The Forum, which is being organized as a collaboration between industry media group, the Nigeria Information Technology Reporters Association (NITRA) and telecom operators under the aegis of the Association of Licensed Telecommunication Operators of Nigeria (ALTON) was earlier billed to hold on July 30, 2025, but has to seek a new date following an all-inclusive telecom stakeholders’ event by the regulator.

The event also has the support of industry associations such as the Association of Telecom Companies of Nigeria (ATCON).

The ‘Designation and Protection of Critical National Information Infrastructure Order, 2024’ was passed in August 2024. However, the industry is yet to feel the real impact of the Act.

NITRA, the umbrella Association for technology reporters in Nigeria, in a statement announcing a joint-industry forum, had noted that mere declaration of the CNII order as an Act cannot solely guarantee infrastructure safety except certain internal and standardisation issues are first resolved by operators, further disclosed that the forum will bring stakeholders together to address pertinent issues and questions begging for answers.

Scheduled to hold at CitiHeight Hotel, Ikeja, the event, tagged “Industry Sustainability And CNII Conference 2025 – Way Forward” will gather stakeholders to discuss the practical way forward, noting that passage of the Bill alone will not achieve desired results.

According to the organisers, questions that stakeholders will provide answers to at the event include:

• How do we ensure that this law is implemented to the letter?
• Are there areas worth looking into once more, or is the Act perfect as it is?
• What are the roles of each stakeholder in the industry – Federal, States, Operators, Consumers, and other actors?
• Are individual telecom companies and service providers keying into the CNII provisions, and how?
• What are the roles of regulators in ensuring public compliance to the Act?
• How do we ensure security?
• What is the place of collaboration?
• Publicity: how much of the CNII provisions are the public aware of?
• How can we sustain the growth and development of telecommunications in Nigeria?

The Panel Discussion sessions will look into some of the questions arising from industry sustainability and CNII implementation.

Expected at the event are the Minister of Communications, Innovation and Digital Economy, network operators, security agencies, regulators, the media, infrastructure companies and decision makers in private and public firms, among other guests.

According to a statement from NITRA, “It is a known fact that the Critical National Information Infrastructure (CNII) is crucial to the survivability of a nation, and that the destruction or disruption of these systems and communication networks would significantly affect the economic strength, image, defense and security, government capabilities to function, and public health and safety.”

Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, had in a forum stressed the importance of proper infrastructure maintenance and tech-upgraded installation to prevent vandalism and theft.

Chairman of NITRA, Mr. Chike Onwuegbuchi, spoke of the importance of the Industry Sustainability and CNII Conference, noting that industry stakeholders need to come around a table to broker an understanding on how to secure telecom infrastructure, standing on FG’s proclamation of CNII.

He noted that with the CNII Act in place, stakeholders will have to formulate implementation measures on provisions of the Act and enforce compliance. These he disclosed, will be the outcome of the forum to be held in Lagos.

NITRA, the umbrella Association for technology reporters in Nigeria, in a statement announcing a joint-industry forum, being organized in collaboration with the Association of Licensed Telecommunication Operators of Nigeria (ALTON), noted that mere declaration of the CNII order cannot solely guarantee infrastructure safety except certain internal and standardisation issues are first resolved by operators, further disclosed that the forum will bring stakeholders together to address pertinent issues and questions begging for answers.

Scheduled to hold at CitiHeight Hotel, Ikeja on Wednesday, July 30, 2025, the event, tagged “Industry Sustainability And CNII Conference 2025 – Way Forward” will gather stakeholders to discuss the practical way forward, noting that passage of the Bill along will not achieve desired results.

According to the organisers, questions that stakeholders will provide answers to at the event include:

• How do we ensure that this law is implemented to the letter?
• Are there areas worth looking into once more, or is the Bill perfect as it is?
• What are the roles of each stakeholder in the industry – Federal, States, Operators, Consumers, and other actors?
• Are individual telecom companies and service providers keying into the CNNI provisions, and how?
• What are the roles of regulators in ensuring public compliance to the Bill?
• How do we ensure security?
• What is the place of collaboration?
• Publicity: how much of the CNII provisions are the public aware of?
• How can we sustain the growth and development of telecommunications in Nigeria?

