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Nigeria Targets $10bn from Blockchain by 2030—NITDA

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blockchain

By Adedapo Adesanya

The National Information Technology Development Agency (NITDA) has noted that Nigeria plans to capture a market share of about $10 billion through blockchain technology in the next 10 years.

The NITDA Director-General, Mr Kashifu Inuwa, said this at a stakeholders’ engagement for the review of the National Blockchain Adoption Strategy Framework in Abuja on Thursday.

Mr Inuwa said that blockchain was among emerging technologies that had contributed to the growth of economies globally, saying that Nigeria will not be left out.

“We see the need for us to position our country well so we can capture value from the blockchain.

“There is a recent publication by PricewaterhouseCoopers (PwC), an international institution that indicated that in the next 10 years, blockchain is going to contribute $1.76 trillion to the global Gross Domestic Development by 2030.

“We want Nigeria to be strategically placed to capture value from this economic potential of blockchain.

“Based on the PwC analysis, China is going to get the highest net worth potential from blockchain technology because it is projected that by 2030, China will capture over $460 billion.

“In Nigeria, looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around $6 to $10 billion by the year 2030,” he said.

Mr Inuwa said that the target was achievable because Nigeria’s payment and financial services were huge, while the country had been located as a hotspot for fintech in Africa.

He added that blockchain technology could be achieved through provincial services, payment services, digital identity, customer engagement, contract and dispute resolution applications, among other strategies.

The Director-General said that it was important for Nigeria to discover its competences and adopt the application that could generate income.

He also said that the blockchain technology interfaced with the eight pillars of the National Digital Economy Strategy and Policy towards building a digital economy.

Mr Inuwa called on stakeholders to fashion out flexible and implementable strategies for immediate execution that government can leverage on for job creation.

“We are looking at coming up with a strategy to help the country capture value from financial services, land administration, education and health care.

“Blockchain is going to play a key role in terms of creating, tracing products and services,“ he said, adding that the COVID-19 pandemic had forced people and nations to devise secured ways of transacting businesses and that blockchain technology provided such an opportunity.

Mr Usman Gambo, Director, IT Infrastructure Solutions, in his address, said the adoption of blockchain technology was in line with the policy of creating a digital economy for the benefit of citizens.

Mr Gambo said the mechanism of blockchain was complex, but the benefit outweighs the challenges.

He said that the technology if adopted must be regulated to avoid abuse by Ponzi scheme and other malicious technology financial platforms.

The director said that stakeholders’ contributions would give the country directions on how to adopt the technology.

Mr Abdulsalam Umar, a Blockchain Expert, while reviewing the strategy document, said the benefits of the technology included reduced budgeting cost, ensuring security and globalisation.

Mr Umar added that the technology could help create jobs and new business models in addition to ensuring transparency in governance.

He said that adopting it would require a legal framework to avoid potential risks and ensure that the country was operating a common global standard.

The expert added that the technology was beneficial because it could make huge contributions to the country’s Internally Generated Revenue.

Blockchain Technology is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers while letting anyone on the network see everyone else’s entries in near real-time. That makes it difficult for one user to gain control of, or game, the network. It can be used in all industries including conducting elections.

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.

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Telco Ownership Changes Above 10% Now Subject to NCC Approval

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NCC

By Adedapo Adesanya

The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating prior approval for significant changes in the ownership structure of telecommunications companies operating in Nigeria.

This was contained in a statement jointly signed by the Director of Public Affairs at the NCC, Mrs Nnenna Ukoha and Head of Public Affairs at the Corporate Affairs Commission, Mr Rasheed Mahe.

According to a joint press release issued by the two agencies, the directive, which takes immediate effect, requires all licensed telecom operators seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to first obtain a Letter of No Objection from the NCC before such transactions can be registered by the CAC.

The statement reads in part, “The directive, which takes immediate effect, requires all licensed communications companies seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to obtain a Letter of No Objection from the NCC before such transactions can be registered with the CAC.

“The requirement is in line with the provisions of Section 90 of the Nigerian Communications Act 2003, Regulation 28(2) of the Competition Practices Regulations 2007, and Regulation 42 of the Licensing Regulations 2019, which empower the NCC to monitor transactions involving licensees and ensure fair competition within the sector.

“Under the new arrangement, the CAC will only process and register requests for changes in shareholding structures of telecommunications companies where the transaction involves 10 per cent or more of the company’s shares and is accompanied by evidence of prior approval from the NCC.

“According to the two regulatory agencies, the measure is aimed at strengthening oversight of significant ownership changes, preventing anti-competitive practices, and preserving a fair and competitive communications market. It is also expected to enhance transparency, boost investor confidence, provide greater regulatory certainty, and support the long-term stability and sustainability of Nigeria’s telecommunications industry.

