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IT Firm Expresses Optimism in Nigeria’s Economy

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Cyber Security - Investors King
  • IT Firm Expresses Optimism in Nigeria’s Economy

Aramex, a provider of logistics and transportation solutions, has expressed unwavering confidence in the ability of the Nigerian economy to regain its place as Africa’s biggest and fastest growing economy, despite the ongoing recession.

Speaking at a stakeholder’s event organised to re-launch Aramex in Nigeria, the Chief Executive Officer of the company, Hussein Hachem, said, “Our decision to invest in the Nigerian economy, despite current challenges, is a demonstration of our support for the government’s efforts to stabilise the economy and make it once more attractive to global investors.”

He said, “We are committed to offering solutions to help shape the logistics and transportation industry using technologies that will connect Nigeria with the rest of the world, ensuring safety of goods and prompt delivery.

“This is all part of our commitment to finding unique and innovative solutions that continually disrupt and transform the logistics and transportation industries, ultimately helping us maintain our market leadership.”

According to him, since its foundation in 1982, Aramex has grown to become a leader in comprehensive transportation and delivery solutions for businesses and consumers.

“Its global footprint is extensive and expanding rapidly, with business operations in over 552 major cities across 69 countries worldwide. Its core operations employ over 17,000 transportation professionals,” he added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cybersecurity For Beginners: Understanding The Basis of Online Safety

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cybercrime - Investors King

The significance of cybersecurity in the linked world of today cannot be emphasized. The challenges in the digital sphere are constant, ranging from large-scale assaults on organizations and governments to compromises of personal data.

Knowing the fundamentals of cybersecurity is crucial for securing your online presence and defending yourself against potential dangers, regardless of experience level with computers.

What is Cybersecurity?

Cybersecurity refers to the methods, tools, and procedures used to guard against illegal access, data breaches, and cyberattacks using networks, computers, and other electronic possessions. It entails putting policies in place to guarantee the privacy, integrity, and availability of data in digital spaces.

Key Concepts of Cybersecurity

  1. Confidentiality: Maintaining sensitive data private means keeping it hidden from prying eyes. This covers bank records, personal info, and other confidential information that bad actors might acquire and use against you. To preserve secrecy, for instance, using strong passwords and encrypting files are very helpful.
  2. Integrity: Data accuracy and integrity are guaranteed throughout processing, transfer, and storage. Preserving the integrity of data is essential to avoid any unapproved changes or manipulation that can jeopardize its dependability. Integrity policies such as checksums and electronic signatures are used to confirm the legitimacy of data.
  3. Availability: Availability guarantees that if required designated individuals may utilize the data and system. The goal of cyberattacks like Denial-of-service (DoS) assaults is to interfere with services and prevent authorized users from accessing them. Strong recovery and backup procedures help lessen the effects of these kinds of assaults and guarantee that vital resources are always available.
  4. Authentication: When someone or anything accesses systems and digital resources, authentication confirms their identity. Through demanding users to give various kinds of identifications like security tokens, passwords, or biometric passwords, strong authentication systems such as the multi-factor authentication (MFA)may deter illegal access.
  5. Authorization: According to their responsibilities and advantages, authorized users are given varying levels of permissions and access. By guaranteeing that users are only granted access to the tools and features required to do their work, it lowers the possibility of illegal acts or breaches of data.
  6. Risk Management: Identification, evaluation, and mitigation of cybersecurity risks are all part of the process of risk management which guards against future attacks and weaknesses. To efficiently handle security issues, this entails carrying out routine security evaluations, putting safety measures in place, and creating emergency response strategies.

Basic Cybersecurity Practices for Beginners

  1. Use Strong Passwords: With regards to each online account, choose a different, unique, and strong password and change it frequently to thwart unwanted access. Steer clear of passwords that are simple to figure out like “123456” or “password”.
  2. Enable Two-Factor Authentication (2FA): To provide your online accounts with an additional degree of security, enable 2FA as often as you can. Usually, you will get an email or text message with a one-time code which you need to input in addition to your password in order to log in. Do so as this is of utmost importance to security.
  3. Keep Software Updated: Update your operating system, apps, and antivirus software frequently to fix security flaws and defend against identified risks.
  4. Beware of Phishing Attacks: Unidentified recipients could send you unsolicited emails, messages, or links; be wary of these as they could be attempts at phishing designed to steal your login credentials and confidential data. Steer clear of entering important information via the internet or clicking on dubious links.
  5. Secure Your Devices: To identify and get rid of unwanted software from your devices, install trustworthy antivirus and anti-malware applications. To avoid unwanted access, you should also encrypt crucial data and activate firewalls.
  6. Backup Your Data: Make frequent backups of your most significant documents and information to an external drive or cloud-based storage provider. This aids in preventing the loss of data as a result of attacks by ransomware, hardware malfunctions, and other unanticipated circumstances.

