ICT can generate $150m annual revenue – Zinox boss

ICT can generate $150m annual revenue – Zinox boss

 

Chairman of Zinox Group, Leo Stan Ekeh

 

Chairman of Zinox Group, Leo Stan Ekeh, in this interview, stressed the need for the Federal Government to leverage on the limitless opportunities in the ICT sub-sector in its economic diversification. He said the sector, which has about $150million annual revenue potentials, could also provide jobs for 45million Nigerians.

You are one of those who firmly believe in the role of ICT as a game-changer in a nation’s economic development. Can you share your vision  on this?

That’s correct. I have always told anyone who cared to listen that the way to go when it comes to taking Nigeria to the level of development we so urgently crave is by building a knowledge-based economy.
In this 21st century, no one has a poor business, especially considering the proliferation of Information and Communication Technology tools and the internet, which has put the world at everyone’s finger-tips.
Today, you no longer have to physically leave your environment to gain access to formal education. With a computer and access to the internet, a variety of degrees can be acquired at your convenience. So is access to new information on business intelligence, ideas and concepts, which could radically change one’s circumstances. 

Information is power, and it is at everyone’s disposal at the speed of light these days. So why do we still have a nation being classified as a Third World or developing country? 

 
Many years ago, I had realised that the power to liberate millions of our youths lay in the internet and associated technologies; hence the decision behind our “Computerised Nigeria” project, which we launched in 2001. The idea is to provide affordable access to ICT tools and processes which, among other things, promoted the digital re-tooling of individuals, institutions and corporate entities, as well as the launch of the first computer ownership scheme in Nigeria.
Imagine every Nigerian being able to own a computer, with which he or she can access the internet and avail themselves of the huge well of information and intelligence. Before long, you would have built a knowledge-based economy of highly literate and sound-thinking people who can stand on their own and take meaningful decisions in business and life, which will undoubtedly rub off on the nation’s fortunes.
Understandably, all these will have to go hand-in-hand with improved access to education, which is the foundational basis for every developed economy.

What is the next big sector for employment?
I have been saying it in the last 20 years. It is technology, technology and technology. If past administrations invested heavily in this sector, the ICT would be earning more revenue than oil, with solid hopes of prosperity for the majority, mostly for those from poor homes who have the brain power.
Do we expect miracles from oil? The answer is no. Global statistics has shown credible trend in countries resolving their employment challenges through structured investment in the ICT sector.
Is it that our leaders and their advisers are too blind to see future measureable wealth? The Devices, Software, Solution and E-commerce sectors could employ well over 45 million Nigerians with solid future, and could bring a minimum revenue of $150billion every year.
I am not sure what we are still waiting for to save this nation. Is it not a shame that we are all waiting for oil prices to move up for the nation to survive? We are ignoring what we have control of and putting all our hopes on nature in this 21st century.

What can be done to improve access to education, especially considering the obvious linkage to building the knowledge-based economy you have advocated?
Education is the bedrock of development, as you have rightly mentioned. While I commend the efforts of previous administrations, it is worth stating that more needs to be done to raise the dwindling standards. Contemporary realities make it evidently imperative for the government to beam its focus on the education sector as a matter of urgency, and the time is now.
The recent budget presentation made by the president, which saw an increase in the allocation to education, thankfully seems to have taken into cognizance the need to urgently intervene in the sector. Nevertheless, while allocating 5.5 per cent of the budget, which amounts to N396 billion and represents the largest sectorial allocation, is a big step in the right direction, more still needs to be done in expanding access to formal education for millions of our youths.