The Panel Discussion sessions will look into some of the questions arising from industry sustainability and CNII implementation.

Expected at the event are the Minister of Communications, Innovation and Digital Economy, network operators, security agencies, regulators, the media, infrastructure companies and decision makers in private and public firms, among other guests.

According to a statement from NITRA, “It is a known fact that the Critical National Information Infrastructure (CNII) is crucial to the survivability of a nation, and that the destruction or disruption of these systems and communication networks would significantly affect the economic strength, image, defense and security, government capabilities to function, and public health and safety.”

Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, had in a forum stressed the importance of proper infrastructure maintenance and tech-upgraded installation to prevent vandalism and theft.

He highlighted the widespread issue of stolen manhole covers, fibre cables and poles; community resistance to infrastructure projects; unauthorised installation of infrastructure without government approval; malicious destruction of telecom infrastructure; among other challenges to be curbed.

Chairman of NITRA, Mr. Chike Onwuegbuchi, spoke of the importance of the Industry Sustainability and CNII Conference, noting that industry stakeholders need to come around a table to broker an understanding on how to secure telecom infrastructure, standing on FG’s proclamation of CNII.

He noted that with the CNII Bill in place, stakeholders will have to formulate measures to take to implement the provisions of the Bill and enforce compliance. These he disclosed, will be the outcome of the forum to be held in Lagos.

According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum, which will have other industry Associations also make their inputs, will afford the public opportunity to share their thoughts, especially as it regards the security of infrastructure in their localities.

He however called on Nigerians to up-skill in order to enhance their productivity using AI tools.

Dr. Akindeinde made the remarks during his remarks at the Nigeria Information Technology Reporters Association (NITRA) Conference in Lagos recently which hosted industry players to brainstorm on the prospects and also proffer solutions to challenges of Artificial Intelligence’s adoption in Nigeria.

Tagged NITRA ICT Growth Conference 4.0, the event has the theme “Impact of AI on National Development: Prospects, Policies, and Challenges in Nigeria”.

To discuss the topic Dr. Akindeinde started with the challenges facing AI adoption in Nigeria which includes a phobia that it would disrupt and sack people from their jobs.

He assured Nigerians that AI would not take their jobs, maintaining that the problem with Nigerians is that there is always fear whenever a piece of technology is introduced in the country.

“Any time there is new technology that comes in, there is that phobia; fear that it is going to be disruptive. Yes, it is disruptive but when a piece of technology is disruptive that means it can do things cheaper, it can do things faster and it can do things better. But some of the challenges are based on the assumption that AI is going to take our jobs, and because it is going to take our jobs, the first thing is to push it back and will not allow it.

“I am here to assure that AI is not going to take anybody’s job, it is the same thing about 25 years ago when we started hearing about internet, even Journalists felt at a time, are we still going to have newspaper, anybody can just go online and have a blog and start reporting, you know, are we still going to have TV since somebody would go on YouTube and upload a video. And if you look back you recall how information was consumed back then, when something happened you probably wouldn’t hear about that event until, maybe, 7 o’clock news or 9 o’clock news or the following day when the newspapers will report it, but when the internet came, it democratized information dissemination. The same thing is happening with artificial intelligence,” he said.

Akindeinde further stated that rather than take away jobs, Artificial intelligence is going to help Nigerians, adding that the intelligence is still artificial.

“Whatever you are currently doing is going to help your operation, it is not going to take your job because at the end of the day AI is artificial intelligence. Now for it to work that means something has existed which is human intelligence. That human intelligence has been with humans for ages, which it put together to make artificial intelligence and the thing about AI is that the things humans find difficult to do, that is what AI is doing.

“The things we find easy to do, AI cannot do them. For instance, if I keep my phone on a platform and I say go into the room and pick my phone on the table, now the AI because you programmed it for the table, it will come back to tell you I can’t find your phone. But the human being will say okay, it is not on the table, it is elsewhere, he will pick it, but what humans find difficult, is what AI does better.

“As a Reporter, AI would make your job better; there is an app in the phone that as I am speaking, it is recording and not only recording, once I say stop, everything is recorded, it would transcribe everything. Another person who doesn’t have it would use one hour transcribing the recording but the AI would do that seconds, so right now you can be more productive.

