Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has unveiled the potential of Nigeria’s creative industry to generate  $25 billion. This revelation came during a recent tour of the newly refurbished National Arts Theatre in Lagos, a project that symbolizes not just an infrastructural upgrade but a strategic investment in Nigeria’s creative economy.  

The renovation of the National Arts Theatre, spearheaded by the Bankers’ Committee, is more than a restoration of a cultural landmark; it is a digital pivot that positions Nigeria as a global hub for creative talent. By integrating state of the art technology with cultural heritage, the project is set to catalyze job creation, boost foreign exchange earnings, and propel the growth of Nigeria’s entertainment and creative sectors, all I see here is the fusion of culture and technology. The National Arts Theatre, once a symbol of neglect, would be reborn as a world-class facility equipped with cutting-edge digital infrastructure. From advanced lighting and sound systems to modernized cinemas and VIP lounges. 

Governor Cardoso’s assertion that the creative sector could generate $25 billion is not just a projection, it is a call to action. In this era where digital platforms are reshaping how art is created, consumed, and monetized, the National Arts Theatre stands as a beacon of innovation. By providing a physical space for creativity to flourish, the theatre also serves as a launchpad for digital ventures in music, film, fashion, and visual arts.  

However, the theatre’s digital infrastructure opens up new revenue streams for creatives. With the rise of digital platforms like YouTube, Spotify, and Netflix, Nigerian artists can now monetize their work on a global scale. The National Arts Theatre, with its modernized cinemas and performance halls, provides the perfect venue for producing content that meets international standards.  

Beyond its physical upgrades, the National Arts Theatre is assured to become a hub for digital collaboration. By hosting workshops, hackathons, and innovation labs, the theatre can foster partnerships between creatives and tech entrepreneurs. This synergy between art and technology has the potential to birth new industries, such as virtual reality (VR) experiences, augmented reality (AR) exhibitions, and blockchain-based art marketplaces.  

Governor Cardoso’s vision of the theatre as a catalyst for prosperity aligns with the global trend of creative-tech convergence. In countries like South Korea and the United States, the integration of technology into the creative sector has driven economic growth and job creation. Nigeria, with its rich cultural heritage and burgeoning tech ecosystem, is well-positioned to replicate this success.  

While the National Arts Theatre’s renovation is a leap into the future, it is also a nod to the past. As Governor Cardoso noted, the theatre embodies Nigeria’s history and culture. “Embedded in what we see here is a lot of the history and culture of the Nigerian people. A lot of our culture is embedded in the structures here, so you will see it’s beyond just an edifice; it is what it represents,” he said.  

This balance between tradition and innovation is crucial in a digital age where cultural preservation often takes a backseat to technological advancement. By digitizing cultural artifacts and performances, the National Arts Theatre can ensure that Nigeria’s heritage is not only preserved but also accessible to future generations.  

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By Mohammed Dahiru-Lawal

Transparency and accountability are set to take center stage in Africa’s infrastructure development efforts, thanks to a new initiative by AUDA-NEPAD.

At a recent workshop in Addis Ababa, officials announced the creation of a real-time digital dashboard designed to monitor the progress of PIDA PAP II projects.

This digital dashboard aims to address longstanding issues such as delays, cost overruns, and inefficiencies in project implementation. By providing open-access reporting, the platform will enable governments, investors, and the public to monitor project execution in real time.

Features of the dashboard include tracking project progress, identifying financing gaps, and pinpointing bottlenecks, thereby facilitating evidence-based decision-making.

Yones Touitha, a senior AUDA-NEPAD official, highlighted the significance of this initiative, stating that it will ensure greater accountability and transparency in the implementation of infrastructure projects.

“This initiative will enable evidence-based decision-making and allow stakeholders to track projects more effectively,” Touitha stated.

This move aligns with AUDA-NEPAD’s commitment to leveraging digital solutions to enhance project management and stakeholder engagement.

While the digital dashboard represents a positive step toward improved transparency, its success will depend on the full adoption and utilization by African governments and other stakeholders. Ensuring the system’s functionality and regular updates will be crucial in maintaining its effectiveness.

Experts argue that while technology can aid in addressing infrastructure challenges, strong political commitment and efficient project management are equally essential.

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Fom Gyem 

In a development that signals a potential turning point in Nigeria’s fiscal strategy, the Central Bank of Nigeria (CBN) has reported a significant decline in the country’s total debt service payments. According to the latest data on external sector payments, Nigeria’s debt obligations dropped from $540 million in January 2025 to $276 million a staggering 49% reduction.  

This remarkable decline is not just a reflection of the federal government’s efforts to restructure its debt portfolio and improve dollar liquidity; it is also a testament to the growing role of digitalization and technology in rearranging  Nigeria’s economic landscape. As the country struggles with the dual challenges of fiscal sustainability and foreign exchange market stability, technology is emerging as a critical enabler of progress.  

I believe the federal government’s strategic use of digital tools to optimize debt management by leveraging data analytics, and artificial intelligence, has been able to streamline its debt repayment processes, negotiate better terms with multilateral lenders, and defer payments where necessary.  

The decline in debt service payments also reflects the federal government’s efforts to improve dollar liquidity a critical factor in stabilizing the foreign exchange market. Here, technology has played a pivotal role. Digital platforms for remittances, such as fintech-powered cross-border payment systems, have increased the inflow of foreign currency into the country.  Moreover, the CBN’s adoption of digital tools to monitor and manage foreign exchange reserves has enhanced the efficiency of dollar allocation. Real-time tracking systems and predictive analytics have enabled the apex bank to make data-driven decisions, ensuring that scarce foreign exchange resources are allocated to priority sectors.  

The decline in debt service payments is part of a broader shift toward digital transformation in Nigeria’s financial sector. From the introduction of the eNaira, Africa’s first central bank digital currency (CBDC), to the deployment of digital payment platforms like the NIBSS Instant Payment (NIP) system, the CBN has consistently demonstrated its commitment to leveraging technology for economic development.  

This digital-first mindset is now extending to debt management, with the federal government exploring innovative solutions such as tokenized debt instruments and digital bonds. These initiatives not only diversify Nigeria’s funding sources but also attract tech-savvy investors who value transparency and efficiency.  

While the decline in debt service payments is a positive development, it also highlights the need for continued investment in digital infrastructure. For Nigeria to sustain this momentum, it must address challenges such as cybersecurity risks, digital literacy gaps, and the high cost of internet access.  

At the same time, the opportunities are immense. By embracing digitalization, Nigeria can not only manage its debt more effectively but also unlock new avenues for economic growth. For instance, the use of digital platforms to promote small and medium-sized enterprises (SMEs) can create jobs, boost exports, and reduce the country’s reliance on foreign borrowing.  

CBN Governor Yemi Cardoso, said earlier “The future of Nigeria’s economy lies in its ability to embrace innovation and harness the potential of digital tools.” The decline in debt service payments is a clear reflection of this vision, and its success will depend on the collective efforts of all stakeholders.  

As Nigeria navigates the complexities of a rapidly evolving global economy, the integration of digital solutions into fiscal management offers a path toward sustainable growth and resilience. 

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Fom Gyem

In a digital economy, data is king. The CBN’s reliance on accurate, real-time data to inform its policy decisions underscores its commitment to leveraging technology for better outcomes. As Governor Cardoso noted, the committee was “not oblivious to the risk of persisting inflationary pressures driven largely by food prices.” This acknowledgment reflects an awareness of the need for digital tools such as predictive analytics and AI-driven models to monitor and address inflationary trends more effectively.  

The Central Bank of Nigeria (CBN) has opted to maintain all key policy rates, holding the Monetary Policy Rate (MPR) steady at 27.5%. This marks the first hold in three years, signaling a shift in strategy as the apex bank navigates the delicate balance between curbing inflation and fostering economic growth.  

At first glance, the decision to hold rates may seem like a conservative move. However, when viewed through the prism of digitalization, it reveals a strategic alignment with the CBN’s vision of a tech-driven financial ecosystem. The MPC’s resolve to retain key financial parameters—such as the MPR at 27.5%, the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks, and the Liquidity Ratio at 30%—is not just about stability; it is about creating an environment where digital innovations can thrive.  

In this era where digital platforms are reshaping how financial transactions are conducted, the CBN’s decision to hold rates steady provides a predictable framework for fintech companies, digital lenders, and other tech-driven players in the financial sector. By maintaining liquidity and ensuring market confidence, the CBN is indirectly fostering an ecosystem where digital solutions can flourish.  

The MPC also highlighted improvements in the foreign exchange market, including the gradual appreciation of the naira and the convergence of rates between the Nigerian foreign exchange market and the bureau de change. These developments are not just the result of traditional monetary policies; they are also a testament to the CBN’s digital interventions.  

the introduction of digital platforms for FX transactions has enhanced transparency and reduced arbitrage opportunities. By leveraging blockchain technology and real-time tracking systems, the CBN has been able to streamline FX operations, ensuring that rates reflect true market dynamics. This digital approach not only stabilizes the naira but also boosts investor confidence in Nigeria’s financial system.  

