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World Bank Expresses Surprise at Nigeria’s Quick Exit from Recession

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The World Bank has stated that Nigeria made an early exit out of recession than projected in its October 2020 forecast for Sub-Saharan Africa (SSA).

This was contained in the World Bank’s latest Africa Pulse Report for April 2021 titled, ‘COVID-19 and the Future of Work in Africa: Emerging Trends in Digital Technology Adoption.’

According to the bank, Nigeria’s oil sector weakened in the fourth quarter of 2020 despite an increase in oil prices.

In November 2020 that Nigeria had slid into its worst economic recession in over three decades with a contraction of 3.62 percent.

The National Bureau of Statistics (NBS), in February 2021, revealed that the country exited its second recession in five years by a slight increase of 0.11 percent.

In the World Bank report, the real gross domestic product (GDP) in west and central Africa contracted by an estimate of 1.1 percent in 2020.

“Following a 6.1 percent year-on-year contraction in 2020Q2, Nigeria’s economy contracted by 3.6 percent in 2020 Q3, and expanded by 0.1 percent in 2020 Q4, moving out of recession faster than expected,” the report read.

“For the year, Nigeria’s real GDP is estimated to have contracted by 1.8 percent, a stronger outturn than projected in the October 2020 forecast.”

According to the report, Nigeria is expected to return to growth in 2021, partly owing to higher commodity prices, however, the recovery will remain sluggish.

“Despite higher oil prices, Nigeria and other oil exporters are expected to face a slower recovery compared with the rest of the sub-region, where activity is projected to strengthen.”

World Bank further projects that Nigeria’s real GDP will rebound from a 1.8 percent contraction in 2020 to moderate growth of 1.4 percent in 2021.


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E-Business

Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams

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With the holiday season here, it’s not only a time for magic and celebration but also a prime opportunity for fraudsters to exploit the festive rush for gifts and bargains.

Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams

Amid the sparkle of year-end celebrations, cybersecurity experts at Kaspersky have identified several prominent scams targeting consumers across various regions and languages.

Fake holiday shops

Deceptive online stores mimic the look and feel of legitimate e-commerce sites, offering seasonal items such as decorations, gifts, and even trees at steep discounts.

These sites often appear highly localised, adapting their language and currency based on the user’s geographic location, leveraging data extracted from browsers.

Victims typically encounter these stores by following links in ads or pop-ups.

These sites aim to steal funds. Often, these fraudulent stores exist only for a short period, as they get flagged by the vendors of goods.

Free mobile data offer

This scam plays on the allure of free services, claiming to provide free mobile data valid across all major telecom providers.

In order to receive the free data, victims are required to share the promotion link with 10–15 contacts via WhatsApp, ensuring the scam spreads exponentially.

After sharing, victims are prompted to enter their personal details — name, phone number, and email — into a form.

The collected data is then sold on the Dark Web or used in other fraudulent activities.

In some cases, victims unknowingly download malware that compromises their devices, leading to further exploitation.

Holiday payments on behalf of government agencies

Fraudsters impersonate government authorities, promising fictitious payments in celebration of the holidays.

This scam has been reported in several African countries, including Kenya and Nigeria.

To receive payment, victims are directed to fill out a survey which requires personal details like name and phone number.

Once the survey is completed the user is asked to share the link to the announcement with their connections via WhatsApp.

These details are collected and added to fraudulent databases, then sold to third parties or used for phishing attacks and identity theft.

This scam exploits trust in government systems and the festive spirit of giving.

Christmas recipe scam

This scam begins with a seemingly harmless email promoting a holiday cake recipe.

Victims are encouraged to pay a small fee to access the recipe.

Once payment is made, the victim’s credit card information is stolen. The fraudsters also collect other personal information essential for accessing banking services.

“Holiday scams are not a new phenomenon, but they have evolved to become increasingly sophisticated, leveraging regional traditions and technology to exploit unsuspecting victims.

The rush of the holidays makes people more vulnerable — they’re distracted, eager to grab a deal, or trust promotions that align with festive themes. Cybercriminals are not just stealing money — they’re building massive databases of personal information that fuel future fraudulent schemes.

The holiday season is a time for joy and giving, but users need to remain vigilant to ensure they’re not unknowingly giving fraudsters the tools to exploit them further,” said Olga Svistunova, Senior Web Content Analyst at Kaspersky.

 

 

 

 

 

 


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Hackers Seize NBS Newly Redesigned Website

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Cybercriminals have persisted in targeting Nigerian government websites, with the most recent attack on the National Bureau of Statistics (NBS).

Hackers Seize NBS Newly Redesigned Website

The NBS confirmed the development in a brief statement posted on its X (formerly Twitter) account

It said that its newly redesigned official website has been hacked.

The NBS disclosed the incident and assured the public that efforts are underway to recover the website.

It urged the public to disregard any messages or reports posted until the full recovery of its website.

The statement on X read: “This is to inform the public that the NBS website has been hacked, and we are working to recover it. Please disregard any message or report posted until the website is fully restored.”

The NBS plays a vital role in Nigeria’s development, serving as the official statistical agency responsible for collecting, analyzing, and disseminating statistical data on the country’s economy, governance, and development

This marks the latest in a series of attacks on Nigerian government websites, a trend that has been ongoing for some years.

From government ministries to officials, cyberattacks in Nigeria have surged to alarming levels, with even financial institutions falling victim.

The Nigerian Communications Commission (NCC) and National Information Technology Development Agency (NITDA) frequently issue warnings of cybercriminals targeting individuals, government entities, banks, and telecom companies.


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Hisense Electronics Unveils Flagship Showroom in Abuja

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By Fabian Tarpael, Abuja

Hisense electronics unveiled a flagship showroom in Abuja over the weekend. Speaking at the event, Mr. Mustapha Khries, the Abuja Branch Manager of the Fouani Group, highlighted the significance of the flagship store, describing it as the first of its kind in the entire West African region.

He also addressed the challenges facing businesses in Nigeria, particularly the high exchange rates and transportation costs.

“The Fouani Group remains resilient and ready to overcome challenges, unlike others who often exit the market when faced with similar issues.”

Ms. Haifa Du, Senior Sales Manager for Hisense Electronics, emphasized the brand’s commitment to affordability and innovation, stating that Hisense offers the most cost-effective and advanced solutions in the market.

The event underscored Hisense’s dedication to technological innovation and sustainability while reaffirming its leadership position in the consumer electronics market.

Mr. Robbin Wei, Senior Sales Manager of Hisense Group, supported by Mr. Greg and Ms. Haifa Du, showcased various innovative products from the new flagship store.

Among the standout products showcased include; The Hisense 110″ Smart Ultra AMOLED TV, featuring unique capabilities such as a solar-powered remote control and a “locate remote” function to find misplaced remotes easily.


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