NEWS AGENCY OF NIGERIA
Centralised data key to tackling insecurity, economic woes – BRISIN
Science & Tech

Centralised data key to tackling insecurity, economic woes – BRISIN

191 total views today

By Angela Atabo

The Basic Registry and Information System in Nigeria (BRISIN) has been identified as a critical tool in addressing Nigeria’s persistent issues of insecurity and economic instability.

Dr Anthony Uwa, Head of BRISIN Implementation in Nigeria, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja.

According to him, BRISIN is an integrated data and information infrastructure designed for real-time data governance across all sectors of the economy and government.

He explained that in May 2007, the Federal Government signed a service agreement for the implementation of BRISIN, selecting the Federal Capital Territory (FCT) for the pilot phase.

 “However, 18 years later, the system is yet to be implemented, in spite of its numerous benefits.”

Uwa emphasised that effective governance and sustainable development were impossible without a reliable and comprehensive data infrastructure.

“You cannot run a government without data governance that guides decisions on national security, social systems, economic planning, revenue generation, and democratic development,” he said.

He added that BRISIN could support sectors such as rural development, employment, diaspora integration, migration control, and social welfare.

“Nigeria lacks a foundational system because there is no data and information infrastructure.

“You can’t solve problems like insecurity, unemployment, or economic instability without it,” Uwa stressed.

He noted that BRISIN was conceived during President Olusegun Obasanjo’s administration as a fundamental infrastructure to drive lasting change and attract both local and foreign investment.

He also said it would help Nigeria access international grants and funding, identify Nigerians at home and abroad, and provide reliable demographic data.

“With BRISIN in place, Nigeria would command more respect globally, operate credibly, and manage governance effectively. Unfortunately, the FCT Minister is yet to activate the pilot phase,” he added.

Uwa revealed that the Italian government, through the MATEI Programme for Africa, approved 600 million dollars for BRISIN in Nigeria.

“However, the release is pending a letter from the FCT confirming the project’s commencement and counterpart funding, still not submitted 14 months later.”

He urged FCT Minister Nyesom Wike to act swiftly, stating that implementing BRISIN in the capital would modernise the city and improve governance structures.

Uwa added that the system had the potential to generate up to N1.5 trillion annually in internally generated revenue (IGR) by effectively monitoring and controlling all economic activities within the FCT.

Also speaking, Mr Lorenzo Santangelo, Director at Dermo Impex Nigeria Ltd, the BRISIN solution providers, said the system could create up to 10 million jobs in Nigeria.

He explained that by integrating data systems across all ministries and agencies, governance would become more efficient and credible.

“When every government body has access to the same accurate data, it becomes easier to identify needs, streamline services, and eliminate duplication,” Santangelo said.

He added that BRISIN would improve national planning by tracking population movements, consumer preferences, and regional needs, informing decisions on infrastructure, imports, and public services.

“Credibility comes when citizens are properly identified from birth, with clear data on their parents and place of origin.

“This builds a foundation for proper governance and national development,” he added. (NAN)

Edited by Abiemwense Moru

Indonesia, Ethiopia to strengthen economic partnership through BRICS
Foreign

Indonesia, Ethiopia to strengthen economic partnership through BRICS

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Indonesia and Ethiopia are considering ways to expand bilateral cooperation, as well as interaction in the BRICS bloc, according to a report by Antara News Agency, a partner of TV BRICS.

The report indicated that the Indonesian Foreign Affairs Minister Sugiono held a meeting with Ethiopian Ambassador to Indonesia Fekadu Beyene Aleka during which the two sides discussed the approach to engage in expanding the partnership.

The Indonesian Foreign Minister outlined national priorities, including poverty alleviation through better utilisation of resources.

He noted the high potential for the development of trade and economic ties with Ethiopia and expressed readiness to increase exports of competitive goods – primarily in the agricultural and pharmaceutical sectors.

Sugiono said the volume of bilateral trade between the countries reached 98 million dollars in 2024, up 55 per cent year-on-year.

He added that Indonesian companies are already present in Ethiopia in the sectors of household chemicals, food, and textiles.

The meeting focused on the prospects of signing a bilateral investment treaty, as well as food and energy security.

