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General News

Pantami Inaugurates Committee to Increase Broadband Penetration by 2025

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Dr Isa Pantami
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Federal Government on Thursday inaugurated a Broadband Implementation Steering Committee (BISC), to accelerate the attainment of the country’s broadband penetration to 70 per cent by 2025.

Pantami Inaugurates Committee to Increase Broadband Penetration by 2025

 Dr Isa Pantami

Dr Isa Pantami, minister of Communications and Digital Economy, while inaugurating the committee in Abuja, said the current 40.18 per cent penetration should be raised to improve the contribution of the sector to the nation’s GDP.

“If you look at the contribution of technology to our GDP, what we have achieved in the first quarter of 2020 is unprecedented, the contribution is 14.07 per cent.

“So this is a clear indication that the more there is proper penetration, the more the nation’s GDP will increase.

“Part of the plan is that we are targeting at least 90 per cent of our population in Nigeria to have access to broadband, so we are targeting 70 per cent penetration by 2025,” he said.

The minister said before now, the broadband penetration was 31 per cent but based on the recent report released by the NCC, the broadband penetration had now increased to 40.18 per cent.

According to him, it represents almost 10 per cent penetration in less than a year.

He explained that the new Broadband Plan, 2020-2025, was designed to deliver data download speeds across Nigeria at a minimum of 25Mbps in urban areas, and 10Mbps in rural areas.

Pantami said the aim was to ensure effective coverage of at least 90 per cent of the population by 2025 at a price not more than N390:00 per 1GB of data (i.e. two per cent of median income or one per cent of minimum wage).

According to the minister, the plan is being tailored in line with the pledge by President Muhammadu Buhari to lift 100 million Nigerians out of poverty in 10 years.

“The plan will accelerate the aspiration of the country, as it leap frogs with the rest of the developed world toward the widespread deployment of 5G technologies, even while it is yet to achieve significant 4G coverage and adoption.

“With the 14.7 per cent contribution to the nation’s GDP, Nigerian government believes that rapid rollout of broadband services will address various socio-economic challenges faced by the country.

“Some of the challenges include: to grow its economy, create jobs, rapidly expand the tax base, and improve digital literacy and educational standards,” he said

He added that the current plan was to ensure the deployment of nationwide fibre coverage to reach all state capitals and a point of presence in at least 90 per cent of local government headquarters.

According to him, it also targeted to reach tertiary institutions, major hospitals in each state and 60 per cent of base stations by 2025 at statutory rates of N145 per meter for Right of Way (RoW).

He said that the ministry’s engagement with the Nigeria Governors’ Forum had inspired several state governments to adopt the N145 per meter and a few of these states had waived the fee altogether.

“President Buhari has also directed the security agencies to protect all critical national infrastructure,” he said

On jobs creation, Pantami said that the fibre to the Home Council Europe, a 25 million EUR investment in information and communications technology, including smart grid and broadband, would create or retain 700,000 jobs.

The minister noted that out of the figure 360,000 would be small business jobs.

He said that higher standard of living and socio-economic development had caused the growth of e-health, e-education and e-government, among others.

He, however, mandated the committee to ensure effective monitoring and implementation of the plan.

“You are expected to adopt the Broadband Plan as your working manual; you should become very familiar with the 100-page document.

“I believe that a combination of the knowledge of its content and your subject matter expertise will enable you to provide a catalyst for innovative solutions to the implementation of the Plan.

“I often state that no Policy or Plan can implement itself.

“As such, it is critical to ensure that an adequate level of monitoring and feedback are integrated into your activities,” he said.

In his remarks, Prof Umar Danbatta, executive vice chairman (EVC), Nigerian Communications Commission (NCC), thanked the Minister for putting the committee together and urged it to work in synergy with other related agencies.

Mr Ubale Maska, chairman of the Committee, who is also the Executive Commissioner, Technical Services, NCC, explained that broadband was the centre of any digital economy of a country.

“We are humbled to be members of the implementation committee responsible for steering the National Broadband Plan (NBBP).

“We express our commitment to bring to bear our wealth of experience for the successful implementation of the plan,” he said.

Other dignitaries at the occasion includes Mr Kashifu Inuwa, director general of National Information Technology Development Agency (NITDA), Prof. Mohammed Abubakar, managing director of Galaxy Backbone.


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General News

Firm Explores the Evolution of AI-powered Ransomware with Password-gated Capabilities

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Kaspersky experts have revealed the inner workings of FunkSec — a ransomware group that illustrates the future of mass cybercrime: AI-powered, multifunctional, highly adaptive and operating on volume with ransoms as low as $10,000 to maximise profits.

Kaspersky’s Global Research and Analysis Team (GReAT) constantly monitors the ransomware threat landscape, where attacks continue to rise. According to the company’s latest State of Ransomware report, the share of users affected by ransomware attacks worldwide increased to 0.44% from 2023 to 2024, up by 0.02 percentage points.

While this percentage may appear modest compared to other cyber threats, it reflects the fact that attackers typically prioritise high-value targets rather than mass distribution, making each incident potentially devastating. Within this evolving landscape, FunkSec has emerged as a particularly concerning threat.

