Ict/Telecom
FG To Promote Framework On Tech Entrepreneurship -Minister
Minister of State, Federal Ministry of Industry Trade and Investment, Mrs Aisha Abubakar, says the Federal Government will continue to promote regulations and policy framework on tech entrepreneurship ecosystem.
The minister, who said this yesterday in Abuja at the launch of the ecosystem research paper, noted that the research will provide policymakers with the tools to manage and leverage on digital disruption.
Abubakar, who was represented by Mr Adewale Bakare, Director Industrial Development Department said, “we see the creativity and ingenuity of our Micro, Small and Medium Enterprises (MSMEs) and the enabling environment will make them thrive.
According to her, the research will provide policymakers with the tools to manage and leverage on digital disruption.
“We will use the report to provide solution, come out with policies to help promote and guide ICT entrepreneurs in Nigeria,” she said.
Also, Mrs Titi Akinsanmi, Google Policy and Government Relations Lead and the experts, told NAN that Nigerians has the potential to develop the tech entrepreneurship ecosystem but the framework and enabling environment is lacking.
Akinsanmi said that resilience among citizens, the steaming youthful population, harnessing market potential and the right framework will propel start-ups and the tech entrepreneurship ecosystem.
Akinsanmi said that the drive to help digital economy of Nigeria to succeed is dependent on the citizens.
According to her, the government needs to make policies that will allow Small and Medium Enterprises the ease of doing business so as to complement inputs from entrepreneurs.
Mr Mimshach Obioha, Programme Director Ventures Platform Foundation, said that the Nigerian tech ecosystem was still at its infancy and required huge support from all stakeholders.
Obioha said that the world had been powered by raw materials that needed to be transformed into assets to boost the economy of any nation.
He said that Nigeria with its large population and large resources with many entrepreneurs can transform the country and Africa.
According to him, oil as a source of revenue is obsolete and the country needs to create an alternative revenue generation channel, which technology can offer.
He further said that the tech entrepreneurship ecosystem if properly supported had the potential to create jobs.
Mr Bankole Oloruntoba, Managing Director Enspire Hub, said that ICT hubs should ensure they actively build on their capacity and programmes.
Oloruntoba added that the capacity of an ICT hub could launch it in its relevant space.
Mr Segun Araroini, a Partner of Value Minds, said ICT hubs could synergise by creating a virtual networking platform to develop the ecosystem.
Recall that Tech Entrepreneurship Ecosystems Research Paper by OC & C Strategy Consultants, Ventures Platform Foundation and Google was recently launched in Abuja.
Also, Mr Dikko Radda, Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said that the world was being technologically driven, saying that the government needed to do more to launch Nigeria in the ICT global space.
Radda further said the report findings and with support from private ICT institutions would enable the government to build the environment and ensure ICT start-ups and entrepreneurs development.
On his part, the Executive Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, said that poor infrastructure was the bane to the success of technology entrepreneurs.
Represented by Mr Henry Nkemadu, Director Policy Competition and Economic Analysis, Danbatta said that the commission was supporting ICT hubs, tertiary institutions that created hubs.
“NCC has done a lot to bridge the gap in ICT skills and we are supporting ICT hubs and tertiary institutions that have created ICT hubs.
“We realised that poor infrastructure is the bane of techprenuers taking root in the country and we are committed to ameliorating the situation,” he said.
Our source reports that the research discovered that financial capital, skilled talent, networks, market potential, culture, regulations and infrastructure had limited the progress of start-ups and ICT entrepreneurs.
The report, however, observed that the tech ecosystem had developed in Lagos and Abuja with unique networks of entrepreneurs while the government was also developing initiatives that will consider each state’s need.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter