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“Non-oil revenue: Nigeria has no choice but to invest in technology”

“Non-oil sector is beyond agriculture, solid minerals, etc. The rave of the time is technology. India has become the home of software in the world. Whether you are doing it in India or it is being done in America, MDs/senior executives of most big corporations in the world are Indians."


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MD/CEO of Heritage Bank, Ifie Sekibo

Nigeria must invest in technology if it must expand its non-oil sector and benefit from it, says Managing Director/Chief Executive of Heritage Bank, Ifie Sekibo.

Sekibo stated this while speaking at this year’s finance correspondents’ annual workshop which held in Lagos recently.

Represented by Divisional Head, Strategy and Business Solutions, Mr Segun Akanji, Sekibo said Nigeria needs to prioritise education in technology in order to reap its benefits as an integral part of the non-oil sector.

“Non-oil sector is beyond agriculture, solid minerals, etc. The rave of the time is technology. India has become the home of software in the world. Whether you are doing it in India or it is being done in America, MDs/senior executives of most big corporations in the world are Indians,” he said.

According to him, technology provides quick access to revenue and the government must encourage young people in the sector by providing funding.

Also, read UK To Invest N2.2 Billion In Lagos Co-Creation Hub PLANT Programme

“Do you think there is no Nigerian that can develop applications like Uber that will run in Nigeria much more successfully? There are many of them, but they need money. They can’t find funding. So, we need to look at how we fund technology.

“They are the cheapest to start out but if you have sustained technology and application, they are the best in terms of ease of access to revenue whether in dollars or in naira. Because if it is well done some big corporations will buy it. And the person who builds it will be encouraged to do more. We must fund them.

“We don’t have a choice as far technology applications are concerned, whether it is for property tech, agritech or fintech, insurtech whichever form of tech, we need to put young Nigerians there across our universities. Our young people must be productive with technology,” he said.

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