Technology advancement has increased the value of data, and many businesses are willing to invest in it. These data are obtained from customers directly or indirectly.

When data is directly gathered, customers are often asked for their consent, and they typically provide it.

In contrast, information that is gained inadvertently may be gathered through tracking or linkages to sources that already have the consumers’ data. Businesses use this strategy to improve their products and for research purposes.

To prevent unauthorized access, disclosure, or misuse of user’s personal information, data privacy and data protection policies are in effect. The right of people to decide how their personal information is gathered, utilized, and shared is referred to as data privacy.

It involves making sure that people are informed about the information being collected on them, how it is being used, and with whom it is shared.

Data protection policies, on the other hand, are protocols set up to safeguard private data against exploitation or unauthorized access. They require putting technical and organizational mechanisms in place to safeguard the privacy, usability, and authenticity of user data and also to prevent its loss, destruction, or alteration.

Data protection policies usually include instructions for the collection, processing, storage, and disposal of data. They also include safeguards for personal data security, such as encryption, access restrictions, and regular backups. Data privacy and protection regulations are crucial in the contemporary digital age, as personal data is captured, processed, and exchanged more frequently than at any time before.

User Data Protection in Nigeria

The Nigerian Data Protection Regulation (NDPR) was decreed in 2019 with the aim to ensure that individuals have control over their personal data and that it is processed fairly and legally.

The NDPR mandates that businesses processing personal data get the individual’s consent before processing their information. Additionally, they must take the necessary security precautions to safeguard the personal data against theft, loss, and unauthorized access.

Nigeria has established the National Information Technology Development Agency (NITDA) in addition to the NDPR to handle issues with data privacy and cybersecurity.

The NITDA is in charge of enforcing the NDPR and ensuring that businesses abide by the data protection laws. Moreover, the NITDA has created frameworks and recommendations to offer firms advice on how to put in place reliable cybersecurity and data protection buffers. These rules address subjects like privacy notices, effect analyses of data protection, and breach reporting.

In accordance with the NDPR, businesses must acquire consent from people before collecting their personal data and have strong security measures in place to safeguard it. Businesses must appoint a Data Protection Officer (DPO) as part of the NDPR, who is responsible for ensuring that the law is upheld.

Other laws in Nigeria, in addition to the NDPR, that deal with data protection are the Freedom of Information Act of 2011 and the Cybercrimes (Prohibition, Prevention, etc.) Act of 2015.These laws strengthen the protection of personal information while also outlining the consequences of data protection laws infractions.

With a focus on safeguarding customer personal information and ensuring that businesses are held accountable for any violations by these laws, Nigeria’s dataprotection regulations are continuously improving.

About the Author

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

There is a need to digitalise businesses for a wider reach and global influence. Service providers have come up with strategies to enhance internet access. 3G, 4G, and 5G are now the standard levels of internet connectivity.

ALSO READ: Buhari Claims Starlink Has Given Nigeria 100% Broadband Penetration

Internet penetration as a crucial indicator for the adoption of technologies accesses the usage of the internet in regions as demographics is a factor.

Internet penetration is lower in many developing nations because of poor infrastructure, expensive expenses, and restricted access to technology. As more individuals acquire access to technology and the infrastructure for internet connectivity develops, the rate of internet penetration keeps increasing.

As a result, SpaceX introduced Starlink, an internet satellite service that promises to address the problems of regional internet service providers by using satellites that are sent into orbit.

The Starlink service provides Internet connection to some of the world’s most remote regions using low-orbiting satellites. This is done to spread the internet over the world. The creation of the internet has aided in the advancement of commerce and lifestyles and served as the basis for numerous subsequent innovations.

SMEs are not left out in the vision of Starlink. Starlink makes it possible for SMEs to access the internet with quick and dependable broadband packages. The ongoing expansion of Internet accessibility and affordability will lead to commercial growth for businesses of all sizes. Starlink will result in small enterprises growing sustainably. Low-cost access to the internet and data services enables small businesses to concentrate on what they do best—serve clients and generate income.

In developing nations, access to dependable and fast internet is limited, especially in rural and small towns where conventional broadband services are frequently unavailable or unreliable. By giving them access to dependable and fast internet, Starlink’s satellite-based broadband internet service might have a substantial influence on small and medium-sized businesses (SMEs).

