News
Pantami Seeks Ministry of Digital Economy Across States
Professor Alli Isa Pantami, the Minister of Communications and Digital Economy, has urged state governments to create a ministry of digital economy in order to boost economic growth.
Pantami stated this in Ibadan, the Oyo State capital, yesterday, during a courtesy visit on Governor Seyi Makinde in appreciation of his decision to host the ongoing 10th National Council on Communication and Digital Economy in Ibadan.
The Minister, who was hosted at the Executive Council Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan, appreciated Governor Makinde for his support to the session and to encourage the state to establish a ministry of digital economy.
He affirmed that digital economy had contributed significantly to economic growth, job creation as well as increase in the revenue generation of the federation than any other sector and cannot be left under another ministry.
The minister who further said that Federal Government will implement key policies from the memorandum submitted after the 10th General meeting, revealed that Oyo Sate was selected in order to maintain the tradition of extending sense of belongings to every zones of the country.
“We have shown that the digital economy can greatly support the traditional economy. The contribution of the digital economy to the gross domestic product (GDP) of Nigeria and its role in making the economy resilient to adverse events like the COVID-19 pandemic are two good examples of the impact of the digital economy on the traditional economy.”
“It is quite important because our nation Nigeria is at a point where it is evolving into one of the nations that will in the next couple of years be regarded as one of the leading digital economies in the world.”
“This is the desire of the Ministry and President Muhammadu Buhari that all agencies under the Ministry of Communications and Digital Economy, private sector and stakeholder companies are working towards Nigeria’s digital Economy.”
“Science, Technology and Innovation (STI) are seen as the main enablers of realising some, if not all, of SDGs such as ending hunger through Agrictech, no poverty through ICT, good health among others,” he said.
Responding, Governor Seyi Makinde, who was represented by the Secretary to the State Government, Mrs Olubamiwo Adeosun, disclosed that his administration understood that ICT was critical to the progress and impact it desired to make since its inception in 2019.
He revealed that his administration was aware that investing in digital economy was important to expanding the state’s economy, which is one of its strategic points, and had put policies and framework on ICT in place by digitising all processes in the state.
Makinde affirmed that his administration would take note of what could be done about creating a ministry of digital economy, as requested by the minister, because it is clear that ICT is the future.
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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