N125bn MSMEs intervention: IT critical to ensuring transparency – ITSSP

Lagos, Aug.1,2023: The Information  Technology  Systems and Security  Professionals (ITSSP) on Tuesday commended the Federal Government for its decision to energise Micro, Small and Medium-scale Enterprises with N125 billion.

The Executive  Secretary, ITSSP, Mr Rogba Adeoye, gave the commendation in in Lagos where he said that, however, regardless of how laudable the pronouncement was, the Information Technology Sector had a critical role to play in ensuring transparency of the disbursement process.

President Bola Tinubu had, in a national broadcast on Monday, announced a N125bn intervention for MSMES and the informal sector as drivers of the nation’s economic growth.

Tinubu said that, out of the sum, N50 billion will be spent on Conditional Grant to one million nano businesses between now and March 2024.

The president added that the administration would fund 100,000 MSMES and start-ups with N75 billion.

“The Information Technology (IT) sector has a critical role to play in the disbursement of the N125bn intervention to be floated for MSMEs.

“The role of Information and Communication Technology (ICT) as a tool is to ensure transparency in the disbursement.

“The sector might not benefit from the funds directly, but it’s imperative to use IT as a tool in data management and disbursement.

“The critical assignment requires that ICT be used to identify beneficiaries, be it people or MSMEs, and to also be used to monitor the process.

“This is the way to ensure transparency, which is critical to success of government’s plans and also of concern to us as IT professionals,’’ Adeoye said.

The ITSSP scribe noted that the Innovation and Fintech Subsector were not mentioned in the palliative, most likely because it offered services.

He stressed that it was good enough to concentrate on Agriculture and Transportation for now, because they had a value chain that would connect industrialisation.

“The sectors that are to benefit for the funds will provide the palliative for citizens as well as promote industrialisation, which is much needed to improve the economy.

“Our own job for now is to use IT as tool in data management and monitoring the flow of the funds. That is the area that should concern us,’’ he said.

Adeoye said that he was hopeful that as government continued to brainstorm on solutions for economic growth, soon such interventions would get to the IT sector.