News
Nigeria Computer Society Seeks Inclusion in National Confab
The Nigeria Computer Society (NCS) has called on the Federal Government to include its members in the National Conference.
Prof. David Adewumi, NCS President, told newsmen in Lagos that reviewing the composition of the confab delegates would add value and quality to the dialogue process.
“Nigerian Information Technology professionals, through their umbrella body, Nigeria Computer Society, are very uncomfortable with their lack of representation in the composition of the National Conference.
“How can we be part of a 21st century that is building a digital economy without inputs from the Information Technology industry and profession,?’’ Adewumi wondered.
He said that the country was not harnessing the growth potential of the IT sector, like industry, the academia, entrepreneurs and other stakeholders.
He noted that appropriate recognition, policies and legislation were still needed, adding that the IT sector must be prioritised, if Nigeria was to be a key player in the 21st century.
The NCS president said that the society would continue with constructive engagement and building of strategic partnerships with its members and important stakeholders, this year.
According to Adewumi, stronger stakeholder partnerships with the NCS would help to build an inclusive, globally competitive and prosperous Nigeria that would be the envy of other African nations.
He disclosed that this year’s edition of the NCS annual conference with the theme: “Building a Knowledge-Based Economy in Nigeria: The Role of IT,’’ would take place in Enugu from July 23 to July 25.
“The annual conference is the largest annual assembly of high level stakeholders from all walks of life. It is the key networking and professional event for advancing Information Technology for development and promoting the interests of IT stakeholders in the country. It always provides standards and direction for IT development in Nigeria. In recent years, some of its standards and solutions have been cashless, e-government and national security,’’ the NCS president said.
He said that as part of the NCS corporate responsibility, there would be an IT Research and Development Workshop at the Obafemi Awolowo University, Ile-Ife, during the year.
Adewumi promised to make 2014 a year of innovative vision and opportunities for the sector.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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