He said AI can also be used in the movie industry, saying that AI can listen to every conversation in a movie and transcribe in two minutes what would take one week or more to transcribe. He muted the idea of the need for training for Journalists on AI so that they will understand the workings of AI for proper information dissemination.

Speaking about the impact of AI on education, he said that Africa is wired for consumption, adding that they don’t produce and they don’t do things that affect the global economy all because of the educational system.

He gave the instance of China where their educational system permits them to teach their children in their local language, the language they understand. “With AI when you are teaching in English it will be appearing to the person in his own language, everything is converted on the spot, it is not as if they are going to translate it, it is not as if you are going to teach Igbo teacher mathematics, no, AI can do that for you on the spot.”

Dr. Akindeinde disclosed further that AI can also help a vision impaired person by deploying a vision model to know what is happening around them.

He decried the absence of skilled personnel among professionals for adjudication and or regulation of issues relating to IA, he therefore suggested that lawyers, Journalists, doctors and others should go for training to up-skill their knowledge on the workings of AI.

During the panel session he also tackled the question if Nigeria has the requisite skill to embrace the concept of artificial intelligence, he said that Nigerians do not have the requisite skill right now.

“So, one of the things we have noted is that we don’t have that skill, even the regulator as well because the challenge is that technology will always precede regulation but if you want to regulate you can’t regulate what you don’t understand.

“How come we had protests and we cannot use AI to identify those who were looting, stealing or causing destruction, I know in other climes they have a database where they can actually tell you the person. But in order to do all these you need the skill, you need the understanding of the piece of technology that you are going to be dealing with.”

He added that AI as a piece of technology is a general all-purpose technology that can be used across several industries, just like the internet.

The Founder of Hyperspace Technologies said,

“It is technology for everybody and there is no special internet engineer because everybody has internet skills, because we know it will help us.”

Also partnering with NITRA for this year’s event will be the Nigeria Internet Registration Association (NiRA).

NiRA is the domain registry that manages Nigeria’s .NG Domain System, overseeing Nigeria’s country code top-level domain, .ng.

The event, NITRA ICT GROWTH CONFERENCE, which is in its fourth edition, is scheduled to hold at the Citiheight Hotel, Ikeja, Lagos on Wednesday August 28, 2024 has its theme as “Impact of AI On National Development: Prospects, Policies, and Challenges in Nigeria”.

Speaking on support by Digital Encode and NeuRaL AI, NITRA Chairman, Mr. Chike Onwuegbuchi noted that they are in line with current realities of security in the cyberspace, and their contributions will go a long way in exposing the needed precautionary measures needed as Nigeria looks towards utilizing AI in both government and private sector processes.

The event targets to bring stakeholders in the ICT industry to discuss and find ways of accelerating artificial intelligence (AI) growth in the industry as a means of achieving laudable federal government set targets and policies, including those recorded in policy documents by the Federal Ministry of Communications, Innovation and Digital Economy, the NCC and the National Information Technology Development Agency (NITDA).

Under its “NITRA ICT Growth Conference”, which seeks to bring a multi-sectorial development agenda, NITRA is organising a multi-panel interactive conference that will look at the themes that include:

• “Driving Sub-Sectoral Digital Growth With Artificial Intelligence”.
• “Navigating the Dangers of AI In A Developing Economy: Role of Public, Private Stakeholders”.

According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, industry associations will also make their inputs. They include ALTON, ATCON, NiRA, among others.

He further noted that with the latest support of Digital Encode and NeuRaL AI, participants are sure to have an illuminating discuss on the security needs for AI and how it relates to other web-security needs.

Digital Encode is a leading Cyber security and Governance Risk Compliance (GRC) company founded in 2003 that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

NeuRaL AI, led by Oluseyi Akindeinde, is a Lagos-based provider of essential support to organisations intending to build and deploy Large Language Models (LLMs).

The company has been focused on helping Nigerian businesses adapt to the emerging world of artificial intelligence and also helping them adopt the same in their operations.

