Experts in Nigeria’s information communication technology sector said government policies are not favorable to startup ecosystem and could place limitations in the development and growth of Nigeria’s digital economy.
Andrew Abu, Principal Consultant Central Soft Support Service, at the GSM @20 Awards and Gala celebration in Abuja condemned the N1 billion licensing fee placed by CBN on fintech solution, this he lamented places a limitation on the ecosystem as most startups can’t afford the fee
“There is currently a regulation for digital licensing from CBN and it has to do with Fintech solution. The license is over N1billion now, how many startups can afford a hundred million to get a license. Many startups have to partner with banks before their software can be accepted. What we want is an equal level playing ground; we are not competing with the bank, we are only coming out with innovations that make banking easier and cheaper for people.
“How do you solve financial inclusion such that remote villages are captured? It’s by creating software, now this software are created and CBN came up with the policies that we must provide N1billion before the software can be deployed. This is counterproductive to the digital economy that the government is driving” he explained.
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According to him, the ICT sector has the capability to take Nigeria out of poverty in a short time, hence the need for strategic positioning by ensuring effective communication and collaboration between the government and stakeholders in the sector
He said “The ministry of communications needs to collaborate with CBN to help them understand how this technology is more favorable to the people at the bottom of the pyramid, you can’t over-regulate innovation.
If you look at the case of crypto currency’s an emerging technology, we are lagging behind. We need to understand this technology, see the effect and what can be done by engaging experts, the practitioners this will help us know the part to invest or promote and the side to avoid” he concluded
In the same vein, Wunni Hassan, Chief Executive Officer, High Tech Center for Nigerian Women and youth in her remarks stressed the need for effective collaboration between the government and practitioners. Budget she emphasized should be done by the government on the advice of practitioners
“They are making budget for the sector and when players come to them for financing they come up with the excuses of not having a budget for the project or programs we are presenting. The government needs to communicate and collaborate with players in the sectors they oversee before making the budget. It’s not enough making budget you have to follow up on implementation and evaluation.” she said
Niram Onyekale Board member Digital bridge institute in his remarks emphasised the need to prioritise digital literacy in Nigeria. He said digital literacy should be enforced in the school system to aid Nigeria to stay competitive in the global market
“Digital literacy is the criteria for employment globally yet no institution of high learning in Nigeria offers this as a professional course, this makes Nigeria lack the strength to compete globally. We need the policy to drive digital literacy and emerging skills acquisition to help us align with the world standard
Nigeria is blessed with a population made up of 65% youth and when we talk about digital skills, it’s driven by the youth. We need to empower our youth with this skill. Local content is good but we can’t continue to train our youth in this manner” he concluded
