News
NCS Urges FG to Check Influx of Substandard IT Products
The Nigeria Computer Society (NCS) on Friday appealed to the Federal Government to help control the importation of substandard Information Technology (IT) products into the country.
Mr Jide Awe, chairman, Conferences’ Committee, Nigeria Computer Society (NCS), has said that substandard IT products could be a threat to the environment and people at large.
Awe urged the government to involve IT professionals, the Standards Organisation of Nigeria (SON) and the Nigeria Customs Service (NCS) officials to ensure control and reduction of substandard products entry into the country.
“Adequate measures have to be put in place at the entry ports to control influx of substandard IT products into Nigeria.
“Most of the gadgets imported from abroad are substandard products which can be dangerous to human and environment.
“Government should involve Information Technologists and professional bodies to guide and advise it during policy formulation.
“These IT experts can collaborate with the SON to ensure that sub-standard IT products are controlled to avoid hazards,” Awe said.
The NCS committee chairman said local manufacturers needed to be encouraged and given a conducive environment to produce, adding that this would increase local investors’ patronage.
Awe told NAN in Lagos that substandard IT products did not fit the stereotype of being long-lasting, saying that original items made things better, efficient and effective.
“If you are using substandard equipment, it cannot last long.
“Almost everybody makes use of IT equipment for several things because it is efficient and fast,” Awe added.
Also speaking, Mr Femi Efunsanya, an IT business owner and programmer, said substandard products were introduced into the country by businessmen who tried to cut corners to maximise profit.
Efunsanya said these businessmen did not consider the long and short time effects of sub-standard products.
He stressed that substandard products could be harmful to people and the environment, adding that people were usually unaware of its sub-standard quality so they purchased them.
“Most importers of IT products do not consider the negative effects of substandard products.
“All they are after is how to make more profit on a particular import,” the Mdot chairman said.
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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