Nigeria to curb $2billion technology capital flight

Like most technologically-developing countries, Nigeria’s technology sector has suffered from capital flight due to massive importation of technology.

Experts estimate that Nigeria loses as much as N720 billion annually – that translates to $2billion.

To end this trend, the National Information Technology Development Agency (NITDA) has decided to act.

NITDA’s Director-General, Dr Isa Pantami at the ongoing 37th Gulf Information Technology Exhibition (GITEX), holding at the Dubai World Trade Centre, United Arabs Emirates (UAE), said this move will truly catapult Nigeria into becoming one of the countries to be reckoned with on the global ICT map.

NITDA has realised the need to develop our ICT ecosystem, the indigenous IT companies and the start-ups by offering them an enabling environment in terms of policy and laws to operate.This is one of the ways Nigeria can adopt to curb annual two billion dollars (N720 billion) capital flight,” he said. “ These include promoting IT regulations in Nigeria, IT development and promotions, striking partnership on how to better secure Nigerian cyberspace and capacity building.”

The D-G said that NITDA was working to ensure that the annual estimated N37.8 billion wasted on frivolous ICT projects was curbed through enforcing NITDA Act.

He said that the Act stated that all MDAs must get clearance from NITDA for any IT project they wanted to embark upon to ensure those projects were implementable.