share this post
Continue Reading

E-Business

NITDA Alerts Businesses to Rising Ymir Ransomware Threat

Published

on

Kindly share this post

National Information Technology Development Agency (NITDA) has warned organisations about Ymir ransomware, describing it as a highly sophisticated cyber threat targeting corporate networks.

NITDA Alerts Businesses to Rising Ymir Ransomware Threat

In an advisory released yesterday, NITDA outlined the ransomware’s advanced tactics, including memory-based execution designed to evade detection by traditional security tools.

The malware not only encrypts critical data but also exfiltrates sensitive information before encryption, demanding substantial ransoms in cryptocurrency.

“This ransomware is highly advanced and poses a significant threat to organisations, especially those in industries like healthcare, finance, and IT services that handle sensitive data,” NITDA said.

The agency warned that victims face severe operational disruptions, financial losses, and reputational damage. “Ymir’s ability to evade antivirus programs allows attackers to dwell longer in networks, expanding their reach and deepening the damage,” the advisory added.

To counter the threat, the agency urged organisations to take proactive measures, including deploying advanced endpoint detection and response solutions, updating all systems and applications with the latest security patches, and segmenting critical systems into separate network zones.

“Implementing multi-factor authentication across critical systems is crucial to preventing unauthorized access, especially for administrative accounts,” NITDA noted.

The agency also stressed the importance of a robust backup strategy. “Organisations should regularly test their backups for integrity and ensure offline copies are securely stored to avoid total data loss in the event of an attack,” it said.

NITDA emphasised the need for organisations to prioritise cybersecurity in light of evolving threats like Ymir ransomware. It encouraged businesses to seek expert guidance to strengthen their defenses against such attacks.


Kindly share this post
Continue Reading

Trending