Examples of Cybersecurity Incidents:

  1. Data Breaches: Over 147 million people’s personal information was compromised in a significant data breach that occurred in 2017 at Equifax, one of the biggest credit reporting companies. The company’s website software had a weakness that led to the breach, underscoring the significance of applying security updates and patches on time.
  2. Ransomware Attacks:2020 saw a ransomware attack against the Colonial Pipeline, a significant petroleum pipeline operator in the US, which caused disruptions in the East Coast’s fuel supply. The intruders installed ransomware and demanded a large payment for the decryption keys by taking advantage of a weakness in the company’s network infrastructure.
  1. Phishing Scams: Phishing scams are still a common concern, when hackers use phony emails, messages, or websites to deceive people into disclosing personal information. Targeting Gmail users, a large phishing attack attempted to obtain their login credentials by pretending to be Google’s login page in 2016.

To keep safe online, it is imperative that you comprehend the fundamentals of cybersecurity which is an important part of our digital life. People may safeguard themselves and their digital assets from cyberattacks and data breaches by putting fundamental cybersecurity principles into practice, being watchful for possible hazards, and keeping up with the newest security trends and advancements. Recall that prevention is always preferable to treatment when it comes to cybersecurity.

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Imo State Power Project Reaches 70% Completion, Federal Government Assures Swift Finish

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Electricity - Investors King

In a significant stride towards bolstering the power infrastructure in Imo State, the Egbema Power Plant project has reached a commendable milestone of 70% completion.

The Federal Government, represented by the Minister of Power, Adebayo Adelabu, offered reassurance during an inspection visit to the site over the weekend.

Accompanied by the Managing Director of the Niger Delta Power Holding Company (NDPHC), Mr. Chiedu Ugbo, Minister Adelabu lauded the efforts of Imo State Governor Hope Uzodinma for his dedication to partnering with the NDPHC to ensure the timely completion of crucial power projects within the state.

The visit underscored the government’s commitment to advancing the nation’s power sector, particularly in states like Imo, where enhanced electricity supply remains a top priority.

Governor Uzodinma, equally invested in the success of the project, pledged continued collaboration with the NDPHC to facilitate the swift completion of the power plant.

He affirmed that the joint efforts aim to not only energize homes and businesses within Imo State but also to contribute to the overall economic and social development of the region.

“The projects are at various stages with the power plant at 70 per cent completion stage. The collaboration between the Imo State Government and NDPHC aims to enhance electricity supply and energize homes and businesses in Imo State through the completion of the Egbema Power Plant and associated transmission infrastructure,” noted Bolaji Tunji, spokesperson for Minister Adelabu.

As Nigeria strives to overcome longstanding challenges in its power sector, the progress of initiatives like the Egbema Power Plant project serves as a beacon of hope.

With concerted efforts from both federal and state authorities, coupled with strategic collaborations with key stakeholders, the vision of a more electrified and prosperous Imo State draws ever closer to realization.

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Nigeria’s Monthly Internet Usage Skyrockets by 501.99% in Just 5 Years

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Broadband Penetration - Investors King

Nigeria’s digital landscape has transformed in the past five years with monthly internet usage soaring by an astonishing 501.99%.

The surge in online activity, driven primarily by the proliferation of streaming services and other digital platforms, has bolstered the country’s internet usage.

According to data from the Nigerian Communication Commission (NCC), monthly internet usage has surged from 125,149.86 terabytes (TB) in December 2019 to 753,388.77 TB as of March 2024.

This exponential growth reflects a fundamental shift in how Nigerians access and consume information, entertainment, and services.

The COVID-19 pandemic acted as a catalyst for this surge in internet usage, as lockdowns and social distancing measures compelled individuals and businesses to rely heavily on online platforms for work, education, and social interactions.

Video conferencing, online learning, and virtual events became the norm, driving up demand for internet access across the country.

“The year 2020 witnessed a significant surge in data usage… The increase in data usage is directly linked to the outbreak of the COVID-19 pandemic, which disrupted normal activities, and most functions had to be held virtually including schools, corporate meetings, etc.,” stated the NCC in its 2020 industry report.

Streaming services emerged as a major driver of internet consumption, with platforms like YouTube, Netflix, and Spotify experiencing a surge in users.

Adetutu Laditan, Senior Product Marketing Manager for Sub-Saharan Africa at YouTube, noted, “We have a lot more users coming online and consuming more content… Trends are changing; digital is here to stay… For instance, more Nigerians are watching Nollywood movies on YouTube.”

The shift towards digital consumption was further fueled by the availability of a vast library of free content on the internet.

Nigerians, both young and old, have embraced online platforms for entertainment, education, and communication, contributing to the exponential growth in internet usage.

Karl Toriola, the CEO of MTN Nigeria, highlighted the changing consumption patterns, stating, “A lot of people are shifting their consumption from traditional voice and circuit switch services to data services…”

According to GSMA, 85% of Nigerians on mobile internet use it for video calls, 75% for watching online videos, and 54% for listening to music online.

The surge in internet consumption has not only transformed the way Nigerians interact with the digital world but also presented significant opportunities for economic growth.

The information and communications technology sector, buoyed by increased data service consumption, has remained resilient even during periods of economic uncertainty.

Despite the growth in internet usage, challenges persist, including broadband penetration below 50%, urban-rural disparities in internet access, and fluctuating internet speeds.

Also, the high cost of smartphones remains a barrier to many Nigerians, hindering widespread adoption of digital technologies.

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