The management of CBO capital, a leading Private Equity and Financial Advisory firm, on Monday, supported the official inauguration of the Office for Nigerian Content Development, in a bid to encourage the growth of Nigerian content in the information technology and communications space.
The ONC is a development focused, Special Purpose Vehicle (SPV) of the National Information Technology Development Agency (NITDA) under the auspices of the Federal Ministry of Communications Technology.
The event, which also served as the official inauguration of the ONC Advisory Board, was formally declared open by Dr (Mrs) Omobola Johnson, minister for Communication Technology.
According to her, “The ICT sector is the fastest growing sector in the Nigerian economy, contributing about 8% to the country’s GDP. We are committed to making Nigeria the ICT hub for Africa by encouraging the growth and development of indigenous I.T companies.”
Speaking further, she said: “Nigerian content is not just about setting up indigenous companies; it is ensuring that these companies add value and help develop the necessary skills that would place the country on the world map.”
In his special Keynote presentation, Ernest Nwapa, executive secretary, Nigerian Content Development and Monitoring Board (NCDMB), said: “We have set the ball rolling for local content in the oil and gas sector; and we are confident that other sectors, particularly, the ICT sector will follow. We must continue to create opportunities for young, indigenous minds to participate in the industry, because promoting local content encourages indigenous participation and development.”
Commenting on why CBO’s decision to support the inauguration, Bex Nwawudu, director CBO Capital partners said: “We are actively committed to supporting local content in the IT and technology space. We believe that the ONC programme will be implemented rigorously and in turn, be catalytic to the growth of technology in Nigeria. Through this, indigenous and sustainable solutions will be provided through technology for health, commerce and social enterprise.
“One of our core goals is to raise a new generation of IT entrepreneurs and solution providers, who can actively compete with the Macrk Zuckerbergs and Bill Gates of this world. Our objective is to put Nigerian requirements and Nigerian content at the forefront of the technology agenda, and to ensure that we develop such capabilities across board”.
Meanwhile, the ComTech Minister listed part of ONC’s responsibilities to include the developing an indigenous ICT industry which would make a double-digit contribution to Nigeria’s GDP.
Part of the strategy is to ensure that Nigerian ICT companies participate significantly in all segments of the ICT value chain.
The program aims to boost growth in key ICT economic clusters through the injection of intellectual and industrial capital into ICT industry.
CBO Capital is a leading Investment and Project development firm based in Lagos, Nigeria.
It was established with the aim of servicing and supporting business growth in Africa.
Its Asset Management subsidiary, CBO Investment Management (CBO IM) is currently raising a $200m Private Equity Fund, for investment across the West African region.