Zinox secures $25 million funding on roll out of digital hubs

Zinox Technologies has secured a $25 million counterpart funding, with which it seeks to roll a trio of digital hubs in Nigeria.

Besides, the firm said the new investment would enable it create employment and increase the share of contribution from the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP).

The firm said the digital hubs, one of which has commenced construction in Port Harcourt, the Rivers State capital will, among other things, create employment and empower thousands of digitally-minded Nigerian youths in search of the right platforms to develop their skills. Same with the one located in Abuja, which is nearing completion and all things being equal will become active by early 2017.

The company plans to install the digital plants and commence production shortly.

The Chairman of Zinox Group, Leo Stan Ekeh, disclosed all these in Lagos, when the Acting Director-General, National Information Technology Development Agency (NITDA), Dr. Vincent Olatunji as well as other executives of the agency paid an official working visit to the Zinox headquarters in Gbagada.

According to Ekeh, who stated that the $25 million was reposed in a trust, said the Nigerian economy is in dire need of an alternative to crude oil a role, which the ICT sector can effortlessly play in boosting the nation’s dwindling earnings. In the view of the Zinox boss, Nigeria has millions of young Nigerians of digital mindset with the potential to become dollar billionaires.

Referencing the case of Nigerian start-up and pioneer composite e-commerce outfit Yudala. which received little funding from investors and within one year is a leading e-commerce brand in Nigeria employing over 400 graduates.

Ekeh disclosed that their strength is not cash but knowledge of the business backed with strong front and back-end technologies.

Ekeh affirmed that thousands of such brilliant kids exist in the country, even as he urged the government to partner with technologically minded companies in unearthing them.