Adoption of improved technologies: A global, enhanced internet service has several positive effects on how businesses are delivered. Adopting new technologies and integrating with advancements made around the world is relatively simple for remote regions.

By allowing SMEs to participate in e-commerce, reach new markets, and utilize cloud-based solutions, the availability of dependable and high-speed broadband can positively affect SME activities. The effect on this is increased productivity of SMEs activities.

Access to wider user base: Increasing the user base already in place is crucial for business expansion. Access to a wider user base can make it easier to expand your customers, increase revenue, and penetrate new markets. 

Low latency: Business activities, communication, and feedback from remote places are not delayed in a low traffic internet environment.

Predictions indicate that there will be a significant impact on how widely SMEs use the internet.

Starlink may be able to offer SMEs high-speed internet access and support big data transmission because of its worldwide coverage and low latency. Business processes will become more productive and efficient with depending on outdated wired internet connections thereby, generating more revenue.

In summary, Starlink has a greater positive impact on SMEs operations than it would cost to purchase it, and the expected expansion of its internet penetration has the potential to greatly aid in the scaling of SMEs activities. SMEs can create income at a reasonable cost if they have access to quick and dependable internet connectivity.

About the writer:

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

Therefore, safeguarding your business against cyber-attack is a crucial concern. That if not prevented may require a reestablishment of the business.

In the extreme scenarios, it may even force you out of business permanently because you won’t be able to make up the lost revenue and customer loyalty as clients want to feel safe in transactions.

The good news is that you may take preventative action and safeguard your company before it’s too late by choosing from a selection of cyber insurance alternatives. 

Preventive measures against cyber threats 

1. Installation of Devices and Network Security Software

Verify that your operating system and security applications are set to update automatically. Updates might include vital security upgrades for recent malware and threats. Most updates allow you to schedule them at a time that is more convenient for you, typically after office hours.

It is imperative to consistently follow update prompts since updates frequently fix serious security issues. Install security software to help prevent infection on the business PCs and mobile devices.

To prevent compromise on business laptops, desktops, and mobile devices, the software should have anti-virus, anti-spyware, and anti-spam filters.

Setting up a firewall between your working devices and the internet acts as a gatekeeper for traffic entering and leaving. Maintain a robust firewall by regularly updating to the newest patches.

2. Passphrase use and setting up several authenticators

If possible, take extra precautions to make your security more difficult to access because you do not want to lose your company to hackers. Instead of using passwords, use passphrases to secure your networks and devices that house sensitive company data.

Passphrases are phrases or collections of words that are used as passwords. Humans find them easy to memorize, but computers find them challenging to decipher.

A secure passphrase needs to be at least 14 characters long and include a mix of capital and lowercase letters, digits, and special characters.

For each of your accounts, use a different passphrase. If you are serious about protecting your company, changing passwords to passphrases is insufficient.

To ensure that the legitimate owners are granting access, multi-factor authentication (MFA) is used in this situation.

Before you can access your account, two or more forms of identification must be shown. Additional security for your accounts is provided by two-factor or multi-factor authentication.

3. Protect sensitive information

The data that will be sent into and out of your company system needs to be encrypted after you’ve configured your authenticators. Before sending your data over the internet, encryption transforms it into a hidden code.

Make sure your network encryption is enabled and that all data received or stored online is encrypted.

This lowers the danger of theft, destruction, or tampering by limiting data access to parties that possess the encryption key.

When utilizing a public network, you can enable network encryption by adjusting the settings on your router or by setting up a virtual private network (VPN) program on your computer.

4.  Backup your data

Data backup is one of the cheapest ways to guarantee that your information can be retrieved in the event of a cyber-incident or computer issue. Additionally, it is a less demanding technique to prevent future attacks.

Although firewalls, antivirus software, and other security measures may malfunction, keeping a backup provides you the advantage over attackers.

To assist ensure the protection of your data, use a range of backup techniques, like routine incremental backups to a mobile device or cloud storage.

Include weekly, quarterly, and yearly server backups as well. It should be regularly checked to see if this data is functioning properly and can be recovered. Store several copies of your backup offline, if possible.

5. Your business’s safety is your employees’ safety

Your staff and device operators are responsible for your company’s security. Businesses should have clear cyber security policies that inform staff on what is appropriate while sharing data, using computers and other devices, and visiting websites.

Your personnel should receive internet safety instruction making them aware of the dangers they can encounter and their responsibility for keeping your company safe.

