E-Business
eNigeria Delegates Decry N868bn Spent on Importation of Hardware, Software
Delegates at the just concluded 2017 eNigeria Conference and exhibition have expressed dismay that Nigeria spends a whooping sum of N868 billion ($2.8bn) annually on importation of hardware and software products and services annually.
This was revealed in a six page communiqué issued at the end of the three day annual ICT event held at the International conference Centre, Abuja and read by Dr. Collins Agu, the director of Corporate Planning and Strategies at NITDA.
The delegates expressed concern that such expenditure has led to capital flight and massive job loss in the country.
The communiqué also noted that the Nigerian economy is making digital transition which is evident from the sheer volume of online financial transactions in the country which stood at over N56 trillion in 2016, and 204 percent increase in internet transactions between 2014 and 2017 – from N5.41 billion to N16.45 billion.
The delegates further decried low patronage of Made-in-Nigeria ICT goods and services, which they said had resulted in considerable capital flight out of the country.
They described digital economy as an important enabler of economic growth since digital skills and technologies have the capacity to boost the productivity of every nation with such skills and technologies projected to contribute $2 trillion to the global economy by 2020.
The communiqué reads: ‘‘We are concerned that a whopping $2.8 billion is expended on the importation of hardware and software products and services annually to the country which had led to capital flight.
‘‘We also note that the Nigerian economy is making digital transition which is evident from the sheer volume of online financial transactions in the country which stood at over N56 trillion in 2016, and 204 percent increase in Internet transactions between 2014 and 2017 – from N5.41 billion to N16.45 billion.
‘‘Digital economy is an important enabler of economic growth since digital skills and technologies have the capacity to boost the productivity of every nation with such skills and technologies projected to contribute $2 trillion to the global economy by 2020;
‘‘We note all efforts of NITDA on local content development, infrastructural deployment, capacity building as well as creation and review of existing regulations for effective ICT sector in the country;
‘‘We equally note that in 2017, NITDA saved the sum of N2.5billion for the Federal Government of Nigeria through the IT Project Clearance initiative.
‘‘ICT deployment in Nigeria is growing at a very high rate thus positioning the country as one of the fastest growing economies in sub-Sahara Africa, with the sector contributing about 12.58 percent to the GDP in 2017.’’ Continuing, the communiqué noted: The importance of a thriving Local Content Policy through ability to develop a “home-grown” digital economy which is dependent upon the development of ICT-capacity of Nigerians,
‘‘The directive of the Federal Government of Nigeria for all Ministries, Department and Agencies (MDAs) to patronize “Made-in-Nigeria” Information Technology (IT) products and services.
‘‘That the digital economy comprises economic activities resulting from the billions of online connections leading to increase in revenue, empowerment of citizens, reduction in corruption and the creation of jobs.
‘‘The serious efforts of countries which experienced a high level economic growth through growing their digital economies.
‘‘The efforts of NITDA at collaborating with relevant government organisations such as the Bureau for Public Procurement (BPP); the Economic and Financial Crimes Commission (EFCC) and the Office of the Auditor-General of the Federation should be intensified to ensure that the certificates issued are used to assess the level of compliance of IT projects.
‘‘The giant strides made by NITDA in the development of Rulemaking Process aimed at stakeholders participation in the development of regulations, policies, and guidelines.’’
The theme of the 2017 eNigeria conference, ‘‘Fostering Digital Economy through Local Content Development and Effective Regulations’’, was predicated on three segments of using ICT to reduce unemployment, enhance national security and promote ICT local content development through effective regulations.
Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency (NITDA), has reaffirmed the importance of collaboration in advancing Nigeria’s digital transformation agenda.
L-R: Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency, with Brig. Gen., Abdulrahman Idris, team lead of the Senior Executive Course 46 2024, National Institute for Policy and Strategic Studies, Kuru, Jos during a strategic tour visit to the agency headquarters in Abuja.
Abdullahi disclosed this during a strategic engagement with participants of the 2024 Senior Executive Course 46 from the National Institute for Policy and Strategic Studies (NIPSS), a delegation led by Brigadier General Abdulrahman Idris.
Abdullahi emphasised that no organisation can achieve its goals in isolation, stressing the need for collaborative efforts to harness ideas, experiences and insights for national development. He highlighted the potential of collaboration between NITDA and NIPSS to leverage technology and digital innovation for driving economic growth, creating job opportunities and attracting foreign direct investment (FDI).
