Connect with us

Technology

AfCTFA Will Benefit FinTechs—FG Assures

Published

on

fintechs

By Adedapo Adesanya

Financial technology companies (FinTechs) will benefit massively from the African Continental Free Trade Area Agreement (AfCFTA), says Nigeria’s National Action Committee on AfCFTA.

The team, which is in Lagos on a visit to sensitise stakeholders in the media, manufacturing, trade, and financial services sector, said the deal will help all members get preferential market access over non-members.

According to Mr Francis Anatogu, the Senior Special Assistant to the President on Public Sector Matters, the agreement hopes to create a single market for well-produced goods and services on the continent.

He added that the adopted multilateral contract will afford signatory countries access to a combined Gross Domestic Product (GDP) of $3.4 trillion.

“With over 1.27 billion consumers and an aggregate GDP of $3.4 trillion, which AfCFTA is expected to help deliver, we are convinced that this will be a game-changer for the African business community, which Lagos state and Nigeria currently plays a leading role.

“We, therefore, encourage fintechs to take advantage of this initiative,” Mr Anatogu said.

Speaking on the timeline for the delivery of the deal, Mr Anatogu, who doubles as the Secretary of the National Action Committee, explained that it was a gradual process that would be delivered over time.

The AfCFTA agreement requires members to remove tariffs from 90 per cent of goods traded, allowing free access to commodities, goods, and services across the continent and the elimination of tariffs could boost trade in Africa by 15-25 per cent in the medium term.

Answering questions on the likely impact of this on the country’s revenue generation, Mr Anatogu explained that over time, the country would get on its feet as AfcFTA fits into Nigeria’s economic diversification objectives because it provides huge export opportunities on the continent for products manufactured in Nigeria and services rendered by local businesses.

He added that there was the situation of increased variety as imports become easier and cheaper, consumers will gain access to a variety of products that are inexpensive as tough competition will make countries produce more products they are most efficient at.

Lagos Commits to AfCFTA

The Lagos State Government on Tuesday pledged its readiness to AfCFTA after a delegation paid a courtesy visit to the Governor of the state, Mr Babajide Sanwo-Olu at the Lagos House, Alausa, Ikeja.

Mr Sanwo-Olu said, “I assure you that Lagos is not just the commercial or economic nerve centre by mouth, it’s also so that we can take that leadership role in the comity of states and lead effectively. We need to scale up infrastructure, capability to be able to take full advantage of what the entire African economy has to offer our country and state.

“With almost a billion population and a total Gross Domestic Product, GDP that is over 3 trillion I think it’s a ready-made market for us as a nation and in Lagos, in particular, to be able to take advantage.

“It’s no small feat being the largest cosmopolitan in Africa and we do not take it for granted, we know that we can be home to everybody and so we want to build that capacity which can only be possible if we have enough infrastructure and understanding what is expected of us.

“Over the weekend, we inspected the Lekki ports and see the things we are doing at the free trade zones. We looked at the refinery and fertilizer plants and all the opportunities that abound in the zone.

“Lagos indeed is getting ready because of the ports, which create about 20 to 30 per cent of GDP ( for big economies). Lekki port will open up Nigeria to international and African businesses more, both for import and export.

“The Apapa and Tincan Ports can only take 4,000 MTUs as the biggest vessel that can come there but the Lekki port, once completed by last quarter next year, is 18,000 MTU that’s about four times. This means that in both ways we can receive a lot more imputes and take more.

“So, mark to business will be quicker and faster and we see also developing the entire infrastructure that is required to do this business, road, power and extensive community engagement so that they are ready and able to take full advantage of the opportunity.

“We are happy it’s still a 5 to 10 years first phase, and we know that though we don’t have all the t’s crossed and i’s dotted, but in another 12 months, am sure Lagos will be fully ready. “We are also intervening in power, off-grid capacities, buying meters for our people so that we can be ready.