Hackers might have their access restricted by creating a culture of awareness. This is why it is so important to teach them how to recognize, avoid, and handle a cyber-attack, use strong passwords and passphrases.

Keep track of all the computing hardware and applications that your company employs. All the hardware and software that your company employs must be documented.

Any software and hardware that are no longer in use should be disconnected from the network, and sensitive data should be deleted.

Older, inactive hardware and software won’t likely be updated, and they could be exploited as a “backdoor” by thieves to attack companies. In a similar vein, you ought to deny access to former workers and people who have switched roles and no longer need it.

6. Business continuity is based on customers’ safety

It’s crucial that you protect the information about your clients. Your company’s reputation will suffer if you misplace or compromise their information, and you risk legal repercussions.

Make sure your company invests in a safe online transaction environment and protects any stored personal customer data. Find out what your payment gateway provider can do to stop online payment fraud if you accept payments online.

Consider purchasing cyber insurance to safeguard your company. Dealing with a cyber-attack may cost far more than simply replacing computers, enhancing security, or repairing databases. Your company may benefit from the cost savings provided by cyber liability insurance coverage for attack recovery.

 About the author:

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

On October 19, 2022, President Muhammadu Buhari of Nigeria officially signed the Startup Bill into law, creating the Startup Act 2022.

The Nigeria Startup Bill (NSB) project is a collaboration between the Nigerian tech sector and the Presidency with the goal of utilizing jointly developed rules to fully realize the potential of its digital economy.

There is some relief in the industry as a result of this initiative to promote startups and rising digital businesses in Nigeria because there has been a need for a legal framework governing startup operations.

The Startup Bill is intended to control how startups operate and to support businesses with investments and tax benefits.

A startup is a business that is just starting out and is frequently financed in its early stages by its intrepid founders.

There has been a notable increase in the formation of startups during the past several years, particularly in Nigeria. Many of them operate in tech-related industries, including edtech, finance, insurtech, logistics, agriculture, and health.

As of September 2022, over 481 startups were operating in Nigeria and 383 of those raised more than $2 billion in just seven years.

The Startup Bill Roadmap

Starting May 2021, the Startup Bill had been in process for over 17 months with its first draft published in June 2021. Decision makers of the presidency and the ecosystem reviewed the draft designing its components in July 2021.

In August through September 2021, meetings for deliberations and validations were held until the final draft was released. In the latter part of 2021 to mid-2022, the Bill was submitted to the National Assembly where it was read and passed into law then signed in October 2022.

NSB influencing Digital Businesses

It is anticipated that Nigeria Startup Bill (NSB) will significantly improve the business environment for startups in Nigeria, fostering their success. The bill makes provisions for tax and fiscal incentives, training and capacity building, startup labeling, accelerators and incubators, regulation support, etc. This note focuses on the Act’s degree of impact by implementation on digital businesses as explained below.

1. Business licensing and certification

With its enticing incentives for participating in the startup ecosystem, the Nigerian Startup Bill (NSB) appears to be promising. As a result, a large number of digital businesses would need to certify in order to benefit from the bill. To be eligible under the Act, the business must be a labeled startup operating for no more than ten years, which is, registered as a Limited Liability Company under the Companies and Allied Matters Act 2020.

Only a few businesses that have propelled the growth of startups in Nigeria are older than ten years as a Limited Liability Company under the provisions of the bill. Viably, this appears to be unfavorable to both emerging and recent (less than ten years old) digital businesses.

2. Employee Cap

According to the bill, a labeled startup is required to employ at least ten workers. A startup is a company that is in its infancy, which is sometimes referred to as the difficult years before stability.

As the nation’s economy has rapidly declined, fewer digital businesses have had up to ten long-term employees over the years because so many people are employed seasonally or under contract due to their lack of expertise or cheap pay.

3. Incompetence and Output

Tax relief for new businesses sounds relieved and like a long-overdue chance to use those fractions to support the business growth.

Many people would like to avoid paying taxes if they could. It is encouraging to see NBS introduce tax breaks, which are deductions or tax exclusions that lessen a business tax burden.

Except that because of this clause, the labeled startup employee cap should be made up of 60% of people who graduated within the previous three years and have no prior work experience.

The expansion of digital businesses will be hampered by this, which at first glance appears to be battling unemployment. Evidently, production suffers when there are too many unqualified workers around – this is unhealthy for startups.