The NCC and CAC reaffirmed their commitment to fostering a transparent, stable, and investor-friendly business environment. Both agencies pledged continued collaboration to promote fair market practices, strengthen regulatory compliance, and ensure the orderly development of Nigeria’s communications sector.”

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Rising Cyber Threats Could Undermine Business Sustainability, Profitability—ISSAN

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David Isiavwe ISSAN President

By Modupe Gbadeyanka

The relevant stakeholders have been urged to take urgent action to curb the rising sophistication of cyber threats, which could undermine business sustainability and profitability.

This call was made by the Information Security Society of Africa – Nigeria (ISSAN) during its monthly meeting held in collaboration with MAXUT Consulting.

The group noted that identity theft, mobile fraud, ransomware, and social engineering attacks are threats to organisations, especially those who may struggle to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited.

The president of ISSAN, Mr David Isiavwe, who doubles as the Executive Director for Risk Management at Nova Bank, stressed that cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure, and strategic assets.

Among the threats highlighted were identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and other forms of social engineering.

According to him, the increasing frequency and sophistication of cyberattacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.

To address these challenges, he urged organisations to adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers.

Also, the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation to enhance threat detection and response capabilities was emphasised.

“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” the ISSAN leader said at the event, which featured a technical presentation titled, Confronting the New Mobile Threat Landscape: Beyond User Authentication.

ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, information sharing, and industry collaboration to strengthen Nigeria’s cyber resilience and support a secure digital economy.

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Zoho Launches Nathu La Server

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Zoho Nathu La Server

By Modupe Gbadeyanka

A designed-in-house server known as Nathu La has been launched by a global technology company, Zoho Corporation.

Nathu La is engineered with hardware-rooted security at every layer of the stack. Its indigenous IP-driven approach reduces dependency on external entities for security audits, firmware updates, and licensing continuity.

The solution aligns with open-source software principles and reflects Zoho’s broader commitment to building sustainable, secure, and scalable digital infrastructure. It also supports the growing global focus on digital sovereignty, local innovation ecosystems, and high-performance computing capabilities.

The platform was introduced by the company as part of a pivotal step in its journey towards building its full technology stack, from the hardware layer to software applications.

With Nathu La, Zoho has achieved equivalent performance with 12-18 per cent lower power consumption and 20-30 per cent lower total cost of ownership (TCO), thereby reducing inference costs.

The Nathu La server, comprising Intel® Xeon® 6 processors, was developed collaboratively with Intel, leveraging their enablement capabilities and technical expertise.

The design philosophy behind Nathu La is rooted in the Open Compute Project (OCP), emphasising modularity, thermal efficiency, and ease of maintenance. This enables Zoho’s data centres to significantly reduce total cost of ownership and power consumption.

Zoho plans to host its applications on the Nathu La server platform, enabling the company to optimise the full software-hardware stack for its specific workloads, reduce costs, improve performance, and strengthen data governance for its global customers. This will also help bring down inference costs for Zoho’s AI usage.

The Nathu La server motherboard and chassis platform is the result of five years of R&D across hardware, firmware, and systems management. Based on Intel® Xeon® 6 Processors, the server is designed to optimise performance for virtualisation (VM), High Performance Computing (HPC), AI inference, and storage applications. This results in improved performance of Zoho applications for end users.

The server features customised power delivery subsystems, an in-house DC-SCM (Data Centre Secure Control Module) design, and modular chassis options compatible with diverse end-user environments, offering flexibility across deployment types.

All modular components – including the DC-SCM and NIC (Network Interface Card) – were designed in-house by Zoho’s hardware engineering team and assembled through electronics manufacturing partners, enabling tighter integration and quality control across the platform. Over five patents have been filed covering advanced thermal management and cost-optimised server architecture designs.

“Zoho Corporation has invested in building its own technology stack from the ground up over the last three decades. The Nathu La server launch is in line with that goal.

“With our strategy of using contextual, right-sized models, running on our own platform, on our own servers, in our own data centres, we are compounding the benefits accrued from owning and operating our entire technology stack. This ensures that our solutions are more sustainable and accessible for businesses.

“These long-term R&D investments we are making at every layer of the stack are aimed at delivering customer value,” the Country Head for Zoho Nigeria, Mr Kehinde Ogundare, stated.

In 2020, Zoho established a small R&D team in Nagpur, a Tier 2 town in India, focused on projects such as server design and systems engineering.

Members of the Nathu La R&D team include hires from SETU – short for Students’ Engagement for Transformative Upskilling – an initiative designed to build a pipeline of industry-ready engineers, with a focus on advanced learning in Electronics System Design and Manufacturing (ESDM).

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