News
TechDev 2016 Makes Case for ICT Hubs in States
Governments of South Eastern States have been urged to set structures and various incentives to encourage the private sector to invest in the establishment of ICT Hubs in the region.
The call to action was contained in the communique issued at the end of the maiden South East technology Development (TechDev) Summit in Enugu which drew some of the best brains in the information and communications technologies (ICT) sector.
According to the organisers, the essence of the summit is to create disruption in the South East and change Ndigbo perception on ICT starting from Enugu that has a rich academia base.
Dr. Ernest Ndukwe, chairman Open Media Group and chairman of the occasion, stated that the TechDev summit is a platform to accelerate technology development in the South East.
According to him, technology is at the bedrock of any economy and if Nigeria must join the league of advanced Nations, she must ramp up investments in technology and support tech start-ups to grow.
Rising from the summit, participants agreed that there was urgent need to excite and raise awareness to the potentials of ICT as an accelerator to economic development, wealth creation and youth employment/entrepreneurship
They also said there was need to revamp the educational curriculum from the primary to tertiary institutions in line with global reality to the skills required for the 21st century including critical thinking, problem-solving, research capability, collaborative work and effective communication.
The summit also urged state governments to provide incentives for the rapid and pervasive expansion of broadband in currently under-served regions through the massive investment in fibre infrastructure required
According to the delegates, in line with global trends, State Governments should consider Universal Access and Service for its citizens as part of their SDG goals and as a fundamental human right.
They also said that stakeholders in the South East: academia, students, Industry, should collaborate to accelerate the emergence of the Digital Economy in the South East and the diversification from the dependency on oil.
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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