Money everywhere for the National Nigeria Information Technologies Development Agency (NITDA) as banking benefits arrive: “The sharp increase in profits recorded by Nigerian banks in 2024 turns out to be more than shareholders – it quickly becomes a major boost for the country’s underfunded technological ecosystem.
According to an analysis of the audited results of six commercial banks, their collective contribution in Nigeria Information Technology Development Fund (NitDef) has climbed 57% in annual shift, reaching 34.3 billion nairas – the highest since the creation of the fund.
“These banks – Zenith Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Fidelity Bank, Stanbic IBTC Holdings and Wema Bank – have so far exceeded the total contribution of last year from the profitability of banks and the growth of the technological development fund managed by the National Technology Agency (NITDA).
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The rain of money was used for telecommunications operators. But telecommunications operators were weakened. Now the banks bring the goodies that we expect from Nitda to manage well. Among other things, NitDA must execute a model of correspondence funds where he explores the means to support the local technological ecosystem by co-investing with silver managers registered in Nigeria.
Why is it necessary? The Nigeria technological sector has lost significant momentum since the paralysis FX struck the nation in 2023. But if Nitda can say 10-15% with investors at the start of Nigeria, it can further stimulate the ecosystem. In other words, if a startup needs $ 100,000, NitDA can contribute $ 10,000 provided that the funds approved by the SEC have contributed to $ 90,000.
(Tekedia Capital will not be eligible for our American Fund, and cannot be eligible for any counterpart funds, before thinking that I do for something that will benefit Tekedia Capital. We do not work in partnership with governments in a form or way.
The profit of the profit of Nigerian Nigerian banks technological development while NitDef’s contributions have reached a record N34.3 billion
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