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Nigeria to Spend $143Bn on ICT Imports

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Dr Isa Ali Ibrahim, director general, National Information Technology Development Agency (NITDA) has warned that Nigeria would be spending $143.8bn on ICT imports in 2019, if the trend of importation of ICT products is not stopped or at least reduced to a barest.

Ibrahim told Daily Trust in Abuja, that the importation of virtually every ICT software and hardware was killing the local IT industry and draining the country of foreign exchange.

So far the country loses approximately N1.52trillion ($3.8bn) every year through importation of Information and Communications Technology products, services and software.

‘’We want to solve the problems bordering on local content in the ICT sector in the country. We are not happy at all that Nigeria loses so much on importation of IT products and services as well as software. Approximately, $2.8billion are being lost annually from importation of ICT goods and services, including $1bn spent also annually on importation of software into the country. This is huge; if we don’t act quickly to reduce this, the survival of our local industry will be at risk’’, the NITDA DG said.

He said one of the best ways to prevent or reduce corruption in the civil service is by looking thoroughly into the IT projects being embarked upon by MDAs.

‘’ I realised this is the best way to fight corruption in Nigeria. Most of the MDAs insert IT projects in their budgets not because they need it, but because it is the easiest way to circumvent the questions of Senators or House of Representatives at the National Assembly’’, he said.

While revealing that some civil servants who designed budgets for MDAs used IT projects as a conduit to siphon government money, he said NITDA had detected and was ready to put an end to it.

He said, ‘’NITDA is the clearing house for all IT projects. The Federal Government has mandated all MDAs to seek for NITDA clearance before embarking on any IT project. We have recorded some successes in the enforcement of this policy and we need to maintain the tempo.’’

Dr Ibrahim also said NITDA was already filtering the ICT products and monitoring all software being imported into the country in a bid to reduce capital flight and build local industry.

He said the agency’s Act stipulates that any CEO of any MDAs who deployed any IT project without NITDA clearance is liable to one or three years imprisonment.


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Coronation Report Reveals Key Role of Private Sector to Nigeria’s Infrastructure Funding

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The maiden edition of Coronation group infrastructure report has revealed that the private sector has a critical role to play in infrastructure funding in Nigeria.

The report stated that the key to private-sector infrastructure investment is for dealmakers to structure transactions that offer attractive returns combined with an acceptable degree of risk, the risk often being eased by agreements supplied by infrastructure investment vehicles such a Infracorp.

The report said that the investor base can play its part, providing liquidity as part of its own efforts to create long-term returns with low relationship with public markets.

The report noted that Nigeria’s future infrastructure development depends on private capital, including capital allocated to Public Private Partnership (PPP) ventures, given the huge amounts of money required and the inability of government to provide it.

The report explained that the record of the federal government in capital expenditure over several decades highlighted the need for increasing private-sector investment, adding that public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate.

The report said Public-private partnership differs from government capital expenditure in that it must pay for its capital, noting that it must attract private sector capital and therefore provide better returns than the risk-free returns of government debt.

According to the report, “Inflows of petro-dollars into government coffers did not translate into proportionately more being spent on capital expenditure, surely a missed opportunity. Still worse was to follow in the period 2011-2020 when the average level of public sector capital expenditure fell to 1.1 percent of Gross Domestic Product (GDP).”


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DLM Asset Management Set to Host Webinar to Discuss Financial Stability in Times of Economic Distress

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DLM Asset Management Limited, a subsidiary of DLM Capital Group, is hosting a webinar with the theme, “Maintaining financial stability in times of economic distress.” The much-awaited webinar, slated for Thursday, March 28, 2023, at 11 a.m., is going to cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future.

Hosted by industry experts, the webinar will delve into the following key topics and teach attendees:

  • How to adopt a proactive, knowledgeable, and adaptable approach to risk assessment and mitigation.
  • How to thrive in this present economy and remain financially resilient.
  • Financial planning and discipline

During its interactive Q&A session, attendees will have the opportunity to ask questions and learn more about the subsidiary’s services from the hosts and speakers of the webinar. This includes the DLM fixed income fund, which Nairametrics identified as one of the top-performing Nigerian mutual funds in 2023.

This webinar is designed for investment savvy individuals Income earners, institutional and corporate investors, high net worth individuals, and the mass retail market.

Interested parties can register for the webinar by using this link, which is currently active. Seize the opportunity to gain experience on insightful things and get ready for a rewarding encounter.

 


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Firm Canvasses Affordable Technology to Drive Business Efficiency

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Information Communication Technology (ICT) service provider, Thamani Consulting, has stressed the need to make technology much affordable so as to make businesses seamless and efficient.

Olubunmi Abegunde, Managing Partner of the company, averred that making technology access affordable would enhance its penetration and increase uptake of digital technologies to drive employment growth of more than 22 million Africans joining the workforce each year.

He explained that the organisation remained committed to empowering businesses to thrive in Nigeria’s dynamic environment, hence churns out innovative solutions to address business problems across disciplines.

“Leveraging 20 years of combined market experience executing successful IT Projects with local and multinational organisations, we aim to capitalise on this to improve strategic utilisation of technology in Africa and support capacity building through access to requisite information technology,” he said.

He explained further that the African region more than others need increased usage of digital technologies to level-up globally, noting that polices to drive low-end technology access must be prioritised.

“This is why we do not compromise the balance of quality, standard professionalism and yet affordability in the choice of solutions we offer to clients which include: SAP training and Implementations, Software Asset Management, Plant Maintenance Process Automation and Automation for manufacturing Industries, amongst others.”


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