The fourth in the series, the event, which is scheduled to hold at the Citiheight Hotel, Ikeja Lagos on Thursday August 8, 2024 has its theme as “Impact of AI On National Development: Prospects, Policies, and Challenges in Nigeria”.

Dr. Maida will lead industry regulators and decision makers in the various ICT subsectors, both in the private and public sectors, to discuss issues that will engender growth in the industry, and further position it as the nation’s economy driver.

Speaking on the event, Mr. Chike Onwuegbuchi, the chairman, NITRA, noted: “The theme of this year conference is aimed at complementing the various efforts by governments and private sector operators towards a digitalised Nigeria, especially in the area of Artificial Intelligence”.

The event targets to bring stakeholders in the ICT industry to discuss and find ways of accelerating artificial intelligence (AI) growth in the industry as a means of achieving laudable federal government set targets and policies, including those recorded in policy documents by the Federal Ministry of Communications, Innovation and Digital Economy, the NCC and the National Information Technology Development Agency (NITDA).

These documents include NITDA’s Strategic Roadmap and Action Plan (SRAP 2024-2027)2.0; the National Policy for the Promotion of Indigenous Content (NPPIC); The National Telecommunications Policy; the Nigerian National Broadband Plan (NNBP) 2020-2025; and National Digital Economy Policy and Strategy (NDEPS).

Under its “NITRA ICT Growth Conference”, which seeks to bring a multi-sectorial development agenda, NITRA is organising a multi-panel interactive conference that will look at the themes that include:

• “Driving Sub-Sectoral Digital Growth With Artificial Intelligence”.
• “Navigating the Dangers of AI In A Developing Economy: Role of Public, Private Stakeholders”.

Mr. Onwuegbuchi, while commending stakeholders for their support of the event and passion for the growth of technology in Nigeria, noted that the growth in the ICT industry will impact all other sectors of the economy positively.

“Specifically, the Forum will offer stakeholders the opportunities of reassessing and reinvigorating some policies to make maximum impact in the growth of AI in Nigeria. This is a growth conference, and stakeholders will be allowed to speak out on what the growth indices should be.” he said.

Expected to be at the event include the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani; Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida; the Director-General of the National Information Technology Development Agency (NITDA), Mr. Inuwa Kashifu Abdullahi; CEOs of government and private ICT companies; the Media including the full membership of NITRA and other stakeholders in the industry, including COOs, CIOs, CFOs, CROs and CCOs.

According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, industry associations will also make their inputs. They include ALTON, ATCON, NiRA, among others.

The event brought together thought leaders and professionals from various sectors of the payment sector, offering insights, strategies, and solutions to the challenges faced in an increasingly digitized financial industry.

Setting the ball rolling in his keynote presentation, Mr. Festus Amede, chairman of the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), outlined the importance of implementing robust security measures to protect sensitive financial data in the face of emerging threats. 

Amede, who doubles as the chief information security officer of Zenith Bank was represented by Mr. Olusola Adediran, a member of CCISONFI and the chief information security officer of Nigeria Inter-Bank Settlement System (NIBSS), noted, “When discussing topics like security and privacy in business, it’s essential to shift our focus towards events that emphasize trust, security, and privacy.”

He further delved into the complexities of online transactions, emphasizing the need for continuous adaptation and innovation to mitigate risks.

Amede also explained the role of technology in enhancing security protocols and safeguarding against fraudulent activities.

A well-recognized solution in the financial sector is Moniepoint MFB, the key sponsor of PAFON 1.0. 

Ikenna Ndugbu, chief compliance officer, represented by Isoken Aigbomian, regional sales Manager, Moniepoint, highlighted the evolution of Moniepoint into a leading payment processor, stating, “We started off with a virtual account service where we automated payments or transfers, allowing customers and businesses to make and receive payments seamlessly through transfers. This was what catapulted and was modified into the limelight and household name that seems to be.”

Aigbomian emphasized the company’s focus on providing flexible payment options to businesses across various sectors, stating, “Today, Moniepoint offers a wide variety of payment options to businesses. There is an online payment platform, in-person payments option and then there are the cash payments via our ATM network, which is almost, I think, one of the largest, as well.”