Given tax relief is only available for a maximum of five years, startups would prefer to hire skilled workers and pay taxes while being productive rather than sacrifice their growth.

Conclusion

The objective of the presidency and NSB to promote a well-organized startup ecosystem and labeling process in Nigeria is commendable, but unrealistic parts of the law should be evaluated and changed accordingly for a more supportive environment. If otherwise, startups might be dissuaded from operating in Nigeria leaving the sector to only optimism that it will adjust naturally in the future.

About the author:

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

Technology has been extensively adopted throughout generations and that there is still an expectancy for it to meet future needs.

A growing demand for qualified technologists exists due to how prevalent technology has become.

According to a report from the Bureau of Labor statistics, from 2021 to 2031, it is anticipated that overall employment in computer and information technology occupations would increase by 15%, substantially faster than the average for all occupations.

This increase is anticipated to result in the creation of around 682,800 new jobs during the decade. Many are putting in a lot of effort in order to maintain their position in the future and avoid becoming obsolete.

This involves continuing personal training through online learning resources, giving back to the community, participating in tech forums, and going to conferences that expose one to the various facets of the tech industry.

Gap in the Industry

However, there is now competition across industries for these abilities as a result of the demand for tech skills.

To keep the sector prospering, the technology skill gap caused by this competition needs to be closed.

With the development of new technologies, workers’ contributions have been affected by the move toward machine learning, robotic engineering, artificial intelligence, cloud services, and decentralized operations.

The difference between what people can really do and what employers expect them to be able to do is known as the skills gap. If an employee just knows how to program, yet a technology job role requires knowledge of both internet networking and a programming language, there is a skills gap.

Due to this gap, businesses find it challenging to fill open positions. The employee can get better at this by developing the talent they lack.

Therefore, in order to supply services effectively, these new concepts must be acquired and mastered. Many tech professionals have been compelled to learn new ideas, hone their already-existing talents, and take on more difficult tasks in order to advance their careers because not all of them are knowledgeable in these new tech disciplines.

Tech industry benefits to Individuals

Due to the numerous benefits offered to employees, such as competitive pay, flexible work schedules, health insurance, skill development, paid parental leave, and job security, the tech industry is still enticing, hence, a growing number of people have transitioned into IT from non-technical backgrounds.

Nowadays, many people do online training and obtain certifications to equip them with the knowledge they need to thrive in their employment.

This is being done now to protect the future even though it was rarely done in the past. Others have taken chances to pursue their interests while working for tech companies without necessarily being “in IT”.

The ease of entrance into the tech industry offers an insight into how the industry is changing. Many IT experts are willing to work remotely from their homes.

Skills for the Future

Currently, hard skills and soft skills are two basic skills essential to deliver maximum performance in the tech industry.

Hard skills are frequently knowledge-based talents that are exclusive to particular professions, whereas soft skills are frequent and value-based skills that are not connected to a particular employment. 

Hard skills include, among others:

●       Artificial Intelligence (AI)

●       Machine Learning (ML)

●       Data science

●       Data analytics

●       Data visualization

●       User Interface/Experience (UI/UX)

●       Software engineering

●       Cloud computing

●       Internet of things (IoT)

●       Cybersecurity

●       Human-Computer Interaction

●       Technical research and writing

Several Soft skills include;

●       Communication skills

●       Leadership skills

●       Team player skills

●       Mentorship skills

●       Work Ethic

●       Empathy

●       Networking skills etc.

Future skills are those abilities that empower people in solving tough problems when situations evolve yet in an organized manner.

It comprises hard skills, soft skills, transferable skills and other innovative skills. These abilities are essential for the coordination of formal activities. Some are innate that need to be cultured while others can be formed through a learning process.

They include; Creativity, Decision making and good judgment, Digital literacy and Computational thinking, Cognitive thinking, Collaboration, Management, Cultural intelligence, Financial intelligence, Emotional intelligence, Automation etc.

In addition to one’s primary training, these abilities are necessary for working in multi-functional teams. Not every skill must be mastered in order to succeed.   

About the author:

He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

There are many factors used in determining the price of a product or service and they can determine your market share.

1. The Price of Your Competition

Your competition comprises of those who have been in the market and established a name, a growing brand, and network, they could be a startup like you and already have a differentiating factor to make customers have a rethink should they consider switching to a different product.

