News
FG Prioritizes Transforming Nigeria into A Hub for Talent, Innovation
Kashifu Inuwa, CCIE, the Director General, National Information Technology Development Agency (NITDA), has said the Federal Government is prioritising efforts to establish Nigeria as a leading hub for talent and innovation in Africa.
Inuwa said this at the closing ceremony of a five days digital literacy training for the Mainstream Rural Women Participation and Gender Techpreneurship and Provision of IT Tools for 60 participants organised by NITDA in Oyo town, Oyo state.
The NITDA DG, who was represented by the Ag. Director, Corporate Planning and Strategy, Dr Aristotle Onumo urged the participants to utilise the knowledge and skills the training offered them to build a career and a new future for themselves in the digital economy space.
He described the training programme as a means of “empowering the youths and stimulating the creativity in improving the studious skills of our young people so that they can play their critical roles in the digital economy space.”
“We also hope that all that you have learnt today will not stop here but you will become an advocate of the digital economy programmes by reaching out to your own people and teaching them what you have learnt,” he added.
The Director General of NITDA emphasised the importance of creating a supportive environment to maximize the benefits of the digital economy and technology for individuals and communities, including the agency’s beneficiaries.
The facilitator of the training and Chairman, House Committee on Communications, Honourable Prince Akeem Adeniyi Adeyemi commended the efforts of the Agency and its supervisory ministry, the Ministry of Communications and Digital Economy for ensuring that digital literacy is penetrating every nook and cranny of the country.
He said, “NITDA has been living to expectation by ensuring that the economy of this country is being driven not only by oil but by ICT.”
Hon. Adeyemi advised the youths to utilise this skill and knowledge the training offered them and ensure that the community also benefit from it.
“We shall not rest on our oars until critical mass of our youth benefitted from the digital literacy,” he added.
Participants at the five days training were equipped with a laptop, internet dongle and cash stipend for establishment of micro enterprises.
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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