“This is the largest investment in fintech in Africa, we are not just collaborating with the private sector, we are also enabling startups on a yearly basis, we will approve another set for some of our tech startups, granting them funding as seed for them to come up with creative ideas, some of them even get international recognition, so we are getting ready on all platforms.

“We are building another terminal at the airport, thanks to the federal government, and this attracts a sizeable percentage of international travel.

“We are doing a 3000 kilometres metropolitan fibre optics connectivity to grid Lagos. Once we get this right. What is required for telecom companies, small businesses, to rise and use it for security, health services, education and other platforms that can be the future that we see?

“Our vision and programs sit with what AfCFTA is all about and we see your committee as partners. We want our people to think local but act global so they can have the opportunity to send their goods and products to every part of Africa and the world.

“We will work with your team, set up a local action committee where we can have a one-stop-shop for the private sector on information, guidelines, understanding what is expected of them so that this thing can take footing quickly and Nigeria can take its full benefit.

“We want others to enjoy the benefits, but we are not a big nation for nothing. We want to take the full benefits but also to open our markets for others to access.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Technology

Nigeria to Buy Two New Communication Satellites to Drive Digital Growth

Published

on

Communication Satellites

By Adedapo Adesanya

Nigeria will purchase to new communication satellites to boost Nigeria’s digital infrastructure as part of efforts to achieve President Bola Tinubu’s plan to grow the economy to $1 trillion.

The Minister of Communications and Digital Economy, Mr Bosun Tijani, disclosed this on Wednesday in Abuja at a press conference to mark Global Privacy Day 2026, organised by the Nigerian Data Protection Commission (NPDC).

Mr Tijani said the approval marked a significant shift in Nigeria’s digital strategy, noting that the country currently stands out in West Africa for lacking active communication satellites, a gap the new assets are expected to address.

“As you know, Mr President has been very clear about his ambition to build a $1 trillion economy, and digital technology is central to achieving that vision,” adding that, “The President has now approved that we should procure two new satellites. Nigeria today is the only country in West Africa with non-communication satellites. And we have been given the go-ahead to procure two new ones, ensuring that we can use that satellite to connect.”

He also said progress had been made on the Federal Government’s flagship 90,000-kilometre fibre optic backbone project, which is aimed at expanding broadband access across the country. According to the minister, about 60 per cent of the fibre project has been completed, while funding for the remaining work has already been secured.

“The 90,000 kilometres fibre optic project is not a dream. About 60 per cent of the work has already been completed, and the funding for the project is secure. As we bring more Nigerians online, connectivity without protection is incomplete. Privacy is the foundation of trust, safety, and sustainability in the digital world.”

“The success of Nigeria’s digital economy will depend not just on infrastructure and talent, but on trust, and the NDPC remains central to building that trust,” the minister said.

Mr Tijani said the Tinubu administration was positioning digital technology as a key driver of inclusive growth, improved public service delivery, and long-term economic expansion, adding that investments were also being channelled into digital skills, rural connectivity, and institutional reforms.

He stressed that the expansion of connectivity must be matched with stronger data protection, especially as Nigeria’s young and digitally active population continues to grow.

Recall that Nigerian Communications Commission (NCC) recently granted licenses to three global internet service providers – Amazon’s Project Kuiper, BeetleSat-1, and and Germany-based Satelio IoT Services – as part of efforts to strengthen internet connectivity via satellite and to boost competition among existing internet service providers in the country.

Continue Reading

Technology

DataPro Predicts Surge in Individual Claims, Constitutional Privacy Actions

Published

on

DataPro 2026 Privacy Week

By Dipo Olowookere

In 2026, there should be a surge in individual claims and constitutional privacy actions, a leading Data Protection Compliance Organisation (DPCO) in Nigeria, DataPro, has projected.

In a statement signed by its Head of Emerging Services, Ademikun Adeseyoju, the company noted that this means organisations must remain “litigation ready” by preserving processing records and strengthening internal controls.

