Association aligns with FX policy to boost local content

The Association for Information and Communication Technology on Local Content (ICTLOCA) has backed the Central Bank of Nigeria (CBN) policies on foreign exchange.

ICTLOCA, which viewed these policies as a catalyst for accelerating the development of a robust local ICT industry, said they would promote domestic production and reduce reliance on imported goods.

Established in 2020, ICTLOCA is a non-profit organisation dedicated to fostering the growth and sustainability of the Nigerian ICT sector through local content development.

In a document co-signed by the President and Secretary, Gbolahan Awonuga and Adebunmi Akinbo respectively, the body said it viewed these policies as an opportunity to accelerate the development of a robust local ICT industry.

Some of ICTLOCA’s initiatives in support of the CBN’s forex policy include advocating for increased government funding: Lobbying for increased budgetary allocation to support local ICT research and development, as well as the procurement of locally-made ICT solutions by government agencies; promoting local content standards: Collaborating with stakeholders to develop and implement clear and enforceable local content standards for the ICT sector; facilitating partnerships by connecting Nigerian ICT companies with international partners for technology transfer and joint ventures; developing talent pipelines by investing in programs that equip Nigerians with the technical skills and entrepreneurial mindset needed to succeed in the ICT sector.

The body noted that by supporting the CBN’s forex policy and promoting local content development, ICTLOCA has the potential to boost the Nigerian economy: A thriving local ICT industry can create jobs, attract investment, and contribute significantly to the country’s GDP; reduce dependence on imports by substituting imported ICT products and services with locally-made alternatives, Nigeria can save valuable foreign exchange reserves; enhance innovation with focus on local content can spur innovation and entrepreneurship within the Nigerian ICT sector and bridge the digital divide through increased access to affordable and locally relevant ICT solutions can empower Nigerians and bridge the digital divide.

Largely, ICTLOCA said its unwavering commitment to local content development and its alignment with the CBN’s forex policy positions the association as a key player in shaping the future of Nigeria’s digital landscape.

“In the coming month, headhunting will come to a climax as we inaugurate the National Working Group on Financial Technology to support and boost the innovative and creative platforms in the Nation’s Digital Ecosystem.

“By fostering collaboration, innovation, and capacity building, ICTLOCA is contributing significantly to the growth and sustainability of the Nigerian economy, empowering Nigerians to thrive in the digital age,” the body stated.