• Wed. Nov 13th, 2024

Stakeholders Call For Strengthened Digital Infrastructure At FIBOP Workshop

L-R: Deputy President, Maritime Workers Union of Nigeria, (MWUN) , Comrade Boniface Udoh; Chairman, Vindi Petroleum, Mr. Victor Kalu; President, Finance and Business Online Publishers (FiBOP), Mr. Charles Onwuatogwu ; representative of the CG Nigeria Customs, Comptroller Dera Nnadi ad the Deputy Secretary General, MWUN, Comrade Oniha Erazua

The Financial and Infrastructure Business Operations Partnership (FIBOP) Workshop, held from October 18 to 20 at Orchid Hotels in Lekki, Lagos, drew a diverse range of stakeholders from banking, maritime, oil and gas sectors, as well as the Nigeria Customs Service (NCS). Themed “Digital Innovation: Deepening Infrastructure for Efficient Financial Ecosystem,” the workshop emphasized the need for a robust digital framework to drive financial inclusion, economic growth, and trade efficiency.

Participants outlined a series of strategic recommendations aimed at transforming Nigeria’s financial and trade infrastructure. Chief among these was a call for a homegrown financial infrastructure designed to integrate the informal sector, valued at approximately N36 trillion, into the national economy. To bolster financial inclusion, stakeholders urged the government to ease access to credit for informal sector participants by reducing loan costs, potentially expanding internally generated revenue.

Given the strategic location of Nigerian ports along the Atlantic Ocean, participants suggested significant investments in hydro and gas energy to power these facilities. By tapping into water resources, they argued, Nigeria could achieve energy independence for its ports and surrounding areas, potentially reducing operating costs and enhancing overall port efficiency.

The modernization of customs processes through digital solutions was identified as pivotal for improving trade and revenue collection. Stakeholders advocated for the integration of all actors within a single e-customs platform, as well as the continuation of the Authorised Economic Operators (AEO) program in alignment with the World Customs Organization’s SAFE Framework. Such measures would not only secure the supply chain but also help minimize leakages from smuggling and underreporting.

Stakeholders highlighted the role of public-private partnerships in reducing the financial burden of digital infrastructure development. Leveraging these partnerships would allow Nigeria to access advanced technologies and specialized expertise without straining the national budget. Additionally, participants flagged cybersecurity as a critical area, urging that measures be taken to mitigate risks and sustain progress on digitization initiatives.

The workshop underscored the importance of a people-centric approach to digital infrastructure, recommending that needs assessments be conducted to ensure that financial systems cater to the public’s requirements. Participants also called for the establishment of a dedicated study group within Nigeria’s ICT sector to monitor technological needs and ensure that solutions align with local demand.

On the issue of digital reliability, stakeholders appealed to the government, through the Nigerian Communications Commission (NCC), to prioritize network uptime. They noted that system downtimes often disrupt transactions, urging the adoption of backup systems similar to those in countries with higher network resilience.

The FIBOP workshop concluded with a consensus that a unified, modernized digital infrastructure is essential for sustaining Nigeria’s economic growth. By fostering collaboration between government agencies, financial institutions, and industry stakeholders, Nigeria can achieve a more inclusive, efficient, and secure financial ecosystem.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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