The MPC’s emphasis on the need for continued coordination between monetary and fiscal policies is a clarion call for a unified approach to Nigeria’s economic challenges. In the context of digitalization, this means aligning monetary policies with initiatives such as the eNaira, digital payment systems, and fintech regulations.  

Technology is reshaping industries at an unprecedented pace, the CBN’s decision to hold rates steady is a reminder that stability and innovation are not mutually exclusive. By maintaining a predictable monetary environment, the CBN is laying the groundwork for a financial ecosystem that is resilient, inclusive, and ready to embrace the digital future.  

As Nigeria continues to navigate the complexities of a rapidly evolving global economy, the CBN’s digital transformation agenda will remain a beacon of (renewed)hope, a testament to the power of innovation to drive progress and prosperity. 

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BY FOM GYEM

Central Bank of Nigeria (CBN), unveiled two technological initiatives: the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution.

At the heart of the CBN’s digital transformation is the DocFlow System, a great solution designed to revolutionize document management processes. By digitizing documentation, the system minimizes paper usage, streamlines approval processes, and enhances overall efficiency. 

DocFlow System is a powerful tool for organizations looking to modernize their document management processes. It brings speed, accuracy, and security to workflows, enabling organizations to focus on their core objectives while maintaining compliance and operational excellence. In the modern banking sector, efficiency, accuracy, and compliance are critical to maintaining operational excellence and customer trust. The Document Flow (DocFlow) System has emerged as a transformative tool that streamlines document management processes, ensuring seamless workflows, enhanced productivity, and regulatory compliance.

In a country like Nigeria where bureaucratic processes have often been hampered by manual documentation and delays, the DocFlow System promises to eliminate bottlenecks, reduce administrative burdens, and ensure seamless operations. This shift to a paperless environment not only supports environmental sustainability but also positions the CBN as a forward-thinking institution ready to adapt to the demands of the digital age.

While the DocFlow system offers numerous benefits, its implementation requires careful planning. Banks must ensure that the system is user-friendly, compatible with existing infrastructure, and compliant with data protection regulations. Additionally, staff training is essential to maximize the system’s potential and ensure smooth adoption.

 The introduction of these solutions shows CBN’s commitment to leveraging technology to enhance operational efficiency, improve service delivery, and foster sustainability. As Nigeria strives to position itself as a leader in Africa’s digital economy, these initiatives are poised to redefine how financial transactions and document management are conducted within the public and private sectors.

As Nigeria continues to navigate the challenges of a rapidly evolving global economy, the CBN’s digital transformation initiatives could not have come at a better time. The DocFlow System is not just technological advancements; its a catalyst for change that will drive efficiency, transparency, and accountability across the financial sector.

The success of these initiatives will depend on their implementation and adoption by stakeholders. However, with the CBN’s commitment to innovation and its focus on stakeholder satisfaction, there is every reason to believe that these solutions will deliver on their promise to revolutionize Nigeria’s financial ecosystem.

In a world where technology is reshaping industries at an unprecedented pace, the CBN’s efforts to embrace digital transformation serve as a reminder of the power of innovation to drive progress. As Governor Olayemi Cardoso and his team continue to push the boundaries of what is possible, Nigeria’s financial sector is poised to emerge stronger, more efficient, and better equipped to meet the demands of the 21st century.

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Google Appoints New Indian Head

TECH DIGEST- Google has made a strategic move to strengthen its presence in India by appointing Preeti Lobana as the new Country Head. This significant appointment comes after the departure of Sanjay Gupta, who was elevated to the role of Asia-Pacific President.

Lobana, a seasoned executive with a proven track record at Google, will be instrumental in driving the company’s growth and expansion in India. As the country emerges as a major tech hub, Google aims to leverage its AI-powered products and services to capture a larger market share.

With Lobana at the helm, Google is poised to intensify its efforts in areas such as digital advertising, cloud computing, and artificial intelligence. Her appointment signals the company’s commitment to the Indian market and its potential to shape the future of technology in the region.

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Last week, one of our doctoral students at the Federal University of Technology, Owerri (FUTO) successfully defended her thesis and earned her PhD, graduating with minor amendments. Throughout the duration of my supervision, she consistently demonstrated a commitment to improvement. Her research focused on “Device-Level Authentication Protocol for Multi-Factor Verification Systems.”

