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Am Hopeful Pres. Jonathan Will turn ICT Aroun- Olufuye

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Dr Jimson Olufuye is president of Information Technology (Industry) Association of Nigeria (Itan). On December 1, 2008, he actualised for Nigeria a place of honour with the admission of Itan into the World Information Technology and Services Alliance (WITSA), a body of more than 70 countries controlling more than 90% of the World IT market. He is an IT specialist/consultant with about 20years experience and member of the world renowned Evalueserve circle of consultants.  Olufuye is also a leading voice on Information Technology policy issues in Nigeria and has authored many software on process control and automation.  He spoke to Chris Alu, our Abuja Bureau chief on wide range of issue

Digital Inclusion
Itan and stakeholders in the IT public-private forum which latest edition took place on April 22, 2010 declared that while the vision 20:2020 is good and visible, the more critical vision should be to ensure that Nigeria is digitally competitive by 2020.
By 2020, global economy will be more digital and prohibitively competitive. So, emphasis should not just be on rising up on an economic scale rather Nigeria should be in a position of strong digital competitiveness. Itan believes that this can be done when we harness in a strategic way all our endowments with ICT.
Lets aim at putting all records, government data, (even research findings), services, school learning materials, processes on-line for more citizens to access. Lets be serious with legislation to enact laws that recognize electronic contents, cybersecurity, digital signature etc. Let there be more collaboration and consultations among stakeholders in all ramifications. Itan will continue to play its advocacy role in this regard. We would use our local and international know-how and connections to help fast-track the process. We would continue to push for more digitization of our processes to reduce bureaucracy and enthrone transparency. Of particular note is our strategy for creating jobs for our teeming (graduate) youths  and expanding the economy through process, people and technology improvement in organizations with a view of creating capacities and capabilities to benefit in the over US$300b IT/BPO markets for which India, China and Malaysia are at the forefront. In this regards, Itan entered into a strategic alliance with Messrs QAI, a renown global qualify and competency certification authority.
Nigeria’s Network Readiness Ranking
I believe we can get there noting what I have said earlier. You’re aware that there are a number of infrastructural interventions going on. Fibre networks are being laid all over the country, Glo 1 is on stream. Nitda software centres and IT/BPO competitiveness programme will begin to role this year hopefully. This would boost needed capacity and ocapability for Outsourcing and for computing education in our institutions of higher learning. You may also read my research article on ICT, leadership and national development on Itan URL and Techtrend blog. I would like to list key success factors for the attainment of vision 20 2020; outstanding political leadership, clear institutional framework for program implementation, effective coordination of various ICT projects,  effective and appropriate legislation to protect Intellectual Properties and promote digital access and direct support of the local IT industry. (this one is guarantee because all my toils for the past 3 years of my presidency in Itan is for all hands to be on deck to confront and kill the dragon of underdevelopment over Nigeria)
I also said that while our current GDP(PPP) is about US$ 330b with a Per capital of US$2,300 and 31.1% of services, we can actually attain a GDP (PPP) of more than US$1trillion in about 10years if our economy grows at double digits with 70+% optimal service economy, stable and transparent economy and peaceful Niger Delta.
So, with ICT and focused leadership, Nigeria will by 20 2020 be among the league of the 1st 20 biggest economies.
I.T Public-Private Institute and Role of Digital Institute
Digital Bridge Institute was an establishment of the Telecom Policy/Act with a clear mandate to build requisite capacities for the telecom industry. The Information Technology Public Private Institute proposed at the last ITPPF will be a non-governmental Public/Private entity. It would become the platform for continuous networking and exchange of critical information by public (Federal/States/local government) and private IT administrators and institutions. It would engage PhD holder researchers in all fields of ICTs and others relevant fields with the focus of harnessing all products of ICT research and providing blue-prints for local content development and commercialization for the expected Digital Nigeria 2020. I favour this model which would be like the Nigeria Internet Registration Association (NIRA) structure which is a balance management devoid of rancor for the management and promotion of the Nigeria TLD. Funding for this Institute can be through grants from key stakeholders in the Public and the Private sector. Example of such Public/Private success stories is the Institute for Information Industry (III) in Taiwan that continues to be impartial, forthright and dynamic with regard to charting the continuous cutting edge innovation and technology driven economy of Taiwan
Taking Advantage of Digital Age
The process of building the infrastructure is on and we only hope that it is fast-tracked and sustained with vigor, vision and sense of nationalism. As we all know, lack of reliable electric power is our main draw back because electricity is the live blood of any 21st Century economy. I’m hopeful that the presidency of President Jonathan will turn things around. Not just with share muscle that is government throwing money at it but focusing on sound policies that will empower states, groups and individuals to invest in power (like turbines, solar panels, hydroelectric etc) for their immediate constituency.
Preference for Expatriate Engineers
Indigenes that know their salt still get jobs. I would add that most indigenes should endeavour to engage global know-how and best practices. Indigenes that know more about local terrains are more adept to discharging jobs in our environment but they must know that employers for high stake jobs in BPO are interested in best practices and I mean global best practices. Through competency schemes with QAI mentioned above, it would be possible for so called local hands to get exposed to certain standards and thus get certified in those standards to meet industry and then global standards. It is only then that there would be a level playing ground. We need to know that without meeting up with global standards we would not enjoy economy of scale in IT/BPO sector for instance.
Challenges Facing Itan
There is no entity that doesn’t have challenges. In Itan, our challenges are opportunities to demonstrate our commitment to the upliftment of our people and our national image. To lift up our living standard and prepare us for the digital challenges ahead. A major challenge is funding. Most times, and as a mathematician, I have to apply my knowledge of linear equations to minimize cost of operations and at the same time maximize benefits to the association and its members. Another is building critical mass of committed members interested in contributing to the development of our society through selfless given of talent, time and resources to the common cause.
Nigeria’s Readiness to Becoming one of the Largest Economies in 2020
Currently we’re number 38 on the biggest economy table with a GDP (PPP) of about $330b according to 2009 edition of The Economist. Government is targeting at least number 20 position with GDP (PPP) of around US$900b by 2020. By allowing ICT to drive our processes alone our economy can expand by 100% in five years. I don’t see much difficulties attaining this target but my concern is that we might attain the target and yet our people are still in poverty because of digital gab. Our main vision therefore should be to provide opportunity for all Nigerians to compete in the completely new digital world by 2020.This was a major resolution of the ITPPF Declaration. You can get your copy on our url; www.itan.org.ng.

 


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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234Finance Moves to Boost Economic Progress in South East

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In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


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