Business
NCC Restates Commitment To Digital Economy
The Executive Vice Chairman (EVC) of the Nigerian Communications commission (NCC), Prof. Umar Garba Danbatta, has stated that the Commission is irrevocably committed to boosting the nation’s digital economy through responsive regulations.
Danbatta gave this assurance at the Commission’s 2021 Annual Cybersecurity conference, organised in collaboration with the Office of the National Security Adviser (ONSA) in Abuja, recently.
The theme of the event was “Building Trust in the Digital Economy through Cybersecurity and Sensitization on the Implementation of the National Cybersecurity policy and Strategy (NCPS).”
Represented by NCC’s Executive Commissioner, Stakeholder Management (ECSM), Adewolu Adeleke, Danbatta said the Commission would continue to be at the forefront of ensuring sound cybersecurity culture built on people, process and technology to bolster digital economy in the country.
Emphasising the centrality of information sharing with stakeholders, the NCC boss urged telecom consumers and the public to take advantage of NCC’s pervasive communications campaign planned to create awareness and sensitize the public about the wiles of cyber criminals.
“Our various cybersecurity awareness initiatives and campaigns are helping the public to understand the risks in digital space and how to reduce the vulnerabilities that adversaries can benefit from.
“Our collective resolve is to continuously boost trust and confidence in our digital economy by ensuring adherence to sound cybersecurity culture and hygiene, internally and with external partners as well as stakeholders”, he said.
He explicated on the increasing dynamics in the digital space by informing the audience that the Commission recognizes the importance of ensuring and instituting appropriate cybersecurity measures to derive meaningful gains from the emergent digital economy.
Danbatta asserted: “The growth of digital economies is changing how “trust” is valued by institutions, businesses, and the public. The increase in technological advancement has also resulted in increase in cybercrimes, as well as identify theft and fake news campaigns that have introduced fresh dimensions that affect the notion of trust in the digital era”.
The NCC Chief Executive noted that trust and confidentiality promote a healthy digital environment, as gleaned from global best practices in order to guarantee the privacy and integrity of digital data.
He said to improve digital trust and confidentiality, the digital economy should be built on trusted technologies and partnerships, ensuring strong cybersecurity that rides on public’s confidence, security, privacy and safety to bolster responsive regulations, transparency, accountability and digital governance.
“Acceleration of innovations and enterprise in the digital space amplify vulnerability opportunities, which malicious parties are quick to exploit, thereby slowing down the gains of digital economy”, he said.
Speaking further, Danbatta affirmed that the launching of NCC Computer Security Incident Response Team (NCC CSIRT), which is the telecoms sector’s version of the Nigerian Computer Emergency Response Team (ng. CERT) was a testament of the Commission’s resolve to promote a healthy digital environment in the telecom sector.
He also called on cybersecurity stakeholders to key into the National Cybersecurity Policy and Strategy (NCPS) 2021, and accelerate the adoption of its various components as cybersecurity is a collective responsibility and no single government, business or individual is immune or can do it alone.
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Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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