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In Nigeria’s dynamic digital landscape, the Association for Information and Communication Technology on Local Content (ICTLOCA) has emerged as a formidable advocate for indigenous ICT solutions and a staunch supporter of the Central Bank of Nigeria’s (CBN) recent forex policies.
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According tp a joint statement signed by Gbolahan Awonuga (President) and
Adebunmi Akinbo (Secretary), ICTLOCA’s mission aligns with the CBN’s forex policy and its potential positive impact on the Nigerian economy.
Understanding ICTLOCA’s Mission
Founded in 2020, ICTLOCA is a non-profit organization dedicated to nurturing the growth and sustainability of Nigeria’s ICT sector through local content development. Bringing together stakeholders from various sectors including policymakers, industry leaders, academia, and entrepreneurs,
ICTLOCA focuses on initiatives that promote among others:
Indigenous Innovation: Encouraging the creation and adoption of locally-made ICT products and services.
Technology Transfer: Facilitating the transfer of knowledge and expertise from global players to Nigerian companies.
Capacity Building: Equipping Nigerians with the skills and resources necessary to excel in the digital economy.
Job Creation: Stimulating the emergence of employment opportunities within the ICT sector.
Alignment with CBN’s Forex Policy
The organisation said the recent forex policies by the CBN resonate strongly with its objectives at bolstering domestic production and reducing reliance on imports.
Viewing these policies as a catalyst for accelerating the development of a robust local ICT industry, ICTLOCA has undertaken several initiatives to support the CBN’s forex policy, including:
Advocating for Increased Government Funding: Pushing for higher budget allocations to support local ICT research, development, and procurement by government agencies.
Promoting Local Content Standards: Collaborating with stakeholders to establish and enforce clear local content standards within the ICT sector.
Facilitating Partnerships: Connecting Nigerian ICT firms with international collaborators for technology transfer and collaborative ventures.
Developing Talent Pipelines: Investing in programs designed to equip Nigerians with the technical skills and entrepreneurial spirit needed to thrive in the ICT sector.
Potential Impact
Through its commitment to local content development and support for the CBN’s forex policy, ICTLOCA stands to make a significant impact in various ways. These include:
Economic Boost: A flourishing local ICT industry can generate employment, attract investments, and substantially contribute to Nigeria’s GDP.
Reduced Import Dependence: Substituting imported ICT goods and services with locally-produced alternatives can conserve valuable foreign exchange reserves.
Enhanced Innovation: Prioritizing local content can ignite innovation and entrepreneurship within Nigeria’s ICT sector.
Digital Divide Reduction: Increased access to affordable and locally-relevant ICT solutions can empower Nigerians and bridge the digital gap.
Conclusion:
ICTLOCA’s steadfast commitment to local content development and its alignment with the CBN’s forex policy position the association as a pivotal player in shaping Nigeria’s digital future, it stated,
Adding: With the upcoming inauguration of the National Working Group on Financial Technology aimed at bolstering innovative platforms in the nation’s digital ecosystem, ICTLOCA is poised to foster collaboration, innovation, and capacity building, thus driving sustainable growth and prosperity in the Nigerian economy.
