Ict/Telecom
NITDA Seeks Partnerships Against Cyber Challenges
The Director-General, National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa, has called on governments across Africa to come together to minimise the impact of cyber attacks.
Inuwa said the attacks have affected critical infrastructure, national security, reputation and economy.
He made the call in a statement issued recently in Abuja by the Head, Corporate Affairs and External Relations of the agency, Mrs. Hadiza Umar, and made availabe to The Tide source.
Speaking on the topic, “Strategies for Boosting Africa’s Cyber Resilience”, at the ongoing GISEC Global, a conference for cyber security community holding in Dubai, United Arab Emirates, Inuwa harped on the importance of guiding against cyber attacks.
This, he said, is “because the African continent continued to experience rapid technological growth and increasing internet penetration.
“With the right strategies and approaches, Africa can enhance its cyber security posture and build resilience against cyber attacks.
“African nations must work collaboratively to build and implement robust, inclusive, and proactive cyber resilience methodologies and comprehensive approaches to the identification and mitigation of critical vulnerabilities.
“These include encouraging the exchange of collective knowledge, intelligence on cyber threats and promoting international cooperation in responding to cyber crimes”.
Inuwa recalled the ‘Check Point Research Report of 2022’, which said African countries experienced an average of 1,848 cyber attacks per week, per organisation in 2022.
The Director-General also highlighted that Nigeria accounted for the largest number of internet users, with over 100 million users, followed by Egypt with 76 million and South Africa with 41 million.
“These countries, along with Kenya, also account for 60 per cent of the $4 billion annual cost of cybercrime in Africa.
“In spite of these challenges, Africa’s digital transformation projects are gaining momentum, with online shoppers reaching almost 390 million and social media users reaching over 380 million in 2022.
“This growing figures are due to increasing mobile device adoption and improved telecommunication systems.
“However, the increasing threat of cyberattacks puts our socio-economic security at risk locally and internationally,” he said.
According to him, it is imperative that all governments prioritise cyber security and take necessary measures to strengthen their digital defenses to protect citizens from the threats posed by online attacks.
The NITDA boss added that the Africa Center for Strategic Studies’ Report, stated that only 15 African countries had completed their national cyber security strategies.
Inuwa said the strategies outlined strategic objectives and assigned government-wide responsibilities for cyber threat monitoring and responses.
He said: “African countries need to understand the current cyber security landscape, create and implement comprehensive and multi-stakeholder policies,legal frameworks to ensure accountability and incentivise investments in cyber security measures.
“We need to close the cyber security talent gap by investing in training and development programmes to equip our workforce with the necessary skills and knowledge to protect themselves and our organisations against cyber threats.
“We need to invest in the development of robust cybersecurity technologies such as firewalls, intrusion detection systems, and endpoint protection”, he said.
According to him, these tools can help detect and prevent cyber attacks before they cause significant harm.
He noted that the onus was on both the government and private sector to provide institutional support for cyber security, include the creation of dedicated agencies and units, as well as public-private partnerships that allow for the sharing of resources and expertise.
“We must prioritise regional partnerships and cross-border cooperation to combat cyber threats, as they do not respect geographical boundaries.
“This can include African countries working together to formulate and implement effective responses to cyber attacks and share best practices”, he said.
He also revealed that there will be national cyber-response plans and specialised Computer Emergency Response Teams (CERTs) for critical infrastructure sectors that are essential in ensuring cyber resilience which outlines procedures and protocols.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter