ICT expert urges FG to provide homegrown alternative

An Information and Communication Technology expert, Ibrahim Olasege, has advised the Federal Government to focus on creating homegrown solutions, rather than banning naira operations on Binance without providing alternatives for Nigerians operating in cryptocurrency.

Olasege, who is a principal computer and network engineer at Dots ICT Institute of Technology, Abeokuta, Ogun State, noted that by developing homegrown solutions, Nigeria can ensure that it is not beholden to foreign companies like Binance, which may have its agenda and priorities.

Olasege, who is also a security consultant, in a statement made available to our correspondent on Tuesday, stressed that Nigeria’s quest to build homegrown solutions for its fintech sector is not to only protect local businesses and consumers but also to safeguard the nation’s sovereignty.

While noting that companies like Binance have brought innovation and investment, Olasege noted that it has been criticised for not fully understanding or respecting the needs and concerns of Nigerian consumers and businesses.

“By developing homegrown solutions, we can create products and services that are tailored to the unique needs of our people and our economy.

“We can create platforms that are more secure, transparent and trustworthy than those offered by foreign companies,” he noted.

The ICT expert also argued that developing homegrown solutions would benefit the nation’s economy.

He added, “By creating jobs and opportunities for local entrepreneurs, the digital economy could be a powerful engine for growth and development.

“We can create a virtuous cycle where the digital economy benefits all Nigerians, not just a few big companies based in other countries.

“We want the world to see Nigeria as a leader in the digital economy, not just a follower. By developing our solutions, we can show that we are a country that is innovative, forward-thinking and capable of taking charge of its destiny.

“Developing homegrown solutions would not be easy, and it would require significant investment and commitment from both the public and private sectors. But the benefits would be well worth the effort, and it is an opportunity that Nigeria could not afford to miss at this point.”

The FG had demanded almost $10 billion in compensation from Binance for manipulating foreign exchange rates via currency speculation and rate fixing on its platform.

However, the FG, on Monday, contacted the International Criminal Police Organisation and issued an arrest warrant for the apprehension of one of the detained executives of a global crypto-currency firm, Binance, Nadeem Anjarwalla, who escaped from lawful custody on Friday.

(

Despite the government’s stance, Nigeria remains one of the world’s biggest crypto markets.

A Chainalysis report in September 2023 revealed that Nigeria’s crypto transaction volume grew by nine per cent year-on-year, reaching $56.7bn between July 2022 and June 2023.