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I will like to know why there are no venture capitalist here in Nigeria for the IT sector despite the billions of dollars that are been reaped from the global IT sector.
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I've been watching the internet giant Google for a while and I think they're trying to jump into every corner o the IT industry. We mostly know Google [or Goggles as some people know it] for it's search feature and we web developers / designers crave a good Google PageRank for our homepages.
Here's an excerpt from Yahoo News, and while I do not necessarily agree with everything Tim Beyers says, some points he raised are well worth noting:
Once again, Google (Nasdaq: GOOG - News) is out to prove conventional wisdom wrong. According to a story published in today's edition of The New York Times, Big Goo builds its own servers and could even get into the business of creating its own chip designs.
There's already plenty of hubbub over whether these initiatives will be good for the company or the industry at large. I have my opinions, but I'm loath to share them. I believe doing so would detract from the larger issue at hand -- namely, that Google has dramatically altered the competitive dynamics in its industry. And that may prove to be really, really bad.
At issue is how many competitors Google has gained in recent months. Here's how it looks now, assuming that server and chip vendors have officially joined the list:
Yahoo! Earthlink Yahoo!
Microsoft United Online Microsoft
AOL Yahoo! AOL
Microsoft Hewlett-Packard Intel
Sun Dell AMD
IBM Sun Freescale
What's more, this compilation isn't even close to complete. Dozens of private companies are competing in areas where Google wants to be or already is. Yet, when combined, these firms alone possess more than $34 billion in net cash. Compare that with Google, which has raised two rounds of funding in recent months, giving it roughly $8.4 billion in the bank as of this writing.
Here's my point: As rich as Google is, it may be woefully underfunded for taking on 90% or more of the tech universe. Yet that's what it seems to have planned. It's as if Google wants to build a tech infrastructure so big and impressive that no company will ever want to have an infrastructure of its own. Just outsource your Web applications to us, Google's pitch might read.
That would be an indirect assault on not only Intel (Nasdaq: INTC - News) and Advanced Micro Devices (NYSE: AMD - News), but also on every server vendor, including server-software vendors such as Red Hat (Nasdaq: RHAT - News), Sun Microsystems (Nasdaq: SUNW - News), and IBM (NYSE: IBM - News). After all, who needs servers when everything is uploaded to Big Goo?
History hasn't been kind to do-it-yourself tech firms. 1980's-era Bob Vilas such as Sun have since dumped most vertical-integration strategies to make room for the cost-efficiency that comes from working with partners. Now, Google wants to rewind the clock. I, for one, don't see it working out well.
I have quoted the article in it's entirety because it's short but my source is http://news.yahoo.com/s/fool/20060703/bs_fool_fool/115194956316.
Nigeria external reserves (savings) is said to have reached about $25 billion (http://allafrica.com/stories/200508230086.html). However, people are suffering, no jobs while cost of living is increasing daily due to inflations.
1. Do we need to maintain this huge external reserves?
2. Why can't the government be innovatiove to spend this people on productive sector of economy to drive employment?
3. Is it needed for OBJ to save so much money for Nigeria? Remember, he left so much money back in 1979 only to be squandered by Shagari. Why not use the money to better the lot of Nigerians now.
3.1: The schools are dillapidated
3.2: The health system is dillapidated
3.3: The transport sector is dillapidated
3.4: Youth unemployment is about 60%+.
3.5: Mortality rate is reduced to 49 years
3.6: Poverty rate is about 70%+
With all these problems that require goverment to actively spend money on above sectors, why save the money for looters who will squander it again? Much like IBB squandered the windfall from the 1990 Gulf war?
Anybody out there reading this? OBJ? Okonjo-Iweala? - Why do we have to save so much when we are hardly feeding ourselves or fullfilling the basic needs of humianity?