Active for less than a year since its emergence in late 2024, FunkSec has quickly surpassed many established actors by targeting government, technology, finance and education sectors. What sets FunkSec apart is its sophisticated technical architecture and AI-assisted development.

The group packages full-scale encryption and aggressive data exfiltration into a single Rust-based executable, capable of disabling over 50 processes on victim machines and equipped with self-cleanup features to evade defenses.

Beyond its core ransomware functionality, FunkSec has expanded its toolkit to include a password generator and a basic DDoS tool — both showing clear signs of code synthesis using large language models (LLMs).

FunkSec’s approach reflects the evolving landscape of mass cybercrime, combining advanced tools and tactics. Kaspersky’s GReAT experts highlight the key features that define their operations:

Password-Controlled functionality

GReAT experts discovered that FunkSec ransomware features a unique password-based mechanism that controls its operation modes. Without a password, the malware performs basic file encryption, while providing a password activates a more aggressive data exfiltration process in addition to encryption to steal sensitive data.

FunkSec packs full-scale encryption, local exfiltration and self-cleanup into a single Rust binary—without a side-loader or a companion script. That level of consolidation is uncommon and gives affiliates a plug-and-play tool they can deploy almost anywhere.

Use of AI in development

Code analysis shows that FunkSec is actively using generative artificial intelligence to create its tools. Many parts of the code seem to be automatically generated rather than manually written. Signs of this generic placeholder comments (such as “placeholder for actual check”) and technical inconsistencies, like commands for different operating systems that don’t align properly. Additionally, the presence of declared but unused functions—such as modules included upfront but never utilised — reflects how large language models combine multiple code snippets without pruning redundant elements.

“More and more, we see cybercriminals leveraging AI to develop malicious tools. Generative AI lowers barriers and accelerates malware creation, enabling cybercriminals to adapt their tactics faster.

By reducing the entry threshold, AI allows even less experienced attackers to quickly develop sophisticated malware at scale,” comments Marc Rivero, Lead Security Researcher at Kaspersky’s GReAT.

High-volume, low-ransom strategy

FunkSec demands unusually low ransom payments, sometimes as little as $10,000, and pairs this with the sale of stolen data at discounted prices to third parties. This strategy appears designed to enable a high volume of attacks, helping the group quickly establish its reputation within the cybercriminal underground. Unlike traditional ransomware groups that seek million-dollar ransoms, FunkSec employs a high-frequency, low-cost model — further underscoring its use of AI to streamline and scale operations.

Expands beyond ransomware

FunkSec has expanded its capabilities beyond the ransomware binary. Its dark leak site (DLS) hosts additional tools, including a Python-based password generator designed to support brute-force and password-spraying attacks, as well as a basic DDoS tool.

Advanced evasion

FunkSec employs advanced evasion techniques to avoid detection and complicate forensic analysis. The ransomware is capable of stopping over 50 processes and services to ensure thorough encryption of targeted files. Additionally, it includes a fallback mechanism to execute certain commands even if the user launching FunkSec lacks sufficient privileges.

 


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IMF Raises Nigeria’s 2025 GDP Growth Forecast to 3.4%

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International Monetary Fund (IMF) has projected a 3.4 percent expansion in Nigeria’s real Gross Domestic Product (GDP) for 2025, following the conclusion of its annual Article IV consultation with the country.

The IMF announced the forecast in a statement on Wednesday, highlighting progress in macroeconomic reforms while cautioning about persistent vulnerabilities.

The Article IV consultation is a regular assessment of a country’s economic performance and policy framework by the IMF’s executive board. The latest review reflects cautious optimism about Nigeria’s economic trajectory amid ongoing reform efforts.

According to the IMF, Nigeria’s growth in 2024 reached 3.4 percent, mainly driven by increased hydrocarbon production and a robust services sector. However, agricultural output remained subdued due to security challenges and falling productivity.

The IMF expects the positive momentum to continue into 2025, supported by the start of operations at a new domestic refinery, higher oil production, and sustained performance in services. It projected that medium-term growth would remain around 3.5 percent, buoyed by domestic reforms despite an uncertain global environment.

“The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience,” the Fund stated. “The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit, and improved the functioning of the foreign exchange market.”

The IMF said investor confidence has improved, noting Nigeria’s successful re-entry into the Eurobond market and the resumption of portfolio inflows. However, it acknowledged that poverty and food insecurity have worsened, pushing the government to prioritize inclusive growth.

The report also highlighted positive trends in external reserves, foreign exchange market stability, and inflation. It noted that inflation dropped to 23.7 percent year-on-year in April 2025 from an annual average of 31 percent in 2024, based on the rebased Consumer Price Index released by the National Bureau of Statistics.

“Naira stabilization and improvements in food production brought inflation to 23.7 percent… Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices,” the IMF said.

On the fiscal front, the Fund said revenue gains from currency depreciation, improved administration, and higher grants helped offset rising interest payments and administrative costs, leading to improved fiscal performance in 2024.

Despite the progress, the IMF warned of growing risks. It said falling global oil prices or rising financing costs could negatively impact Nigeria’s economic stability. “A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures,” it said.

The IMF further cautioned that any deterioration in domestic security could derail growth and worsen food insecurity across the country.


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AfCFTA Opens Opportunity for Logistics Sector

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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.


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