It is noted that the development of coconut, sugar cane and seaweed production is a priority.

The Ambassador also expressed interest in mastering Indonesian technologies for sugar cane cultivation.

The two sides agreed to intensify cooperation in the fields of education, science and training, as well as resume the work of the joint commission on bilateral cooperation.

At the end of the meeting, the Indonesian minister invited Ethiopia to participate more actively in joint initiatives in BRICS. (TV BRICS/NAN) 

Edited by Emmanuel Yashim

 AI transforms various sectors, improve worlds economy- IMF director
Economy/Business

 AI transforms various sectors, improve worlds economy- IMF director

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By Nana Musa

Ms Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), says that Artificial Intelligence (AI) has transformed various sectors, as well as security markets.

Gopinath, however, cautioned against inherent risks.

She said this on Monday, during the second IMF-International Organisation of Securities Commissions (IOSCO) conference discussions on key trends in AI and Exchange Traded Funds (ETFs).

“Focusing on the implications for financial stability, recent generative AI and related breakthroughs have the potential to dramatically change capital markets.

“Functioning through AI–assisted process automation and analysis of complex unstructured data as well as through the greater and more powerful use of algorithmic trading, novel trading and investment strategies.

“In addition, on one hand, generative AI can enhance market analysis, risk assessment, and customer engagement through sophisticated simulations and data generation.”

According to her, generative AI also raises concerns about financial stability, data integrity, potential misuse for market manipulation, and the ethical implications of AI-generated content.

The Secretary-General of IOSCO, Mr Rodrigo Buenaventura, said that the use of AI was common in financial institutions.

“Let’s just separate between traditional AI and generative AI, the report that was published last month shows that there has been more use of AI and machine learning in financial institutions.

“More automation for detection of anti-money laundering issues, as well as for simple analysis. So, we see the use of AI a lot more. But what else has changed?

“So you can see that some of the AIs are also starting to use large language models in the area of customer-facing operations, in terms of chatbots, and also in risk management functions.

“So basically, ChatGPT or large language models have changed a lot of the way humans interact with AI. Its very easy to use.”

He said this was where some of the risks could occur, adding that it gives us a false sense of security because its so easy to use.

Buenaventura said at the same time, we forget that there’s a lot of complex modeling and data that goes behind it.

He said that with large language models, all of us would have heard that the hallucination risk was one key factor that was associated with AI or generative AI.

Buenaventura said that experts should ensure that AI was not used against the market or to the disadvantage of the main purpose.

The Assistant Managing Director of the Capital Markets Group, Mr Lim Lee, said that AI was very easy to use but also creates risks.

He said that the market manipulation could also become very common with AI in terms of resilience and concentration of risks.

“We see the use of modelling, specialised models to make it look more efficient and less costly.

“About 75 per cent of institutions use AI. However, there has been more consciousness in using AI directly because the people are now more careful,” Lee said.(NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

.84bn balance of payment surplus, indication of economic stability – TDF
Economy/Business

$6.84bn balance of payment surplus, indication of economic stability – TDF

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By Salif Atojoko

The Democratic Front (TDF) says the 6.84 billion dollars balance of payment surplus in 2024 is another indication of economic prosperity under President Bola Tinubu’s administration.

Malam Danjuma Muhammad, Chairman of TDF, in a statement on Monday said the development would boost investors’ confidence in the country.

“In addition to increasing the country’s foreign exchange reserve, improving the nation’s creditworthiness, and enhancing monetary policy flexibility in the economy, the balance of payment surplus will significantly reduce Nigeria’s dependency on foreign exchange to the benefit of local productivity.

“We believe that the combination of fiscal reforms in the macroeconomic system, which has enhanced the Federal Government’s revenue generation capacity, and monetary policy reforms introduced by the CBN, have boosted confidence in the Nigerian economy.

“These have encouraged import substitution in economic trades to conserve foreign capital for local economic growth,” said TDF.

The group said it was confident that this economic feat would inevitably lead to a reduction in headline inflation and also trigger an increase in production that would generate wealth and employment for Nigerians.

“We recall that for decades, the history of Nigeria’s economy was replete with over-dependence on foreign exchange for local and international trades, which impeded sustainable growth.