“At NITDA, we have re-imagined our social contract with Nigerians, focusing on improving service delivery and fostering the swift growth of the ICT sector,” said Abdullahi. He emphasised the agency’s commitment to serving Nigerians and outlined the strategic direction outlined in NITDA’s Strategic Roadmap and Action Plan (SRAP 2024-2027) 2.0. The SRAP is structured around eight pillars aimed at fostering digital literacy, building a robust technology research ecosystem, strengthening policy implementation, promoting inclusive access to digital infrastructure, enhancing cybersecurity, nurturing innovation and entrepreneurship, forging partnerships and cultivating a vibrant organisational culture.
The brigadier-general provided insights into NIPSS’s role as Nigeria’s foremost policy think-tank, tasked with developing top-class technocrats to drive national development initiatives. He highlighted NIPSS’s contributions to policy formulation and implementation over the years, emphasising the institution’s mandate to address issues of national interest, particularly in the digital economy sector.
The collaboration between NITDA and NIPSS underscores the importance of synergistic efforts in harnessing technology and innovation for national development. By leveraging each other’s expertise and resources, both organisations aim to drive economic growth, foster job creation, and position Nigeria as a leading player in the global digital economy.
Through strategic partnerships and collaborative initiatives, NITDA and NIPSS are poised to chart a path towards sustainable development, leveraging digital innovation as a catalyst for socioeconomic transformation and inclusive growth.
Ivorypay, a blockchain-based payment and remittance firm, has teamed with Tether, the stablecoin pioneer, to improve crypto-based transactions across Africa.
Tether is the business that developed the stablecoin, USDT, and with this agreement, it will mint and issue USDT straight to IvoryPay.
According to the partners, this agreement would provide more dependable and economical digital transaction choices to businesses and consumers across Africa.
Ivorypay will leverage Tether’s widespread acceptance to provide a buffer against the typically unpredictable nature of crypto-currencies, increasing user confidence in using digital currencies for daily transactions as well as cross-border transfers.
“Partnering with Tether is a strategic move that aligns perfectly with our vision of simplifying and securing crypto transactions across Africa,” said Oluwatobi Ajayi, CEO, IvoryPay.
He added: “It gives us easy access to the liquidity we need to cater to more businesses and individuals across the continent and to do that cheaper and faster than anybody else, which we believe will significantly enhance user trust and increase adoption rates across our platforms.”
“This strategic partnership between Ivorypay and Tether represents a transformative step for digital transactions across Africa,” said Aly Madhavji, managing partner of Blockchain Founders Fund.
“By incorporating USDT into their payment systems, IvoryPay aims to increase financial inclusion and streamline cross-border remittances, establishing a new standard for stability and efficiency in the region’s financial services We are thrilled to assist Ivorypay as they endeavour to create new opportunities for businesses and consumers across Africa.”
The Corporate Affairs Commission (CAC) has revoked the certificates of incorporation of NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited.
This revocation followed the discovery of an illegal transfer of N10 billion in restructuring funds released by the Federal Ministry of Finance to the agency’s subsidiaries.
The CAC, in a statement on Monday, said, “The General Public is hereby informed that the Commission, sequel to its powers contained in Section 41 (7) of the Companies and Allied Matters Act No. 3 of 2020, revoked the Certificates of incorporation of the below-mentioned companies because the same was improperly procured. These companies are:
“1. NIPOST Transport and Logistics Services Company Ltd RC 1673881 and 2. NIPOST Properties & Development Company Ltd RC 1673971.
“By virtue of these revocations, the Companies are deemed to be dissolved and their Assets and Liabilities transferred to the Nigeria Postal Services established under the Nigerian Postal Services Act Cap N127 LFN 2004.”
It was gathered that CAC records confirm that as of November 8, 2023, some top officials of BPE control significant shares in the subsidiaries.
Responding to these discoveries, the Senate passed a resolution on December 30, 2023, for a probe into the matter.
The resolution declared the NIPOST subsidiaries in question “irregular and illegal” and recommended their immediate winding-up and deregistration.
The Senate resolution goes beyond immediate action; it demanded a thorough investigation into the N10 billion voted by the Ministry of Finance for NIPOST’s restructuring and recapitalisation.
Should evidence of “injudicious utilisation” surface, the Senate said the committee responsible must recover the full amount.
In its resolution of December 30, 2023, the Red Chamber said it uncovered an alleged illegal transfer of Federal Government shares in two NIPOST subsidiaries to private individuals.
The discovered infractions sparked outrage, prompting the lawmakers to call for immediate action.
Some individuals in key positions within the Bureau of Public Enterprises (BPE) and NIPOST were listed as shareholders of the two NIPOST subsidiaries.
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