Nigeria to Construct $1 Billion ICT Company to Augment Technology Sphere

In a significant development, the Nigerian Federal Government has declared plans to establish a $1 billion Information and Communication Technology (ICT) company. The goal of this endeavor is to bolster the technological progression in Nigeria, as announced by the Minister of Communication.

Communications Minister, Barrister Adebayo Shittu, made the landmark announcement during a lecture at the University of Ibadan. The Federal Government’s commitment is to enhance the Information and Technology sector in a bid to curtail the annual $1.5 trillion spent by Nigerians on overseas education. Punch Nigeria reported that this statement was disclosed to their correspondent by Mr. Victor Oluwadamilare, the Communication Minister’s Special Assistant on Media.

Shittu elaborated, “I have been thoroughly engaged with numerous global stakeholders, including influential players such as Facebook, Motorola, and Ericsson. The discussion is ongoing with even more interested parties. The intention is to urge these entities to adopt respective university campuses as their own. It brings me immense pleasure to report that this project is already gaining a massive global endorsement. The committee dedicated to this monumental task is relentlessly working on materializing this objective.”

“The final report has been submitted. Soon, the appointment of a vice-chancellor, along with other senior officials, will be disclosed,” continued Shittu.

The initiated project, leveraging ICT, is anticipated to drastically decrease the staggering unemployment rates, according to the minister. Establishing the proposed ICT University will not only develop local capacity but it will also diminish the previously incessant need for foreign currency to finance overseas education for Nigerian citizens. According to Shittu, this factor has escalated the devaluation of the Nigerian naira.

“We already have the Digital Bridge Institute, dedicated to providing short-term training programs across six locations in the country. As a part of the upcoming transformations, we are planning to convert this institute into the ICT University of Nigeria,” added Shittu.

The proposed university, slated for launch in September 2017, is set to function in a landmark partnership between the private sector and the Federal Government.

Along with this, another major focus of the Federal Government is to commercialize the country’s research findings, as revealed by the Science and Technology Minister, Dr. Ogbonnaya Onu. According to him, “This is of great significance to our nation. We have long relied heavily on importation to meet our needs. This approach is no longer acceptable. We must find effective mechanisms to ensure that our research findings are commercially viable.”

The ambitious plans aim to alleviate the strain on the country’s currency and reduce the demand for imported education, marking a significant shift in Nigeria’s journey towards self-reliance in the tech and education sector.

This technological leap by Nigeria sets an example for developing nations worldwide, pushing the boundaries of tomorrow’s digital space. As the nation welcomes this dramatic transformation, the world watches with anticipation as Nigeria steps into the bright light of ICT advancement.