“This instituted a trajectory of consistent deficit in the balance of payment, and put pressure on the dollar to the detriment of the local currency and our macro economy,” said TDF.

It, however, said the Nigerian economy had responded positively to the pro-market and the private sector-friendly reforms of the Tinubu administration, as evident in the increased use of Naira for major trades, and exploring opportunities for import substitution.

“This policy has provided an incentive for Nigeria to export refined petroleum products to the United States, Saudi Arabia and other parts of the world through the Dangote Refinery, which began production under the Tinubu administration.

“It is heartening to also note that the posting of 6.84 billion dollars surplus in the balance of payment, is an indication of sustainable economic growth and stability and a show of strength to resist global economic shocks and headwinds,” the group added.

The group said the trade surplus underscored the need for the continuous implementation of the bold and pragmatic economic policies of the administration.

It said this was the only viable route to increasing the country’s foreign exchange reserves, service external debt, finance domestic investments, increase national savings, respond to internal economic challenges, and also stimulate economic growth and productivity.

It said it was optimistic that it would inevitably lead to more jobs and a plethora of trade opportunities for Nigerians in the coming months.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

FG unveils economic plan for the country 
Economy/Business

FG unveils economic plan for the country 

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Economy

By Nana Musa

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government has unveiled a comprehensive economic plan for sustainable development.

Edun disclosed this in a statement issued by the Ministry’s Director of Information and Public Relations, Mr Mohammed Manga, on Tuesday in Abuja.

The minister, who unveiled the plan at the 2025 KPMG Arise TV Budget News Day, also outlined Nigeria’s fiscal priorities and economic direction for the coming year.

Edun said that government was committed to fiscal discipline, revenue mobilisation, and an improved investment in climate.

According to him, the government has projected GDP growth of 4.6 per cent for 2025, with a long-term ambition of seven per cent annually, a crucial target for poverty reduction and sustainable development.

The minister said that the macroeconomic stability remained priority, with exchange rate stability, trade surplus, and increased oil production positioning the country as a stronger global player.

Edun said that the foreign reserves had exceeded 40 billion dollars signalling confidence in economic policies and financial management.

He emphasised the crucial role of the private sector in driving economic growth, highlighting Public-Private Partnerships (PPPs) as a key mechanism to bridge Nigeria’s 100 billion dollars annual infrastructure investment gap.

According to him, landmark projects, including the Benin-Asaba Highway and the Lagos-Abeokuta Road, are to be developed under PPP frameworks, with the aim to reduce travel time and enhance productivity.

The minister said that in the oil and gas sector, domestic refining was important, with the Dangote Refinery now leading local crude petroleum processing.

He said that the shift would significantly reduce reliance on imports, strengthen energy security, and enhance economic resilience.

Edun also addressed fiscal policy reforms, the government’s drive to expand the tax base, streamline revenue collection, and create a business-friendly tax system.

He said that a balanced approach to taxation would encourage investment while ensuring adequate funding for national priorities.

The minister said that as the country moved forward, the government was dedicated to economic transformation, driven by policies that fostered growth, stability, and private sector participation.

Edun said that building on strategic reforms, Nigeria was poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come.
(NAN)
Edited by Kevin Okunzuwa

U.S. inflation surge may challenge economy, says Analyst
Economy/Business

U.S. inflation surge may challenge economy, says Analyst

314 total views today

By Fortune Abang

Mr Muhammad Aimen, an investment analyst at KTrade Securities, stated on Saturday that the surge in U.S. inflation to 3 per cent could pose economic challenges to global trade.

KTrade Securities is a Pakistan-based stock and commodity firm.

Aimen shared his insights during the global virtual analysis of KTrade Securities’ research report.

He noted that U.S. inflation had surged to 3 per cent one month after President Donald Trump took office.

He said this marked the first such rise since June 2024.

He highlighted concerns about inflation risks, which stemmed from the fiscal deficit fuelled by rising debt and complicated by tariffs.

According to Aimen, these factors have slowed down the U.S. economy, which now shows signs of a recession.

He emphasised that the U.S. tariffs approach, focused on domestic priorities, might not effectively address structural issues in the economy.