She explained how Moniepoint MFB identified the need for a seamless payment experience and developed innovative solutions to address it. “So what we did was we looked inward, and we said the most popular means of payment in Nigeria is transfer. So we worked with our engineers and were able to build an infrastructure.”

She concluded by highlighting the company’s reliability and commitment to customer satisfaction, “Beyond being highly reliable, we have the experience of less than 1% failure rate meaning entrusting us with your payment services will ensure a 99.9% success trust so simple transaction at any point in time and because selection becomes smoother, your business operations become smoother and it’s basically the best for any business to date.”

PAFON 1.0 featured discussions on various entangled topics ranging from AI-driven payment solutions to the challenges brought by cyber threats. 

Speakers highlighted the importance of consumer trust, data privacy, and regulatory compliance in facilitating a secure payment ecosystem. 

The need for collaboration among industry stakeholders to address emerging challenges effectively was emphasized. 

Roosevelt Elias, Founder of Payble, noted the importance of data privacy and security in the age of digital payments, stating, “It is essential to preserve the details of such trusted transactions, as they often hold significant importance for the company’s outcomes and operations.” 

He endorsed for cautious use of data and highlighted the need for AI encryption and compliance-based companies to protect user privacy and ensure regulatory compliance.

On the other hand, Peter Evbota, sales director at inq. Digital Nigeria Limited, spoke on artificial intelligence (AI) and its ability to transform sectors, particularly in data analytics and security. 

He emphasized the power of AI in processing both structured and unstructured data, highlighting its ability to detect patterns and provide valuable insights. 

However, he also warned of the security risks associated with AI, stressing the need for strong security measures and regulatory compliance in the financial sector.

In a goodwill message, Mr. Lucas Ajanaku, vice chairman of the Nigeria Information Technology Reporters Association (NITRA), represented by Chidiebere Nwankwo, NITRA Secretary, emphasized the significance of security in his goodwill message. He stressed the need for collaboration and dissemination of accurate information to safeguard consumers’ interests. 

Earlier in a welcome address, Mr. Chike Onwuegbuchi, co-founder of TechCastle Foundation, the program’s organizers, highlighted the necessity of addressing ongoing issues within Nigeria’s payment systems. 

He emphasized the importance of interoperability among banks and platforms to facilitate seamless transactions. 

Mr. Onwuegbuchi stated, “We looked at the payment system in Nigeria and we found out that there have been conversations around payment and there have been unresolved issues.”

Onwuegbuchi further touched upon the prevalence of misinformation regarding payment methods, urging for clarity and education to combat false information. He stated, “When people tell you that you cannot use a particular service or individual based on what somebody else said, merely tapping your finger on the monitor, it’s not true.”

Key Takeaways from PAFON 1.0 Panel Session

During the Panel Session, moderated by Peter Oluka, Chief Editor, Techeconomy, experts delved into important aspects of payment systems in Nigeria, engaging in discussions that spanned execution, investments, protection technologies, and awareness. 

One of the central themes addressed was the intersection of trust and security as regards artificial intelligence (AI) integration into payment systems. 

Panellists emphasized the imperative of ensuring solid trust and security mechanisms as AI becomes increasingly intertwined with payment ecosystems, safeguarding against potential vulnerabilities and threats.

Infrastructure’s key role in underpinning the security and integrity of payment systems was a relevant aspect of the discussion. Cloud service providers were particularly highlighted for their contributions, both in advancing AI technologies and also in bolstering security measures. 

Panellists emphasized the multifaceted nature of security technology implementation, acknowledging challenges such as cost implications, complexity, and the necessity of ongoing investment to fortify defences against evolving threats and fraudulent activities.

Regulatory policies and their efficacy in mitigating risks and ensuring compliance were explored, with a focus on potential limitations and barriers to effective implementation. 

While Nigeria has robust regulatory frameworks, the importance of alignment with international standards and the need for continuous investment in compliance measures to enhance security and privacy protections were noted.

The imperative of customer awareness and education in combating fraud and phishing attacks was emphasized throughout the session. 

Panellists at PAFON 1.0 outlined initiatives aimed at educating customers, leveraging offline distribution networks for outreach, and deploying advanced technologies to detect and prevent fraudulent activities effectively.