In the disclosure to prepare for this year’s Privacy Week themed Privacy in the Age of Emerging Technologies: Trust, Ethics, and Innovation, it noted that 2026 would also be defined by board and executive ownership, as privacy will no longer be an IT-only concern but a standing governance issue requiring regular risk reports and dedicated budgets.

“DataPro anticipates intensity on sector-specific enforcement, with the NDPC (Nigeria Data Protection Commission) focusing on high-risk industries like fintech, healthcare, etc,” a part of the statement made available to Business Post on Wednesday said.

Giving a review of key milestones from the 2025 ecosystem, DataPro said the NDPC moved decisively into active enforcement, publicly naming non-compliant entities, particularly in the financial services sector.

It also said the year witnessed landmark court rulings, affirming that transparency in personal data handling is a constitutionally protected right, as courts awarded significant damages to data subjects for privacy breaches, signalling that organisational size no longer shields against accountability.

The firm noted that regulatory settlements with multinational technology firms have set a high bar for behavioural advertising and data processing standards in Nigeria.

In the cybersecurity landscape, the year under review experienced an unprecedented surge in cyber threats, as attackers shifted their focus from technical exploits to identity-driven campaigns, targeting valid credentials with high precision.

“This identity-centric threat environment has made robust access management a non-negotiable requirement for corporate resilience,” it stressed.

As for the 2026 Privacy Week, DataPro has lined up activities, with launch of the Privacy Pulse A year-in-review of Nigeria’s Data Protection Ecosystem on Thursday, January 29.

The next day, a webinar tagged Privacy Pulse to train attendees on the new mandatory bi-annual in-house audits and DPO certification requirements will hold and next Monday, there is an interactive quiz designed to test organizational response to identity-driven cyber campaigns.

A social media session answering complex privacy questions via concise 30-second videos is slated for Tuesday, February 3, and the next day, it is for a social media showcase where winners will be selected for their insights on building Trust, maintaining Ethics in AI, and fostering Innovation under the NDPA.

Continue Reading

Technology

MTN Nigeria Suffers 9,218 Fibre Cuts in 2025

Published

on

Karl Toriola MTN Nigeria

By Adedapo Adesanya

MTN Nigeria has revealed that it experienced 9,218 fibre cuts in 2025, causing widespread network disruptions across the country.

The telecommunications giant also reported that 211 sites were affected by theft and vandalism as of November 30, 2025, impacting essential services relied upon by customers daily.

The company recorded a total of 1,624,263 customer complaints, all of which were resolved across various service channels during the year. Despite these challenges, MTN reached 85 million subscribers by September 2025.

The chief executive of the telco, Mr Karl Toriola, made these revelations in his latest post on LinkedIn, acknowledging the company’s responsibility for network performance and its efforts to improve the customer experience.

He stated that the services fell short of customers’ expectations and clarified that some of these gaps were shaped by real operational challenges such as fibre cuts, theft, and vandalism.

“Their impact is felt directly by customers and reflected in what they tell us. We take responsibility for the signals we receive and for how we respond to the realities that shape the customer experience on our network,” he said.

Regardless, Mr Toriola added that, “There is progress to be proud of. And we clearly still have work to do.”

“We are not where we want to be yet, but our commitment to putting the customer at the centre of everything we do remains constant.”

As MTN prepares to celebrate its 25th anniversary in 2026, Mr Toriola reaffirmed the company’s dedication to listening to customers, responding quickly to issues, and driving consistent service improvements.

Some other milestones announced include addressing 1,624,263 customer complaints across all communication channels as well as receiving best network recognition from Ookla, getting back to profitability, and declaring interim dividends to shareholders.

The report comes in the wake of a February 2025 initiative by the Federal Ministry of Works and the Federal Ministry of Communications, Innovation, and Digital Economy, which established a joint standing committee on the protection of fibre optic cables in Nigeria.

Continue Reading

Trending