Aimen said instead, it could exacerbate the very problems it aimed to prevent.

“The U.S. national debt has ballooned to 123 per cent of its GDP, raising serious concerns about fiscal sustainability,” Aimen noted.

He said with such a high debt burden, the Federal Reserve’s monetary policy was taking a backseat to government spending and taxation, which would likely fuel inflation.

“The government may be forced to monetise the deficit, essentially printing money to cover shortfalls.”

Aimen also pointed out that fiscal deficits, rather than bank lending, were the root cause of inflationary pressures in the U.S. economy, making the government’s ability to manage inflation via interest rates less effective.

He cited the Congressional Budget Office (CBO) Outlook report, which raised concerns about the effectiveness of the Department of Government Efficiency (DOGE) in cutting spending.

This was particularly concerning given the high mandatory expenditures, such as social security, Medicare, and defense spending.

“Whenever a nation exceeds 100 per cent debt, it almost always inflates away the debt.

“The U.S. is likely to face an extended period of financial repression, where inflation outpaces economic growth,” Aimen predicted.

He also drew parallels between the current Consumer Price Index (CPI) cycle and the high inflation period of the 1970s, raising concerns about a potential repeat of that era’s economic struggles.

Aimen also discussed the potential effects of tariffs on China, Mexico, and Canada, the U.S.’s largest trade partners, which could stoke inflation by limiting access to cheaper labour and goods.

He warned that the deportation of immigrants could lead to higher domestic prices, as 15 per cent of U.S. workers in construction, manufacturing, and agriculture were immigrants.

Even if these tariffs bring some manufacturing back to the U.S., Aimen questioned whether these industries would be competitive in the global market.

“In other markets, Chinese manufacturers will continue to gain share, and the U.S. risks being shut out,” he said.

In spite of the dollar’s status as the global reserve currency, Aimen noted lingering concerns among investors about the U.S. economic sustainability.

These concerns, he said were driven by factors such as the devaluation of other currencies in response to tariffs, demand for dollar-denominated debt, and a weaker tax revenue base caused by higher unemployment.

“Higher unemployment means weaker tax revenue, compounding the deficit problem.

“With an aging population adding to entitlement costs, a debt spiral is a real possibility without a course correction,” he warned. (NAN) (nannews.com.ng)

Edited by Abiemwense Moru

FG’s economic reforms will yield positive result- VC
Metro

FG’s economic reforms will yield positive result- VC

483 total views today

By Funmilayo Adeyemi

The Vice-Chancellor of the African School of Economics, Prof. Mahfouz Adedimeji, has predicted that the various economic reforms introduced by the Federal Government will soon yield positive results.

 

Speaking at the school’s second edition of its Public Lecture on Thursday in Abuja, Adedimeji said the reforms would soon have a multiplier effect on the economy.

 

“One of the things that we see in the economy now is that the currency is gaining more value against the dollar. We can also see that the price of fuel has reduced.

 

“So the only hope is that there will be a reflection of that in the remaining sectors of the economy.

 

“The optics are good as they stand, and one has every reason to be confident that Nigeria’s economy will pick up as a result of the reforms the Federal Government has put in place,” he said.

 

Adedimeji explained that the lecture was organised to draw insights from other parts of the world to advance Nigeria’s economy.

 

“The primary problems that human beings face are economic in nature; what to eat, what to wear, and where to live.

 

“As a way of advancing discourse on solving our economic problems and addressing our economic challenges, we brought in an Irish economist to talk to us about ways to solve these issues,” he said.

 

Susan HayesCulleton, from Ulster University, Northern Ireland, while delivering her lecture on “Economic Growth Models: The Ireland Experience”, urged Nigeria to develop the entrepreneurial capacity of its people to foster economic growth.

 

HayesCulleton said it was time for Nigeria to learn from Ireland by improving the efficiency of businesses to make them more sustainable.

 

She added that partnerships were also essential to overcoming the challenges of a changing environment while building international relationships.

 

“The Irish people and the Irish business culture look outward and engage with their diaspora, and Nigeria has a huge capacity to do the same.

 

“They can also achieve this by enabling people to become proficient in Artificial Intelligence (AI) to enhance website development, e-commerce, and other business ventures.

