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Business

Nigerian IT start-ups can generate $30 billion in 10 years – NITDA DG

NITDA’s DG has declared that Information Technology start-ups in Nigeria can generate $30 billion in 10 years.

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Nigerian Information Technology start-ups can generate $30 billion in 10 years, according to the Director-General of the Nigeria Information and Technology Development Agency (NITDA), Mr. Kashifu Abdullahi.

He made the comment during the Africa Investment Forum, at the ongoing Gulf Innovation and Technology Exhibition (GITEX) 2020, taking place at the Dubai World Trade Centre (DWTC), United Arab Emirates.

READ: Nigeria to generate $6 billion through Blockchain by 2030-NITDA

What DG, NITDA is saying

Mr. Kashifu Abdullahi, in his speech at the event said:

  • “With the enabling environment the Nigeria government is creating, the Nigerian IT start-up ecosystem is capable of generating $30 billion by 2030, depending on the ability of Nigerian innovators to harness the power of the internet.”

READ: GITEX 2020: Nigeria receives $50m Start-up investment – Pantami

He described Nigeria as a country with great potential going by its economic size, which makes up 18% of Africa’s GDP.

  • “Africa, apart from China, has the opportunity to benefit from the new world we are creating. Our size and population is of advantage, because the world is shifting from the way we eat, the way we work, and the way we do things. This new normal is powered by technology and technology is derived by people. People that drive this technology migration are young people and Africa has the highest number of youth population in the world. It is also projected that by the year 2050, Africa will have 1 in 3 youths in this world.”

READ: Dollar Addiction: Nigerians spend over $35 billion on travel allowances

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This, he said, is a potential advantage for Africa that Nigeria needs to harness well in order to benefit from the new economy.

Mr Abdullahi added that three trends are shaping and creating the African economy – increase affordability and fast internet speed across the continent, start-ups to transform the business landscape and the general economy, and commitment to create the world’s largest single free trade area.

READ: ASUU strike: NANS threaten to shut down all private universities

  • “They come up with ground-breaking ideas, solving African challenges, especially in healthcare forums in remote locations in Africa, employment potentials for women as well as education among other numerous challenges.”

The DG said Africa has agreed to implement the Africa Continental Free Trade Area initiative, which will create the single largest market in the world. Nigeria, he said, has an advantage due to its location in Africa, as well as its large population.

What you should know

  • GITEX 2020 is a global tech show ongoing in Dubai since the 6th of December and will end 10th December.
  • This year’s show is the 40th edition of the tech show and plays host to 1,200+ innovative tech enterprises, start-ups and government entities from 60+ countries; 200+ of the most active investors and VCs from 30+ countries; and 350+ speakers from 30 countries live on-stage, delivering 280+ hours of powerful content.
  • NITDA offers full sponsorships for the winners of the top 10 Nigerian tech start-ups to attend the 40th edition of the GITEX technology show in Dubai.

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Business

CBN’s Emefiele vows to reject the continuous importation of maize in Nigeria

The CBN has said that it will oppose all attempts to continue the importation of maize into the country.

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Banks' stakeholders express 4 main concerns bothering the sector right now, CBN, MARKET UPDATE: CBN’s historic agriculture lending; Is it yielding the desired results? 

The Central Bank of Nigeria (CBN) has said that it will oppose all attempts to continue the importation of maize into the country.

This is geared towards encouraging local production as the apex bank believes that maize farmers in Nigeria have what it takes to close the maize demand gap of over 4.5 million metric tonnes in the country.

This was made known by the CBN Governor, Godwin Emefiele while speaking in Katsina on Thursday during the unveiling of the first maize pyramid and inauguration of the 2021 maize wet season farming under the CBN-Maize Association of Nigeria Anchor Borrowers’ Programme.

READ: Nigeria must eat what we produce, agriculture is the way out – Buhari

Emefiele said, “With over 50,000 bags of maize available on this ground, and others aggregated across the country, maize farmers are sending a resounding message that we can grow enough maize to meet the country’s demand.’

He explained that the maize unveiled at the ceremony would be sold to reputable feed processors adding that this would in turn impact positively on current poultry feed prices, as over 60% of maize produced in the country were used for producing poultry feed.

Emefiele said that the apex bank was ready to provide support to the youths that are willing to engage in agriculture and encouraged them to embrace agriculture.

READ: Nigeria secures $1.2 billion loan from Brazil for agriculture modernization

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Speaking at the event, the Katsina State Governor, Bello Masari, said the state had suffered a setback in agriculture as over 60,000 hectares of farmlands were uncultivated due to insurgency, which hindered farmers from gaining access to their means of livelihood.

On his part, President Muhammadu Buhari, who was represented by the Kebbi State Governor, Atiku Bagudu, while unveiling the pyramids, reassured the farmers, processors and other value chain participants, of the support of government towards ensuring that they perform optimally.

What you should know

It can be recalled that in July 2020, the CBN included maize importation to its list of 41 items banned from assessing forex at the official market as it directed all banks/authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.

The apex bank in its circular said that this measure is aimed at increasing local production of the commodity, stimulating a rapid economic recovery, safeguarding rural livelihoods and increasing jobs.

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Business

FG releases N29.1 billion advance for deployment of Covid-19 vaccines

The FG has announced the release of N29.1 billion to the NPHCDA as an advance for the operational cost of deployment of the Covid-19 vaccines.

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Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister

The Federal Government has announced the release of N29.1 billion to the National Primary Health Development Agency (NPHCDA) as an advance for the operational cost of deployment of the Covid-19 vaccines.

This is as the government has expressed its commitment to procuring 29.588 million doses of the Johnson & Johnson vaccine through the AVAT initiative, coordinated by AFREXIMBank,

This disclosure was made by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed while speaking at ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar on Friday.

What the Minister of Finance, Budget and National Planning is saying

Ahmed in her statement said, “Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

“Already, the sum of N29.1bn has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1bn represents about 52 percent of the amount required over 2021-22”, she said.

Mrs Ahmed stated at the 18th General Assembly of CABRI that the World Bank has indicated willingness to provide needed facilities in support of the country’s Covid-19 vaccination plan.

Considering key elements of Nigeria’s vaccine financing strategy, she said that the government is working on a supplementary budget to provide for the cost of vaccine procurement and delivery

She said, “The Federal Ministry of Health plans to vaccinate 70 per cent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years.”

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She noted that the nation has received commitments from COVAX for Covid-19 vaccines that could cover 43.1 million of the eligible population, as donations from some development partners.

On the impact of the Covid-19 pandemic and the oil price crash on the Nigerian economy, she noted that prior to the pandemic, implementation of the Economic Recovery and Growth Plan 2017-20, prudent resource management and fiscal policy implementation had resulted in 11 consecutive quarters of GDP growth, with GDP growth rising from 1.91% in 2018 to 2.27% in 2019.

Mrs Ahmed also noted that “the government had begun the process of moving our economy away from its primary dependence on oil for revenues and foreign exchange, and we’re making steady gains in addressing infrastructure and human capital challenges.”

 

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