Countries worldwide are realising the crucial role the tech industry plays in facilitating and accelerating socio-economic development. Hence, its very important that countries put in place key policies that would revolutionise the tech ecosystem.
With Nigeria’s presidential election just around the corner, one popular candidate vying for the coveted position is Prof. Moghalu Kingsley of the Young Progressives Party (YPP).
Kingsley Moghalu is a political economist, lawyer, former United Nations official, former deputy governor of the Central Bank of Nigeria and professor of International Business and Public Policy at the Fletcher School of Law and Diplomacy, Tufts… https://t.co/HNiZXQL3Cr pic.twitter.com/4QWSpDpeYd
— BusinessDay (@BusinessDayNg) November 26, 2018
The former CBN governor who isn’t contesting under any of the two top parties in the country has garnered attention and support most especially from social media users. The YPP flagbearer recently unveiled his manifesto, where he spelt out in details how he plans to carry out his “B.I.G (Build, Innovate and Grow) vision” for Nigeria if elected into office.
Based on that, we have decided to take a look at his “BIG Vision” as it concerns the tech industry and how it could make an impact on the technology sector of the country.
I have written out my vision in my book. Nigerians need to see beyond the empty promises and the cluelessness of these recycled politicians. We owe it to ourselves to demand for something different and better.https://t.co/Y5W3baNyD0
— Kingsley Moghalu (@MoghaluKingsley) November 20, 2018
For one, Moghalu’s manifesto does not really have a “tech focus” clearly spelt out, but it’s not without a few important policies that could produce results and impact the tech ecosystem.
According to his manifesto, Moghalu hopes to “Create millions of jobs within a four to five-year period, establish a public-private partnership venture capital fund to support job-creation through access to entrepreneurship capital (N500bn+).”
This might seem like good news for the tech industry. A policy like this could go a long way in supporting homegrown tech infrastructure since there would be an availability of capital funds. And since it would run on a “for-profit basis as a private company, I expect it to run with private sector partners including the VC firms and finance funds like the AFDB, Proparco, e.t.c. This could in turn increase the interest of VC firms in setting up shops in Nigeria.
It is critical to begin to hold talks about an economy that is less dependent on oil. As president, I will ensure that I introduce an economic vision that is based on an economic philosophy. #HandshakeAcrossNigeria2018 #Nigeria2019 #Nigeria #PoliticsLive #ItIsTime pic.twitter.com/EWwXw2SH9z
— Kingsley Moghalu (@MoghaluKingsley) November 19, 2018
Prof. Kingsley Moghalu's idea of a N1trillion venture capital fund is what we need to fireup this economy. It is golden idea. I stand behind @MoghaluKingsley in 2019.
— Obinna Nwosu (@obi_Nwosu) November 12, 2018
There’s has been an unending cry for the fusion of STEM subjects in the Nigerian education system, and Moghalu might just be on to something with his plans. Mr Moghalu plans to “Design and implement a fundamental overhaul of Nigeria’s educational system to cut the system’s propensity to produce graduates with little or no employable skills.”
With a 70:30 ratio of applied technology skills to non technology subjects, this policy could see the younger generation pass through a reconfigured system that is better equipped to understand trends and acquire knowledge of the ever-evolving digital world.
I had a wonderful time delivering the Keynote Lecture on Restructuring and National Development in Nigeria at the University of Nigeria, Nsukka. More people see the necessity of restructuring Nigeria, and I am committed to delivering it. #ItIsTime pic.twitter.com/ViON190Ns9
— Kingsley Moghalu (@MoghaluKingsley) October 30, 2018
Finally, Moghalu’s manifesto proposes a plan to “follow the ownership trail of Nigeria’s estimated 140 million mobile telephone lines to bring operators in the informal economy in the tax net and the formal economy.” This policy could open up a world of possibilities from mobile money to mobile services.
The reality still is that if the government of Mr Moghalu could prioritize the mobile economy, it could unlock the much-needed flexibility and productivity advantages. This could ensure that startups get a role to play building out mobile services. And with this policy keen on increasing internal revenue through the monetisation of the mobile economy, I expect the government to lower entry barriers for tech innovators. This will allow the incorporation of technologies like artificial intelligence, virtual reality and the Internet of Things.
While Mr Moghalu’s vision might not be entirely tech focused, it still holds potential positive news for the tech industry.
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