 

“So there are plenty of opportunities for Nigeria to leverage its population and, of course, collaborate with Ireland for mutual benefit,” she said.

 

She encouraged Nigeria to embrace AI in developing sustainable energy sources by upskilling its people to provide solutions to emerging challenges.

 

“A significant challenge that we face as business leaders in relation to AI is twofold.

 

“First, energy consumption, we need to develop more sustainable energy sources to power AI operations.

 

“Secondly, we must ensure that people are adequately upskilled to manage and maximise the potential of AI.

 

“AI is a new development, but we must consider how we can build our capacity to train AI while also strategically and ethically integrating it into our businesses.

 

“In addition, we need to align technological advancements with workforce productivity so that society as a whole benefits,” she added. (NAN)(www.nannews.ng)

Edited by Tosin Kolade

FG affirms commitment to creating sustainable environment for private sector 
Economy/Business

FG affirms commitment to creating sustainable environment for private sector 

328 total views today

By Vivian Emoni

The Federal Ministry of Industry, Trade and Investment has expressed commitment to creating a sustainable environment for the private sector and other stakeholders to compete favourably and drive economic growth and productivity.

Dr Jumoke Oduwole, the Minister of Industry. Trade and Investment, made the commitment at a retreat for presentation of the 2025 roadmap in Abuja on Monday.

Oduwole said that the goal of the ministry was to facilitate the creation of wealth, productive jobs and share prosperity for all Nigerians.

“As a ministry, we prioritise creating a dynamic, resilient and sustainable economy by positioning the private sector for productivity and competitiveness.

“We have repositioned ourselves to deliver empirically verifiable policies and reforms based on transparently laid down goals which improved the ministry’s performance in 2024,” she said.

The minister said that everything the agencies under the ministry presented at the retreat was already in the budget, adding that it was not coming as a surprise.

She urged all the Ministries, Department and Agencies (MDAs) to work together as such effort would help to achieve the ministry`s goals.

On his part, the ministry’s Minister of State, Sen. John Enoh, said that the gathering was to discuss problems and also to look at solutions to the problems.

Enoh said that the retreat would help to discuss how much the industry and trade can expand and improve to be able to promote investments.

“It is about performance. The work cannot be strong and efficient without effective commitment, I think we all need to be ready for that.

“We need to put more effort to ensure that the mandates and objectives of the ministry are achieved,’’ he said.

The Director-General, Presidential Enabling Business Environment Council, Princess Audu, said that the council was committed to reaching out to all relevant stakeholders to intensify in the business activities.

“We will be working hand in hand with the ministry to determine what levels of improved efficiency can be achieved in the quickest possible time.

“We want to identify areas where we can make a significant impact and work together to implement changes that will benefit the business community and Nigerians at large.

“I am also pleased to announce that our new Reform Impact Assessment (RIA) framework has been launched,’’ she said.

Audu said that the RIA framework was designed to ensure a level of consistency and predictability, as such would help the business grow appropriately.

She said that the framework enabled businesses to plan and forecast with the assurance of a stable business environment as it relates to policies and reforms.

The Director-General and Chief Trade Negotiator of the Nigerian Office for Trade Negotiations (NOTN), Amb.Yonov Agah, said that the office was  expanding market access and eliminating barriers to Nigeria’s trade.

Agah said that trade negotiations had inherent risks, adding that they also have opportunities in various areas.

“It is important for Nigeria not to negotiate in a vacuum. Anything you are negotiating needs national frameworks.

“We need a national trade policy framework. We need the institutions, the regulatory environment to implement those agreements,’’ he said. (NAN)

Edited by Kadiri Abdulrahman

Nigeria economy on the rise with investment opportunities- Edun
Economy/Business

Nigeria economy on the rise with investment opportunities- Edun

364 total views today

Investment

By Nana Musa

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the country’s economy is on the rise with great investment opportunities.

Edun said this while receiving a high-level delegation from First Abu Dhabi Bank, led by the Group Head of Investment Banking, Martin Tricaud, in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that the delegation visited to discuss investment opportunities and strategic partnerships.

The minister enumerated the country’s economic transformation over the past 18 months.

He listed key reforms like market-driven pricing for foreign exchange and petroleum products, increased trade through the African Continental Free Trade  (AfCFTA), and stronger revenue from both oil and non-oil sectors.

Edun said that those measures had stabilised the economy, improved Gross Domestic Product (GDP) growth, and strengthened the trade balance.

“The progress we have made in stabilising the economy and driving growth is a testament to our administration’s commitment to economic reforms.

“We are eager to showcase these opportunities to investors and partners like the First Abu Dhabi Bank,” he said.

The Minister said that the government had put in efforts to boost food production and affordability, ensuring long-term economic resilience.

He said that the meeting marked a significant step in the country’s efforts to attract foreign investment and strengthen economic ties with key partners.

“This partnership with First Abu Dhabi Bank is expected to unlock new opportunities for investment, job creation, and economic development,” he said.

Tricaud commended the minister for the country’s achievement.

He said that the partnership would yield positive result for both Nigeria and United Arab Emirates (UAE). (NAN)

Edited by Kadiri Abdulrahman

Data ecosystem has capacity to drive trillion dollar economy – NDPC 
Science & Tech

Data ecosystem has capacity to drive trillion dollar economy – NDPC 

528 total views today

By Ijeoma Olorunfemi

The Nigeria Data Protection Commission (NDPC) says the data privacy ecosystem has the capacity to drive Nigeria to a trillion dollar economy.

Its National Commissioner, Dr Vincent Olatunji, said this at a news conference to commemorate the 2025 Global Privacy Day, in Abuja.

Beginning from Europe in 2008, the day highlights the significance of privacy and data protection.

The NDPC commissioner said that through the implementation of the pillars of its Nigeria Data Protection-Strategic Roadmap and Action Plan (NDP-SRAP), localised technology adoption and global collaborations, indigenous data privacy could contribute to the growth of the economy.

“We can’t keep relying on foreign technologies for what we are doing here, so our local content must be encouraged.

“In NDPC, our platforms, the services, portal, and websites are locally developed, and they are very robust enough for us to use.

“This can drive technologies and we are talking of operating a trillion dollar economy for this country that will be driven by digital technologies.

“The private ecosystem alone can convey a lot of services that are being offered and you can imagine audit files alone, registration of data controllers, reporting breaches. A lot is going on and even creating awareness through various platforms,” he said.

He also encouraged startups to key into the data privacy ecosystem, adding that there was immense potential.

Speaking on the day, Olatunji highlighted the universality of data privacy principles but stressed the need for adapting them to local laws.

He urged stakeholders to leverage the knowledge of data protection not only within Nigeria but also on a global scale.

“All we want is for you to adapt the local laws of wherever you want to practice. The principles of data protection and security are the same worldwide and the knowledge you acquire here can take you anywhere,” he said.

Olatunji noted the immense potential in Nigeria’s data ecosystem, saying the nation’s human capital development remains critical to advancing its digital economy.

According to him, NDPC places significant focus on building capacity while encouraging the development of indigenous digital technologies to reduce reliance on foreign solutions.

He reiterated the NDPC’s commitment to fostering innovation and collaboration through initiatives that strengthen data privacy awareness, compliance and enforcement.

He stated that Nigeria’s acceptance into the Global Privacy Assembly (GPA) and the hosting rights of the 2025 Network of African Data Protection Authorities conference was a testament that the country had demonstrated a good traction in data protection initiatives.

Olatunji highlighted that a robust data protection framework was a key factor for attracting multinational investments, ensuring compliance with global standards and safeguarding the rights of data subjects.

The commissioner said that the commission had signed Memoranda of Understanding with data protection authorities in Canada and United Arab Emirates, to ensure cross-border knowledge sharing on data privacy.

“Our law applies even when Nigerian data is processed outside the country and collaborating with foreign data protection agencies allows us to exchange knowledge effectively,” he said.

Olatunji stated that the commission had in the past engaged in a series of awareness campaigns, trained 55,529 individuals on data privacy, had 5,351 capacity building programmes, among other engagements.

Highlight of the event included the launch of the NDPC International Journal of Data Privacy and Protection and the release of the commission’s 2024 annual report.(NAN)

Edited by Deji Abdulwahab

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