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E-Business

NITDA Targets $40b Revenue from Blockchain Technology

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Kashifu Inuwa Abdullahi, director general, National Information Technology Development Agency (NITDA) has said that the agency is targeting a revenue of $40 billion from blockchain.

In line with this projection that NITDA is executing blockchain project where they are training 500,000 Nigerians on blockchain technology.

According to him, “blockchain is projected to add $1.7trillion to global GDP. We want to position Nigeria to at least get $40b from that $1.7trillion. That is the minimum we are looking at”.

The director general stated this at a recent stakeholder engagement forum organised by NITDA and Federal Inland Revenue Service in Lagos.

“We have national blockchain adoption strategy where we are working with the ecosystem to create use cases in blockchain. We are also working on National Skill strategy to achieve two things: one, 95 per cent digital literacy as well as make Nigeria global skill factory.

“We are also working on AI Policy Strategy Implementation that has to do with Roadmap for the adoption of AI, that will see us tap into the $13 trillion global market by 2030.

“National Centre for Artificial Intelligence and Robotics was established in 2001 to assist us harness value from all emerging technologies like Artificial Intelligence, Robotics, Blockchain among others. They are going to be disruptive and are going to displace jobs. If we don’t position ourselves as a country, we would lose jobs and it will affect our economy.

“But if we position ourselves well, we will create more jobs and prosperity because Artificial intelligence will add $15.7trn to Global GDP, Blockchain $1,7tr. So, any country that is part of the first movers will benefit more from it. According to PWC, if you are among the first movers, you can add up to 26 per cent to your GDP from Artificial Intelligence and 10 per cent from Blockchain”.

Inuwa reiterated the need for continuous collaborations for higher productivity, according to him “no one can whistle a symphony, it takes a whole orchestra to play it. We believe in teamwork and we know there are things we can do as a government that you cannot do as a private sector and vice versa, but together nothing is impossible. That’s why we are here to forge a common front of working together, co-create the ecosystem and prosperity for all.”

The NITDA Boss also elucidated key focus of the Agency particularly the implementation of Nigeria Start-up Act, completion of the National Digital Innovation and Entrepreneurship Centre, National Data Strategy Implementation, Adoption of Blockchain Technology, Implementation of the National Digital Skills Strategy amongst others.

“As we look to the future, NITDA is committed to sustaining the momentum, leveraging emerging technologies, developing policies and strategies that promote digital transformation, and creating an enabling environment for startups and entrepreneurs to thrive.

“We believe that with you all, we can build a more prosperous Nigeria, a country that is at the forefront of Africa’s digital economy, and a nation that can compete globally”, Inuwa assured.


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E-Business

FG Partners UK to Combat Cross-border Cyber-crime

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The federal government and the United Kingdom signed an agreement Tuesday to combat the growing threat of cyber-crime. The Memorandum of Understanding was signed following a courtesy visit by David George Hanson, minister of the home office, UK, to the Nigeria Police Force headquarters, Louis Edet House in Abuja.

Transnational crime is a big problem for both the UK and Nigeria, so the governments intend to strengthen existing collaboration efforts to crack down on cyber-criminals and protect their industries from unlawful activities.

Offences such as online fraud, identity theft, digital extortion, and ransomware , operate across many jurisdictions, and frequently necessitate sophisticated cooperation efforts, according to the two governments during a press conference.

Furthermore, Lateef Fagbemi, Nigeria’s attorney-general and minister of justice, established the Joint Case Team on Cybercrime, which aims to address the need for a coordinated and robust approach to combating cybercrime, as stated in the Cybercrimes Act of 2015, which criminalises cyber-related offences.

Hanson underlined the importance of ongoing cooperation efforts to combat international crime in a number of areas, affecting vulnerable individuals.

He said: “We need to look again at how we can build cooperation between the Federal Government, the federal police, and our police forces and National Crime Agency to take action against these international criminals, who are exploiting vulnerable people in a whole range of areas. The National Crime Agency, the Home Office Fraud Department, and the High Commission need to make sure we make a big impact on this transnational crime.”

“The collaboration between the Nigerian Police Force and National Crime Agency continues to serve as a model in international law enforcement cooperation. We have successfully conducted joint operations into many cases of cybercrimes and online fraud. With your [UK government] cooperation, we have continued to bust other criminal networks around the world,” added inspector-general of Nigerian Police Force, Kayode Adeolu Egbetokun.

 


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E-Business

CAC to Prosecute Business Owners Operating Without Registration

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Corporate Affairs Commission (CAC) has reaffirmed its commitment to enforcing business registration laws in Nigeria, warning that individuals and organizations operating unregistered businesses will face prosecution.

In a statement, the CAC emphasized that conducting business without proper registration violates the Companies and Allied Matters Act (CAMA) 2020, undermining transparency and accountability in the corporate sector.

The commission stressed that registration is not only a legal requirement but also a gateway to formal business opportunities, including access to bank loans, government grants, and partnerships.

The enforcement drive will be nationwide, targeting small and medium-sized enterprises (SMEs), online vendors, and informal traders who have failed to comply despite previous awareness campaigns and registration amnesty windows.

The CAC disclosed that enforcement teams, in collaboration with security agencies, will be deployed to identify and prosecute defaulters.

The commission urged business owners to take advantage of its simplified registration platform to regularize their status, noting that compliance will boost investor confidence and improve Nigeria’s ease of doing business. It warned that ignorance of the law will not be accepted as an excuse.

Business owners are advised to act promptly to avoid legal consequences, as the CAC moves to ensure a more structured and regulated business environment in Nigeria.


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NCC Vows to Tackle Online Infringement, Block Illegal Music Websites

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Nigerian Copyright Commission (NCC) has pledged to enforce its legal obligations to combat online intellectual property infringement and urged commercial music users to obtain proper licences from rights holders or their representatives.

NCC Vows to Tackle Online Infringement, Block Illegal Music Websites

The Commission stated that this ensures creators are fairly compensated, supporting the music industry’s sustainable growth.

In a statement commemorating the 2025 World Intellectual Property Day, themed “IP and Music: Feel the Best of IP,” the NCC announced plans to enforce the Copyright Act 2022, which allows for the takedown of infringing materials and blocking of websites hosting illegal content.

Signed by Mrs Ijeoma Egbunike, director of Public Affairs, the statement outlined an aggressive anti-piracy campaign in collaboration with the private sector, targeting the online environment.

Egbunike affirmed the NCC’s commitment to establishing enforceable standards for transparency, digital audits, and real-time royalty reporting to protect creators’ rights. She stated, “The NCC will continue to champion policies that support the growth of the music industry, improve the livelihoods of Nigerian musicians, and foster a culture of creativity and respect for intellectual property.”

Despite the global success of Afrobeats and other Nigerian genres, the NCC noted that many musicians face low royalty returns due to rampant digital piracy.

To address this, the Commission revised its Collective Management Regulations to enhance transparency and accountability among Collective Management Organisations (CMOs).

The NCC emphasised that proper licensing is a legal obligation and vital for Nigeria’s creative economy, stating, “Music must feel the beat of intellectual property for the full potential of creativity to be realised.”

The Commission highlighted that creators’ livelihoods depend on fair royalty compensation.

Recent enforcement measures include the NCC’s designation by the Attorney-General of the Federation as an authority under the Proceeds of Crime (Recovery and Management) Act 2022.

This, combined with the Copyright Act 2022, empowers the NCC to order takedowns and block illegal music distribution websites.


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