SUCCOUR may be on the way for local Information and Technology entrepreneurs, as the Bank of Industry (BOI) has disclosed plans to create special funding window for the sector operators.The process, which is still at the approval-in-principle stage, according to the Managing Director of BOI, Ms. Evelyn Oputu, would ensure that operators are provided with the opportunity to boost the economy.Oputu, who gave this indication in Lagos at the ICT investment forum organised by the Information Technology Association of Nigeria (ITAN), in collaboration with some Indian ICT firms, under the auspices of the National Association of Computer and Software Companies of Indian, regretted that the bank does not have a special desk for ICT, despite its contributions to the country's Gross Domestic Product (GDP).The BOI boss said the bank was ready to support 'worthy ICT transactions' by creating a special desk that will address the funding challenges of the sector.'We do not have sector specific fund for ICT. As situation arises, we give loans to ICT firms that have shown willingness to do business and achieve results. We take seriously every sector that has impact on the people. ICT is one of those sectors, though, it's yet to realise its full potential in the country.'At the Bank of Industry, we reject any aspect of the economy that do not impact on the country's Gross Domestic Product. We lay emphasis on valued added creations. We have a lot of schemes in the bank. That is why we are coming out with a unique way of lending to businesses.'However, the funds would be given only to the serious ICT entrepreneurs who have shown a lot of commitments to his businesses. I want you to be rest assured that you have a banker that would support you, may beat a single-digit rate or vey close,' Oputu stated.She advised ICT companies willing to approach the bank for such financial support to ensure that their proposals were 'clear, transparent and devoid of ambiguity,' adding that clarity is needed by bankers, who will be saddled with the task of vetting such proposals for smooth assessment.According to her, the bank was ready to lend to industry to create value propositions, and further attract foreign investments into the country, adding that the decision to support ICT entrepreneurs was because of their increasing contribution to the country's economy.The President of ITAN, Mrs. Florence Seriki, had requested for proper funding for IT companies operating in Nigeria, especially indigenous operators, stressing that such would not only boost local content development, but also aid job creation and economies of scale.She stressed that local ICT companies currently deserve a lot of support in terms of increasing their demand for goods and services supplied, and to engender adequate partnership that will aid their promotion.'We want to go into partnership with Indian firms and go into localising some of the technologies that foreign firms produce and bring into Nigeria.'Our ultimate goal is to bridge the digital divide in competitive capacity development of the local enterprises in Nigeria,' she stated.In his remark, the President of NASSCOM, Som Mittal, said the association (NASSCOM) represented about 1,300 Indian companies in India.He said Nigeria had been identified as a country with huge market potential for ICT revolution, which can further be boosted through right partnership and encouragement internationally.According to him, India would continue to invest and support the local economy in Nigeria, adding that the country was committed to a healthy partnership with Nigeria.
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