Nigeria still has its priorities wrong — the Comms minister wants to create an “ICT Development Bank”

Nigeria’s Minister of Communications, Adebayo Shittu, has announced that the Federal Government will soon establish a bank focused on the development of the information and communications technology industry.

I think it is a bad idea.

Why are you establishing a bank when things that could make that bank accomplish as much as it should (like broadband infrastructure and sound economic/financial policy), are not in place?

Shittu says the FG wants to establish this so-called “ICT bank” because regular banks cannot cater for the needs of operators in the ICT industry “because of the time it takes to develop ICT products and services,” Nigeria CommunicationsWeek reports.

Apart from the fact that that sounds extremely ignorant, it doesn’t make any sense either. If the financial institutions we have now can’t do the job, why not empower them? Why not create an enabling environment for them to have this capacity?

ALSO READ: FG hopes to create 2.5 million jobs in ICT by 2020

Shittu also talked about the government’s proposed ICT university adding that the Federal Executive Council (FEC) has approved plans for the institution.

In a country where a tertiary institution (LAUTECH) can be closed for 13 months (and counting), educational institution lack basic amenities and curricula remains largely outdated, an “ICT university” is the solution? I think not.

It is sad that the Buhari-led administration has failed to realise that a house cannot stand without its foundation. If the foundation needed for the success of the ICT industry (thinks like proper regulation, innovative policies, extensive investment, enabling business environment, infrastructure, amongst others) is not laid, we are just playing a fool’s game.

What do you think? Does Nigeria need an “ICT bank”? Does it need an ICT university? Let us know your thoughts in the comments section below.