The Finance and Business Online Publishers (FIBOP) has set a 14- point agenda for the Federal government and corporate Nigeria to deepen infrastructure for efficient Ecosystem.
The 14-point agenda was the highLight of FiBOP’s 2024 Annual Capacity Workshop held at Orchid Hotels Lekki Lagos
The workshop themed : Digital Innovation: Deepening Infrastructure for Efficient Financial Ecosystem drew participants from across Banking, Maritime,Oil and Gas,as well as the Nigeria Customs Service (NCS) .
Participants at the event in a14- point communique advised the government to facilitate home grown financial infrastructure that will bring in the estimated N36 trillion in the informal sector via policies that will accelerate financial inclusion.
They also tasked the government on addressing the problem of access to credit by the informal sector through reduction in the cost of credit in order to boost internally generated revenue.
Further more, the Nigerian ports and its environs, surrounded by the Atlantic Ocean was charged to think of how to make the initial huge investment in infrastructure to harness water resources to generate its own electricity through investment in hydro and gas energy to power the ports and its environs as well as integrate all stakeholders into one digital e-customs modernisation project platform to achieve more success.
Despite the importance of the NCS digitization process in enhancing the efficiency of trade , revenue generation and collection, It is important to note that participants emphasized the need for effective collaboration among the Ministry of Communication, digital technology, banks and other relevant government agencies to build improved digital infrastructure as a means of lowering costs and upgrading transactions efficiency in the banking sector.
It was also agreed that the Nigeria customs should sustain the authorised economic operators (AEO) programme in line with the world customs organization (WCO) SAFE FRAMEWORK of standards designed to enhance security in the supply chain while facilitating trade and reducing leakages caused by smuggling or underreporting.
Again, systems like NICIS II, it was agreed will streamline import and export documentation and ensure that duties are accessed real time, fast tracking clearance and simplifying payment processes.
While acknowledging the high cost of digital infrastructure, participants called for public -private partnership that will enhance NCS modernisation project to enable it leverage on cutting edge technologies and expertise without overburdening the national budget.
On cyber security challenges such as high costs and cyber security risks, the stakeholders said it must be carefully managed to sustain the gains achieved through these initiatives, insisting that infrastructure automation, they is key in import duty collection by minimising manual errors and reducing time delays.
The need for a home-grown financial infrastructure that pays attention to peoples’ needs by conducting people-needs assessment, can not be overemphasized. Participants maintained.
They called for the establishment of a study group in Nigeria’s ICT sector that will be responsible for researching and ascertaining the needs of Nigerians in the area of technology such that the needs of the people will be known and solutions provided.
Government through the Nigerian Communication commission was charged to redouble efforts to eliminate down time or reduce to the barest minimum the number of hours lost per downtime relative to countries with back up systems that bolster their network.