You should consider your price range falling into what is affordable for both the existing and new products, therefore making room for flexibility to accommodate the needed change when it arises.

This shouldn’t mean to copy what the competition is doing, but to watch the changes made by them can give a signal of not just holding the market share but to also establish new connections.

2. Your Suppliers or Service Providers

The supply chain is a key factor in the delivery of superb product or service. Some organizations have created synergy with suppliers that make raw materials available all year round and at a stable price, and this helps with consistency, however, this would not always be the case as the price could change, transportation cost could increase or loss due to theft.

A selection of suppliers with quality service, integrity and proximity to raw materials are best bet that can make the product or service deliver a reasonable price.

3. Packaging of Your Product

Most products are branded with materials that make the exterior attractive to the customer and take a percentage of what the selling price would be.

The acceptance of the “going green” form of packaging that considers reduction in the use of polyethylene is gaining recognition, if affordability for your company is fair, and then adopting a material that doesn’t pose environmental hazards, cheap and easily disposable would make a good price for your product.

4. Energy needs

Most businesses depend on the power grid for their energy needs and this is a recurring expense that needs to be put in the budget to avoid interruptions in power supply which would affect the day to day operations of your business.

To compliment your primary source of energy, it is of valuable consideration to put in place alternative sources of energy. In determining the overall cost used in producing your goods, power supply is pivotal.

5. Cost of Goods

The cost incurred in making a product is referred to as “cost of goods”, which involves the expense in procuring raw materials, the wage of the labour force, processing, packaging and energy needs.

This cost excludes transportation and distribution. Profit on any product or service can only be determined with accuracy when the COGS (Cost of Goods Sold) is known and leading to the possibility of making a sales forecast to know how many units of goods were produced and if all were sold, how much would be recorded as revenue.

About Author:

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA.

He is the Chief Executive Officer at Abuja Data School.

One major opportunity that most startups are not taking advantage of is the availability of data in the public domain as well as the internal data they are gathering to make business intelligent decisions.

Organizations are drowning in an overwhelming amount of data and know little or nothing about gaining insights from the data and turning them into actionable goals and objectives.

The purpose of data is to act with precision and less assumption which makes it possible for a business to thrive by reducing the probability of making errors to the barest minimum.

How To Gain Actionable Insights From Data

• Data gathering

Gathering of data is the most rigorous step as without data, the ability to make decision is hampered. Assumptions would thrive and there would be much gap in the margin of errors.

Before collecting data, the scope of the project in terms of questions to be asked in the survey, the duration of the project and field enumerators to be used as well as medium for gathering the data should be known.

These tools are for gathering data Surveymonkey, Google forms, Microsoft forms, Hubspot and Google analytics.

• Data Cleansing

Data cleansing or wrangling is the art of removing unwanted items not needed in working with the data collected such as symbols, extra spacing, grammatical error etc.

• Data Analysis

To analyze any form of data that has been collected, these tools are the most comprehensive tools in the marketplace, they include Microsoft Excel, SPSS, STATA, Python, R programming, MATLAB, E-views.

• Data Visualization

Data visualization is the art of representing data in the form of charts in order for comprehension by stakeholders. Examples of tools for data visualization are Power BI, Tableau etc

• Business Intelligence

The action taken having seen the feedback hidden in the data collected is called business intelligence (BI). This is the most important aspect in order to act with precision.

What is Predictive Analytics?

Predictive Analytics is a form of using records from past data collected over a period of time to determine what the future holds in the form of forecasts.

Predictive Analytics is a branch of data analysis that helps to make decisions in the business world.

Tools for Predictive Analytics

There are free and paid tools for predictive analytics and they are numerous in the form of software applications.

They can be utilized by anyone who has competence in gathering data from customers through surveys or from a database and knowledge of which tool is applicable to best analyze certain data.

1. Non-coding tools

• Microsoft Excel
• SPSS
• STATA

1. Coding tools

• Python
• R Programming

Application of Predictive Analytics

1. Stock Control
2. Staff Utility
3. Price fixing
4. Managing of Peak Times
5. Determining call rates

The future of business will be driven by African startups that can use the data gathered to study behavioural tendencies of customers and how to serve their needs with a greater level of efficiency.

About the author:

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA.

He is the Chief Executive Officer at Abuja Data School.