During the defense, the external examiner conducted a thorough review of the thesis, providing valuable insights that enriched the discussion.

I would like to share some key thoughts for potential or current PhD students regarding essential skill development before, during, and after earning a doctoral degree. Here are eleven skill tips to consider:

1. Critical Thinking and Analysis: Cultivate the ability to critically evaluate research areas, identify gaps, and design impactful studies. Remember, the PhD journey is a marathon—not a sprint. It’s normal to question your decision to pursue a PhD; however, staying committed is crucial. Strong critical thinking skills will serve you well across academia, industry, and government.

2. Literature Review: Master the art of conducting comprehensive literature reviews. Synthesize findings and identify areas for further research, particularly those relevant in today’s context of Industry 4.0 and beyond.

3. Methodology and Experimental Design: Acquire expertise in designing and executing experiments, surveys, or other research methods pertinent to your field. Methodology serves as the intellectual bridge between problems and potential solutions.

4. Academic Writing and Publishing: Hone your ability to craft clear, concise, and well-structured research papers while navigating the publishing process. Additionally, participate in conferences and workshops to enhance your skills.

5. Stay Updated with Industry Trends: Engage with industry professionals, read relevant publications, and participate in forums to stay informed about the latest developments in your research area.

6. Programming Languages: Familiarize yourself with programming languages that are relevant to your field, such as Python, Java, or MATLAB.

7. Effective Communication and Networking: Maintain regular communication with your supervisor(s) to discuss progress and address concerns. Strengthen your interaction skills, both academically and socially, and surround yourself with mentors who can provide valuable guidance and support.

8. Data Visualization and Communication: Acquire proficiency in data visualization tools like Tableau, Power BI, or D3. If applicable to your research, master statistical software packages such as SPSS, SAS, or Stata.

9. Machine Learning and Artificial Intelligence: Understand key concepts in machine learning and AI and learn how to apply them to your research. These skills are invaluable in the Fourth Industrial Revolution, but be cautious not to rely solely on them.

10. Time Management and Organization: Develop the ability to prioritize tasks and manage your time effectively. Utilize a scale of preferences when juggling multiple activities, as managing your time well is critical to your success.

11. Beyond the Degree: Remember, a PhD represents more than just a degree; it demonstrates your capacity for critical thinking, problem-solving, and meaningful contributions to your field and society. Aim for personal growth throughout the process, enhancing your ability to think creatively and navigate life’s challenges.

The journey may prove daunting at times, but it can also be immensely rewarding.

Isa Ali Ibrahim (Pantami)
Professor of Cybersecurity
Federal University of Technology, Owerri

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TECH DIGEST- Social media platforms have become powerful tools for sharing information and connecting individuals. However, they can also be misused to spread misinformation, harassment, and harmful content.

Tech Digest reports that the leak of intimate videos has emerged as a significant issue, with social media amplifying such scandals and causing extensive damage to the reputations of those involved.

A recent disturbing case involves Pakistani TikTok star Imsha Rehman, who had over 2 million followers and fell victim to a breach of her privacy. The leak of intimate videos resulted in extensive online harassment and trolling, ultimately forcing her to deactivate her social media accounts.

This incident underscores the vulnerability of individuals, particularly women, to cyberbullying and highlights the devastating consequences it can have.

There was a recent case too of Baltasar Engonga, a prominent figure in Equatorial Guinea who became embroiled in a high-profile scandal when intimate videos featuring him and multiple women were leaked online. This incident sparked widespread outrage and condemnation, prompting questions about the ethics and morality of those involved.

These cases also illuminate the dangers of a digital footprint and the potential for personal information to be exploited, even for those in positions of influence.

The scandals involving public figures such as Baltasar Engonga and Imsha Rehman demonstrate the dual nature of technology—both as a tool for empowerment and a source of exposure. As technology evolves, it is essential to strike a balance between innovation and individual privacy. By addressing the root causes of sextortion and cyberbullying, we can work towards creating a safer digital landscape.

The rise of sextortion has been fueled by technology, as the ease of recording and sharing intimate content, combined with the anonymity of the internet, allows perpetrators to exploit and blackmail individuals. Furthermore, advancements in deepfake technology have complicated the situation, making it increasingly challenging to differentiate between authentic and manipulated content.

