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What Nigerian Government Can Do to Help the Tech Ecosystem

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Nigeria is no doubt, a great country by all ramifications, based on the natural and human resources it is endowed with. Fact is, however, that it can achieve more greatness if it is serious about harnessing these natural and human resources to develop and enhance its tech ecosystem that can further enhance growth.

The roles that the Nigerian government could play to complement the selfless efforts of the other stakeholders in the tech ecosystem in order to make this happen are numerous.

I will, however, duel on only about four in this piece, that I feel are key, which are easy for the government to work on to help the situation.

One of the ways in which the Nigerian government can stimulate development of the tech ecosystem in Nigeria is to find a way of reducing the cost of tech gadgets and accessories necessary for the smooth operations in the ecosystem.

This is in the face of the high cost of these gadgets and accessories due to the high exchange rate of the Dollar to the Naira as most of these gadgets are not yet being manufactured here in Nigeria.

The truth is that these gadgets and accessories are way out of the reach of many young actors in the tech ecosystem as they are not financially capable. One of the ways that the government can help out here is in the area of the reduction of import duties for these tech gadgets and accessories or outright removal of import duties.

The government can also decide to subsidize the exchange rate of the Dollar and the Naira for the importation of the tech gadgets and accessories just like it did for those going on pilgrimages in the past, all in a bid to reduce the prices of the imported gadgets and accessories.

Another area where the government can quickly intervene to assist in the development of the tech ecosystem is in the rea of fast tracking the provision of the Broadband internet access in the ecosystem.

This is against the backdrop of the horrible, slow, breaking and annoying internet provision that we are currently witnessing in the ecosystem from some of the service providers.

The effects of these are the inability of the users of the internet to complete tasks on time, which can be frustrating and this also dovetails into high cost of their output.

Government should galvanize all its agencies that are working towards the achievement of the Broadband internet access such as the NCC, NITDA, etc., to work in synergy with the other stakeholders to speed up the realization of the Broadband internet access in the country to enhance the output in the Nigerian tech ecosystem.

Thirdly, one of the challenges facing the Startups in the tech ecosystem in Nigeria is the paucity of funds, especially, to enable them rent office premises and purchase all the needed equipment, furniture as well as services to help facilitate their activities.

To help in this regards, some Co-working spaces and Hubs are already available, especially in the Lagos and Abuja axis of the ecosystem where these Startups rents at affordable prices and share the facilities of such Hubs.

It is, however, still inadequate to serve the teaming youths that have joined the ecosystem. I was with Doyin Adewola, the Founder of one of the Co-working spaces in Abuja, Box Office, and he suggested that the government can help the tech ecosystem by turning many of the abandoned properties of the government as well as seized properties into Co-working spaces that these Startups can rent at affordable prices with shared facilities. I tend to agree with him and expect the government to look critically at that option to help the development in the tech ecosystem.

The fourth thing that the government can do to help the development of the tech ecosystem is to give the electricity Gencos and Discos that bought of the electricity assets of Nigeria the marching order to get their acts together and provide regular electricity to the populace, and by extension, the ecosystem.

They should be given a time frame with which to perform or exit the system forthwith, with the provision of prepaid meters to the users for fairness and equity.

No nation can grow any of its sectors effectively with the current epileptic supply of electricity because it breeds high cost of power through the use of expensive diesel to run generators as well as paying for electricity not used as the Discos will still bring an estimated electricity bill in spite of the fact that the electricity supply was epileptic.

I believe that, if the government can assist the tech ecosystem in these four areas, as a matter of urgency, there will be tremendous impact in the development of the Nigerian tech ecosystem.

CFA is the Founder, www.CFAtech.ng & Co-producer/Presenter,Tech Trends on Channels Television

 

 


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Coronation Report Reveals Key Role of Private Sector to Nigeria’s Infrastructure Funding

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The maiden edition of Coronation group infrastructure report has revealed that the private sector has a critical role to play in infrastructure funding in Nigeria.

The report stated that the key to private-sector infrastructure investment is for dealmakers to structure transactions that offer attractive returns combined with an acceptable degree of risk, the risk often being eased by agreements supplied by infrastructure investment vehicles such a Infracorp.

The report said that the investor base can play its part, providing liquidity as part of its own efforts to create long-term returns with low relationship with public markets.

The report noted that Nigeria’s future infrastructure development depends on private capital, including capital allocated to Public Private Partnership (PPP) ventures, given the huge amounts of money required and the inability of government to provide it.

The report explained that the record of the federal government in capital expenditure over several decades highlighted the need for increasing private-sector investment, adding that public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate.

The report said Public-private partnership differs from government capital expenditure in that it must pay for its capital, noting that it must attract private sector capital and therefore provide better returns than the risk-free returns of government debt.

According to the report, “Inflows of petro-dollars into government coffers did not translate into proportionately more being spent on capital expenditure, surely a missed opportunity. Still worse was to follow in the period 2011-2020 when the average level of public sector capital expenditure fell to 1.1 percent of Gross Domestic Product (GDP).”


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DLM Asset Management Set to Host Webinar to Discuss Financial Stability in Times of Economic Distress

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DLM Asset Management Limited, a subsidiary of DLM Capital Group, is hosting a webinar with the theme, “Maintaining financial stability in times of economic distress.” The much-awaited webinar, slated for Thursday, March 28, 2023, at 11 a.m., is going to cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future.

Hosted by industry experts, the webinar will delve into the following key topics and teach attendees:

  • How to adopt a proactive, knowledgeable, and adaptable approach to risk assessment and mitigation.
  • How to thrive in this present economy and remain financially resilient.
  • Financial planning and discipline

During its interactive Q&A session, attendees will have the opportunity to ask questions and learn more about the subsidiary’s services from the hosts and speakers of the webinar. This includes the DLM fixed income fund, which Nairametrics identified as one of the top-performing Nigerian mutual funds in 2023.

This webinar is designed for investment savvy individuals Income earners, institutional and corporate investors, high net worth individuals, and the mass retail market.

Interested parties can register for the webinar by using this link, which is currently active. Seize the opportunity to gain experience on insightful things and get ready for a rewarding encounter.

 


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Firm Canvasses Affordable Technology to Drive Business Efficiency

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Information Communication Technology (ICT) service provider, Thamani Consulting, has stressed the need to make technology much affordable so as to make businesses seamless and efficient.

Olubunmi Abegunde, Managing Partner of the company, averred that making technology access affordable would enhance its penetration and increase uptake of digital technologies to drive employment growth of more than 22 million Africans joining the workforce each year.

He explained that the organisation remained committed to empowering businesses to thrive in Nigeria’s dynamic environment, hence churns out innovative solutions to address business problems across disciplines.

“Leveraging 20 years of combined market experience executing successful IT Projects with local and multinational organisations, we aim to capitalise on this to improve strategic utilisation of technology in Africa and support capacity building through access to requisite information technology,” he said.

He explained further that the African region more than others need increased usage of digital technologies to level-up globally, noting that polices to drive low-end technology access must be prioritised.

“This is why we do not compromise the balance of quality, standard professionalism and yet affordability in the choice of solutions we offer to clients which include: SAP training and Implementations, Software Asset Management, Plant Maintenance Process Automation and Automation for manufacturing Industries, amongst others.”


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