The Lagos State government is expanding its international partnerships with a fresh focus on technology, cybersecurity, and sustainable infrastructure, following the official visit of Sweden's Crown Princess Victoria to Lagos on Tuesday. During… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Lagos strengthens digital, green tech ties with Sweden to create new opportunities for SMEs By sbinsights on April 9, 2025 The Lagos State government is expanding its international partnerships with a fresh focus on technology, cybersecurity, and sustainable infrastructure, following the official visit of Sweden's Crown Princess Victoria to Lagos on Tuesday. During the visit to Lagos House in Marina, the Deputy Governor, Dr. Obafemi Hamzat, who represented Governor Babajide Sanwo-Olu, emphasized Lagos' potential as Nigeria's innovation hub and Africa's digital gateway. With a **population of 22 million—twice Sweden's size—**Hamzat said Lagos offers unmatched opportunities in tech-driven sectors. He pointed to projects like the 6,800-kilometre fibre optic network expansion, aimed at boosting digital access and infrastructure. Tech giants like Google are already building data centres in the state, alongside four others from private firms—an indication of Lagos' growing appeal to global investors. Read also The Crown Princess lauded Lagos' economic strength, noting the importance of building stronger bilateral ties. Her visit marks a key step in driving collaboration between both countries, particularly in green economy initiatives, digital innovation, and skills development. Swedish Minister for Infrastructure and Housing, Mr. Andreas Carlson, announced the opening of Sweden's first Trade Office in Nigeria, to be launched by the Crown Princess. "Lagos was the ideal location to kick-start this initiative, given its economic significance and business-friendly environment," Carlson said. For local startups and small businesses, this partnership signals fresh access to trade, innovation exchange, and funding opportunities in sectors like clean energy, cybersecurity, and smart infrastructure. The visit concluded with cultural celebrations, where the Crown Princess was welcomed with gifts and a dance performance by the Lagos State Cultural Troupe, underscoring the unity of tradition and forward-looking collaboration.

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Nigeria is set to strengthen its reputation as a regional tech powerhouse by hosting the first-ever GITEX Nigeria from September 1–4, 2025, in both Abuja and Lagos. Organized by the National Information Technology Development Agency (NITDA) in … Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader GITEX 2025 to spotlight local startups, tech SMEs as Nigeria pushes to become a global innovation hub By sbinsights on April 9, 2025 Nigeria is set to strengthen its reputation as a regional tech powerhouse by hosting the first-ever GITEX Nigeria from September 1–4, 2025, in both Abuja and Lagos. Organized by the National Information Technology Development Agency (NITDA) in partnership with KAOUN International, the event is expected to draw over 20,000 participants, including 1,000 startups and 100 investors, creating a powerful platform for small and medium tech businesses to showcase their innovations, attract funding, and expand globally. Themed "Forging the Rise of Digital Nigeria," the event will promote public-private collaboration to support innovation across multiple sectors including fintech, agritech, healthtech, edtech, e-commerce, and telecoms. Abuja will host conversations on government-led innovation and AI adoption, while Lagos will focus on Nigeria's thriving startup ecosystem, further positioning the city as a magnet for international tech investment. Read also According to Mr. Olawumi Oladejo, speaking on behalf of NITDA's Director General, the event will not only improve Nigeria's global tech visibility but also "scale local businesses and tourism" while advancing key aspects of NITDA's Strategic Roadmap and Action Plan (SRAP 2024–2027). "This is in line with President Tinubu's 8-point agenda," he added, "and if executed successfully, will position Nigeria to lead digital transformation efforts across the African continent." Dr. Aristotle Onumo, Director of Stakeholder Management and Partnerships at NITDA, revealed that six local startups are targeted for global elevation within three years of the event. He also highlighted that 78% of participating startups expect to receive funding, underscoring the event's importance for early-stage and growth-stage businesses. The event will be built around three key pillars—enablement, engagement, and knowledge— designed to drive sustainable SME growth and support Nigeria's digital economy goals.

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Cybercriminals are now more likely to use stolen login credentials than exploit system weaknesses to break into networks, according to a new report by global cybersecurity firm, Sophos. The 2025 Sophos Active Adversary Report shows that 56% of ne… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Small businesses at higher risk as hackers now prefer stolen passwords over system flaws — report By sbinsights on April 9, 2025 Cybercriminals are now more likely to use stolen login credentials than exploit system weaknesses to break into networks, according to a new report by global cybersecurity firm, Sophos. The 2025 Sophos Active Adversary Report shows that 56% of network breaches in 2024 stemmed from compromised login details, particularly through remote access tools like VPNs and firewalls. This marks the second year in a row where stolen credentials ranked as the top method of cyberattack, outpacing system vulnerabilities and brute-force attempts. This trend poses a growing concern for small and medium-sized businesses (SMEs), which often operate with limited cybersecurity budgets and rely heavily on remote tools to stay agile. "Basic security is no longer enough," said John Shier, Field CISO at Sophos. "Small businesses must actively monitor their networks and respond quickly to threats. The faster the detection, the better the outcome." The report also revealed the fast pace of modern cyberattacks, with attackers reaching sensitive data in just over 3 days after the initial breach. In some cases, they gained control of key systems like Active Directory in just 11 hours. Read also For businesses, especially those without dedicated IT teams, this short window poses a high risk of data loss, ransomware, or complete operational shutdown. Among the most active ransomware groups in 2024 were Akira, Fog, and LockBit, the latter of which remains a threat despite enforcement crackdowns. The study also noted that 83% of ransomware attacks happened outside normal business hours, catching many SMEs off-guard and unprepared. Sophos recommends businesses take key precautions including: Blocking public access to Remote Desktop Protocol (RDP) ports Using strong authentication systems Keeping all systems updated and patched Investing in 24/7 monitoring or Managed Detection and Response (MDR) services With cyberattacks evolving rapidly, the report underscores the urgent need for proactive security strategies—especially for small businesses that can't afford the cost of downtime or data breaches.

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