Nigeria to spend N120bn in 3 years importing technologies

(FILES) File photo dated September 11, 2013 shows the logo of the social networking website 'Twitter' displayed on a computer screen in London. The San Francisco company Twitter announced on September 12, 2013, in a tweet, that it has submitted papers for a stock offering, the most hotly anticipated in the tech sector since Facebook's last year. "We've confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale," the company tweeted. Talk of an initial public offering (IPO) has circulated about Twitter for some time, and the Wall Street Journal estimated the company founded in 2006 is worth some $10 billion. Twitter has become one of the fastest-growing and most influential social media services, used widely by celebrities, journalists, politicians and others. AFP PHOTO / LEON NEAL (Photo credit should read LEON NEAL/AFP/Getty Images)

Nigeria will spend N120 billion within the next three years importing foreign technologies for use in the local economy, Isa Pantami, director-general, National Information Technology Development Agency (NITDA), says.

“It is a collective responsibility to promote our IT local content and discourage the use of foreign technologies to boost the strength of naira,” Pantami said, saying, “Our president is behind any project that is of national interest and of great benefit to Nigerians.”

Pantami made this projection when the management team of National Office for Technology Acquisition and Promotion (NOTAP) paid a working visit to the Agency’s office in Abuja to partner NITDA on IT regulation in the country.

Nigeria’s dependence on foreign technologies including software applications results in huge losses for the economy, leading to capital flight.

According to the National Bureau of Statistics third quarter 2016 foreign trade report, the total value of Nigeria’s merchandise trade stood at N4.7 billion. Exports stood at N2.3 billion, while imports rose to N2.4 billion deficit trade balance of N104 billion.

An examination of the top products shows that Nigerian’s export trade consists of 97 percent mineral products, especially crude oil, while machinery and appliances got a significant chunk of imports nearly 41 percent, involving finished goods where advanced technologies have been applied such machinery, allied products, plastic, rubber and base metals.

He further revealed that NITDA established the Office of Nigerian Content in Information Technology (ONC), a semi-autonomous organisation charged with a mandate to develop, promote and monitor local content technologies in Nigeria.

DanAzumi Ibrahim, director-general, NOTAP, said NOTAP’s major mandate was to regulate the inflow of foreign technology into Nigeria.

Ibrahim bemoaned the volume of money leaving the country in form of capital flight,” NOTAP through Evaluation, Registration of Technology Transfer Agreement has saved the country N182 billion.

The visit resulted in the setting up of a committee with members selected from both organisations to closely work together and come up with recommendations on how to further reduce the dependency on foreign technologies.

ISAAC ANYAOGU

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