Tech Digest notes that as technology continues to evolve, it is crucial to develop strategies to protect individuals’ privacy and prevent the misuse of digital tools. This includes educating the public about online safety, promoting responsible social media use, and strengthening legal frameworks to combat cybercrime.

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By Kabir Abdulsalam,

Nigeria has taken a significant leap forward in internet access, with a reported 55% of its population now using the internet, according to data from the International Telecommunication Union (ITU).

This figure, according the report puts Nigeria well ahead of many other African countries, highlighting a growing trend of digital adoption on the continent.

The data reveals a clear digital divide, with North Korea and Somalia at the bottom of the list with internet penetration rates below 10%.

However, Nigeria stands out among its African peers, surpassing countries like Ethiopia (17%), Kenya (29%), and South Africa (72%).

This rapid growth in internet usage suggests a growing appetite for information, communication, and online services among Nigerians.

With a large and youthful population, Nigeria’s digital landscape is poised for further development in the coming years.

The report indicates that Internet users are individuals who have used the Internet (from any location) in the last 3 months via a computer, mobile phone, personal digital assistant, games machine, digital TV etc.

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Digital Transformation: NITDA Engages Stakeholders In Digital Policy Dialogue

TECHDIGEST- As part of its continued effort at revitalising the nation’s startup ecosystem towards the sustainability of a digitally transformed nation, the National Information Technology Development Agency (NITDA) has engaged relevant stakeholders within the tech ecosystem in a Digital Policy Dialogue with the intent of harnessing ideas for the effective implementation of the Nigeria Startup Act (NSA).

The Digital Policy Dialogue session, which was held last week Thursday at the Lagos Continental Hotel, Victoria Island, Lagos is aimed at creating a platform where inclusive and valuable insights are gathered from stakeholders to create a practical framework that will promote innovation, entrepreneurship, and sustainable economic growth within the Nigerian Startup ecosystem.

READALSO: Firm Unveils multiple digital channels 

The dialogue session which was organised by the GIZ/Digital Transformation Center Nigeria was designed to enhance policy implementation capacities in the digital innovation ecosystem, enhance stakeholder collaboration from various sectors, create an inclusive policy implementation framework as well as promote innovation and economic growth.

Speaking on the effect of NSA on Digital Transformation in Nigeria while delivering the closing remark, the Director General of NITDA, Kashifu Inuwa CCIE gave an overview of the NSA and its benefit as well as opportunities it will provide to the Nigerian youths and the nation as a whole.

The DG who was represented by his Special Adviser on Digital Transformation, Dr. Aminu Lawal, stated that the NSA was passed in October 2022 to create a more favourable environment for Startups in Nigeria.

“The Act provides for several benefits for Startups including Tax incentives, access to seed funds, grants and loans, protection of intellectual property, talent development and capacity building and, regulatory support among others”, he noted.

While lauding the enactment of the Act as a step towards the right direction for the nation’s startup ecosystem, Inuwa further stated that the Act would increase visibility for Nigerian startups which would consequently attract both foreign and domestic investment, create jobs and boost innovation.

He mentioned that the NSA would have a significant impact on People, Processes and Technology which are the three pillars of digital transformation.

Buttressing his point with more holistic insights on NSA’s impact on people, Inuwa disclosed that training and mentorship provided by the Act would enable the required skills and knowledge needed to succeed in the digital age. He added that “this will help to create a more skilled workforce in the digital sector and boost the digital economy”.

Enumerating further on the Act’s impact on Processes, he said that “the Act’s provisions for support and access to funds would help startups to develop and deliver digital services that will digitize the processes of their customers from different sectors”.

Speaking on the last pillar, Technology, the NITDA boss stated that the Act would lead to the exploration of emerging technologies in developing solutions that will attract investment in digital solutions.

He further opined that the Act would increase access to data, improve collaboration between startups and the government, and also, improve access to digital services.

While pledging to work with relevant stakeholders across all sectors of the economy to make startup support services available as well as increasing all indices necessary for the development of more market-creating innovative-driven enterprises, Inuwa urged all stakeholders to take the implementation of the NSA as a collective responsibility.

“To make the most out of the provisions of the Startup Act, we are committed to strengthening collaboration with public sector stakeholders and entrepreneurs to proactively, anticipate disruptive innovations and their implications, build capacity and a conducive environment to unlock their potential and recognize new niches for industries. This way, stakeholders will invest in our creative entrepreneurial population, while also building bridges towards achieving sustainable and inclusive growth”, he concluded.

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