Collaboration was another central tenet pointed out for addressing security challenges comprehensively. 

The interconnected nature of the payment ecosystem was stressed and advocated for collective efforts among stakeholders to enhance security measures and foster customer trust. 

The session also highlighted the need for cohesive collaboration and ecosystem support to ensure payment systems thrive effectively.

These, as mentioned, will ensure a safe, resilient, and inclusive payment infrastructure for all stakeholders.

Dr.  Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.

The EVC, who was represented at the event by Mr Henry Ojiokpota, the Controller of NCC Lagos Zonal Office, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.

Dr. Maida said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.

“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.

He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways.

He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

Dr. Aminu Maida stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025.

He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.

The event, which is slated to hold on October 26, 2023, at CitiHeight Hotel, Ikeja has also gained the support and partnership of all-in-one payments, banking and operations platform, Moniepoint MFB.

The NITRA FINTECH FORUM with its Theme, “Harnessing Nigeria’s Fintech Potentials: Challenges And Opportunities”, will gather industry stakeholders in the financial technology sector, and the ICT industry as a whole, both from the public and private sectors, will discuss and find ways of accelerating growth in the Fintech sector as a means of achieving laudable federal government set targets and policies.

The event, which will also discuss issues around policy documents and regulations, will feature Panel Discussion sessions that will dwell on “Building Infrastructure To Grow Fintech In Nigeria: The Collaborative Point” and “Fintech And The Place Of Regulatory Engagement”.

Then Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani is expected to deliver the Lead Speech, while the Governor of the Central Bank of Nigeria (CBN) and the Executive Vice Chairman, Nigerian Communications Commission (NCC) are to present Keynotes. Chief Executive Officer of the Federal Competition And Consumer Protection Commission (FCCPC); CEOs of other government and private ICT companies, the Media, including the full membership of NITRA and other stakeholders in the industry, including COOs, CIOs, CFOs, CROs and CCOs, while also join the Panel Discussions to chart the way for a viable financial technology sub-sector in Nigeria. Industry Associations expected at the forum include ALTON, ATCON, NCS, ISPON, ITAN, CPN, NiRA, among others.

Chike Onwuegbuchi, the Chairman of NITRA, speaking on the event, noted:

“While looking at the benefits of developing a robust Fintech ecosystem in Nigeria, stakeholders will also discuss the challenges that hamper or may hamper this drive – these will include the roles of infrastructure, funding, policies and collaboration; and seek ways of tackling these challenges effectively.”

He noted that with the backing of another key financial technology firm, Moniepoint, the NITRA Fintech Forum will be robust with discussions that will move the industry further.

Moniepoint Microfinance Bank is the definitive bank for small and medium-sized businesses in Nigeria and is regulated by the Central Bank of Nigeria (CBN).

Moniepoint MFB was also awarded by the CBN in 2022 as the most inclusive payment platform in the country.

The MFB received its license in February 2022 and helps over 1.5 million businesses with banking, payments processing, access to loans and business management tools. With these solutions, businesses on the moniepoint platform process about 8 trillion Naira monthly.

Moniepoint operates the largest distribution network for financial services in Nigeria, and over 33 million people use their cards on its POS terminals monthly across every local government in Nigeria.

The stakeholders came under the auspices of the Nigeria Information Technology Reporters’ Association (NITRA).

According to the body, under Danbatta’s visionary leadership, Nigeria’s telecom sector has witnessed an astounding transformation, transcending previous limitations and emerging as a beacon of progress.

His eight-year tenure as the EVC of the NCC has seen the sector attract a staggering $77 billion in investments, catapulting it to the forefront of the nation’s economic landscape.

The ICT group lauded Danbatta for overseeing a sector that now contributes a substantial 16 percent to Nigeria’s Gross Domestic Product (GDP), a notable increase from its 8 percent contribution in 2015.

The financial impact of the sector is undeniable, with a recent report from the National Bureau of Statistics (NBS) revealing a significant N2.508 trillion contribution to the nation’s GDP in the first quarter of 2023, representing 14.13 per cent.

Chike Onwuegbuchi, National Chairman of NITRA, in a statement, said one of the key achievements highlighted by the ICT community was Danbatta’s bold move to embrace 5G technology, positioning Nigeria as an early adopter in the global digital economy.

