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NITDA, IDCA partner to transform Nigeria’s digital economy

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The National Information Technology Development Agency (NITDA) has signed a strategic partnership agreement with the International Data Centre Authority (IDCA) to accelerate Nigeria’s transition into a fully integrated digital economy through a large-scale national digital infrastructure programme.

NITDA announced the partnership in a joint statement signed by the Director, Corporate Communications and Media Relations Department, Hadiza Umar, and the IDCA’s Global Head of Strategic Services, Head of Europe and Africa, Solomon Edun, on Wednesday.

The partnership is in line with the Nigerian Sovereign Cloud (NSC) initiative, which aims to establish an execution-led, investment-driven framework for infrastructure deployment.

The NSC initiative also aims to achieve regulatory standards and workforce development into a unified national platform designed to mobilise both public and private capital and accelerate long-term economic value creation.

Integrated pillars

According to NITDA, at the centre of the programme is the ‘Nigeria Digital Triangle (NDT)’, a network of strategically located hyperscale, AI-enabled data centre clusters intended to anchor investment, host global cloud and enterprise workloads, and serve as the backbone for Nigeria’s emerging digital economy.

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According to the partners, the initiative will be built around four integrated pillars: a national digital economy masterplan with clearly defined milestones; hyperscale infrastructure development through interconnected digital hubs; national digital standards aligned with international best practices; and a structured education and workforce development system aimed at sustaining long-term capability building.

Speaking on the partnership, the Director-General of NITDA, Kashifu Inuwa, described the initiative as a significant milestone in Nigeria’s economic and digital transformation.

“This initiative represents a defining moment in Nigeria’s economic transformation, reaffirming the government’s commitment to advancing the Digital Economy and Data Sovereignty Agenda.

“By working with the leading experts of IDCA and members of the National Sovereign Cloud Initiative Technical Working Group as the most advanced and credible think tank, prioritizing digital infrastructure, talent development, data sovereignty, artificial intelligence, and entrepreneurship, Nigeria is laying a strong foundation for sustainable infrastructure growth, job creation, global competitiveness, and innovation-driven, inclusive development,” the NITDA boss, Mr Inuwa said.

On his part, the Chairman of IDCA, Mehdi Paryavi, noted that Nigeria’s economic position and growth potential will make the initiative strategically important for the continent.

“Nigeria is the largest economy in Africa and has the potential to become larger and more impactful to the lives of the people of Africa and beyond.

“This is more than a national initiative; it is a platform for long-term economic value creation. By integrating digital infrastructure, standards, and talent, bundled with investments and the right policymaking.

“Nigeria is building a competitive advantage in the global digital economy,” the data centre authority chairman said, emphasising Nigeria’s digital role on the continent.

READ ALSO: NITDA raises alarm on DeepLoad AI malware attacks, proffers solutions

Execution

The Chief Research Officer at IDCA, Roger Strukhoff, said the programme positions Nigeria to become a regional technology leader. According to him, the initiative is a structured, investment-ready approach that aligns strategy with execution and global best practices.

“Nigeria is taking a decisive step toward becoming a regional digital powerhouse. IDCA is pleased to be fundamental to this historic economic evolution,” he said.

Solomon Edun, global head of strategic services and head of Europe and Africa, stated that the IDCA and Nigeria have worked for years to reach the point of digital economy transformation and partnership.

He added that the partnership will enable a scalable, sustainable digital ecosystem by focusing on infrastructure deployment.

“This is a historic moment, and the program is designed to translate vision into measurable outcomes. By focusing on infrastructure deployment, investment attraction, and skills development, we are enabling a scalable and sustainable digital ecosystem,” he said.

NITDA’s Acting Director, Regulation and Compliance, Emmanuel Edet, highlighted the importance of standards and governance in supporting the project.

According to him, the development of nationally endorsed standards, implemented in parallel with enabling physical infrastructure, is fundamental to ensuring regulatory consistency, data security, and long-term sustainability.

“This collaborative initiative between Nigeria and the International Data Centre Authority establishes the requisite technical benchmarks and strategic governance framework to support effectively,” Mr Edet added.

The initiative will be implemented over three years with defined milestones and structured engagement across government, private sector, and international partners.

The partnership reinforces Nigeria’s commitment to leveraging digital infrastructure to drive economic diversification, innovation, and global integration.


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Elon Musk becomes world’s first trillionaire as SpaceX IPO surges on debut

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Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.

SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.

The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.

“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.

The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.

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SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.

Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.

The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.

“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.

SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.

READ ALSO: Elon Musk announces formation of American Party

Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.

Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.

After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.

After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.

Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.


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Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.

The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.

Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.

The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.

Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.

Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).

This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.

Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.

The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.

The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.

Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.

The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.

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