" ITREALMS: ICTLOCA: Championing Local Content and Supporting CBN's Forex Policy - ITREALMS

Friday, April 05, 2024

ICTLOCA: Championing Local Content and Supporting CBN's Forex Policy - ITREALMS

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The Association for Information and Communication Technology on Local Content (ICTLOCA) has emerged as a prominent voice in Nigeria's digital landscape, advocating for the promotion and development of indigenous ICT solutions and supporting the Central Bank of Nigeria's (CBN) recent forex policies. This article delves into ICTLOCA's mission, its initiatives in line with the CBN's forex policy, and its potential impact on the Nigerian economy.

ICTLOCA: Championing Local Content and Supporting CBN's Forex Policy - ITREALMS
Understanding ICTLOCA's Mission:

Established in 2020, ICTLOCA is a non-profit organization dedicated to fostering the growth and sustainability of the Nigerian ICT sector through local content development. The association brings together stakeholders across the ICT ecosystem, including policymakers, industry leaders, academia, and entrepreneurs, to collaborate on initiatives that promote:

✓ Indigenous innovation: Encouraging the development and adoption of locally-made ICT products and services.

✓ Technology transfer: Facilitating the transfer of knowledge and expertise from international players to Nigerian companies.

✓ Capacity building: Equipping Nigerians with the skills and resources needed to thrive in the digital economy.

✓ Job creation: Stimulating the creation of employment opportunities within the ICT sector.

Alignment with CBN's Forex Policy:

The CBN's recent forex policies, aimed at promoting domestic production and reducing reliance on imported goods, have resonated with ICTLOCA's objectives. The association views these policies as an opportunity to accelerate the development of a robust local ICT industry. Some of ICTLOCA's initiatives in support of the CBN's forex policy include:

✓ Advocating for increased government funding: Lobbying for increased budgetary allocation to support local ICT research and development, as well as the procurement of locally-made ICT solutions by government agencies.

✓ Promoting local content standards: Collaborating with stakeholders to develop and implement clear and enforceable local content standards for the ICT sector.

✓ Facilitating partnerships: Connecting Nigerian ICT companies with international partners for technology transfer and joint ventures.

✓ Developing talent pipelines: Investing in programs that equip Nigerians with the technical skills and entrepreneurial mindset needed to succeed in the ICT sector.

Potential Impact:

By supporting the CBN's forex policy and promoting local content development, ICTLOCA has the potential to:

✓ Boost the Nigerian economy: A thriving local ICT industry can create jobs, attract investment, and contribute significantly to the country's GDP.

✓ Reduce dependence on imports: By substituting imported ICT products and services with locally-made alternatives, Nigeria can save valuable foreign exchange reserves.

✓ Enhance innovation: A focus on local content can spur innovation and entrepreneurship within the Nigerian ICT sector.

✓ Bridge the digital divide: Increased access to affordable and locally relevant ICT solutions can empower Nigerians and bridge the digital divide.


ICTLOCA's unwavering commitment to local content development and its alignment with the CBN's forex policy positions the association as a key player in shaping the future of Nigeria's digital landscape. In the coming month, headhunting will come to a climax as we inaugurate the National Working Group on Financial Technology to support and boost the innovative and creative platforms in the Nation's Digital Ecosystem.

By fostering collaboration, innovation, and capacity building, ICTLOCA is contributing significantly to the growth and sustainability of the Nigerian economy, empowering Nigerians to thrive in the digital age.

*Contributed by Gbolahan Awonuga, President and Akinbo Adebunmi, Secretary at ICTLOCA.

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