He said this strategic decision resulted in the generation of $820.8 million for the federal government from 5G spectrum license fees paid by leading operators.

“Furthermore, the issuance of a license to Elon Musk-owned SpaceX for Starlink broadband services, a satellite-based wireless broadband offering with nationwide coverage potential, has been a game-changer for the industry and a testament to Danbatta’s forward-thinking approach,” he said.

The ICT group also emphasized the remarkable growth in telephone users, internet subscribers, and broadband users under Danbatta’s stewardship, which has soared to 218.9 million, 159.5 million, and 88.7 million, respectively, noting that these figures, along with the creation of numerous jobs, have underscored the sector’s pivotal role in Nigeria’s economic development.

The ICT group said Danbatta’s unwavering commitment to innovation, regulatory excellence, and active stakeholder engagement has set a powerful precedent for success and acknowledged the sector’s resilience in the face of challenges such as infrastructure vandalism, regulatory complexities, and power supply issues.

The ICT community has urged the federal government to replicate the telecom sector’s success in other industries to propel Nigeria into the ranks of the world’s top 20 economies.

They view Danbatta’s leadership as a testament to what can be achieved with dedication, innovation, and visionary leadership.

Meanwhile, as the accolades pour in, Danbatta’s transformative leadership in Nigeria’s telecom sector serves as an inspiring example of how visionary leadership can drive growth, innovation, and prosperity in the nation’s economy.

“His legacy will undoubtedly be remembered as a cornerstone of Nigeria’s digital transformation journey,” said Chike in the statement.

As the newly appointed Ministers settle to their jobs, journalists in the Information and Communications Technology (ICT) industry, under the aegis of the Nigeria Information Technology Reporters Association (NITRA), has felicitated with the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani over his appointment.

In a letter to the Minister, the Chairman of the Association, Mr. Chike Onwuegbuchi noted that the news of his appointment was a cheery one knowing his antecedent to deliver viable results in past endeavours.

“We have followed your steps in the ICT industry and are assured that without doubt, this is another position that you will make a great deal of impact in.

You are not new in creative, developmental and managerial affairs, but have been an active participant in decision-making and growth plans for the nation, hence our repose of trust in what you can do as the Minister of this expanded Ministry,” he enthused.

In the Association’s letter to the Minister, Mr. Onwuegbuchi further assured the Minister that NITRA is willing to work with the Ministry to ensure the achievement of set goals.

He said NITRA is on standby for any collaboration that will guarantee the success of Dr. Tijani’s endeavours as the Minister of Communications, Innovation and Digital Economy.

“We hope to work together to develop the industry and make the Ministry a reference point in the minds of Nigerians both at home and abroad,” he concluded.

The expectation is that the Minister will maintain the upward trajectory of ICTs contributions to the GDP.   His focus should be on leveraging ICT to transform Nigeria into a full digital economy.

Nigeria’s ICT sector contributed a significant 17.47% to Nigeria’s GDP (Real Gross Domestic Product) in the first quarter of 2023. This is according to the latest statistics released by the National Bureau of Statistics (NBS).

According to the NBS report, this amounts to about N3.1 trillion of the total N17.75 trillion of the country’s real GDP in the quarter. This is a notable increase in the ICT sector’s GDP contribution, surpassing the figures for the first quarter of 2022 which stood at N2.86 trillion.

The sector contributed 13.23% to the total nominal GDP in Q1 2023, surpassing the rates recorded in both the same quarter of the previous year (10.55%) and the preceding quarter (10.42%). This nominal growth represents a substantial increase of 41.84% during the quarter, marking a 21.30% point rise compared to the corresponding period of 2022.

The Nigeria Information Technology Reporters Association (NITRA) is the umbrella body for ICT reporters and editors. Its membership is drawn across Print, Broadcast and Online media organisations, and spreads across the country. With its Quarterly and Annual events, which include ‘Breakfast With CEOs’; ‘NITRA Innovative Forum’; ‘NITRA Technology Forum’, among others, the Association has been able to drive conversations on the development of the ICT subsectors and the industry as a whole.