The knowledge economy has taken roots in quite a number of countries and some of the countries such as India and Singapore have started to reap the benefits, while a few others like Nigeria are still strategizing on how to find, drill and sell more oil.
The knowledge driven countries have been able to process convergence aimed at integrating conventional strategies and leveraging ICTs to mass produce and ‘commodify’ knowledge, information, solutions, innovative products and even their cultures for sale to the outside world.
What baffles me is that in the case of Nigeria, we have guys who seem to know about the issues; at least they talk about it.
Take for example this statement credited to Minister of Science and Technology, Dr. Ogbonnaya Onu, “it has become clear that a nation that desires to develop, modernise her economy and remain competitive, must embrace knowledge, especially, scientific and technological knowledge.”
What then is the challenge? You might want to ask.
Onu goes on to say, “The need to move from resource-based economy to knowledge-based economy is necessary now more than ever before, considering the recent near collapse in crude oil prices that exposed the vulnerability of the Nigerian economy.
“This has occasioned the important and urgent need for Nigeria to diversify her economy to help her withstand any future shocks arising from the decline in commodity prices in the international market.”
Nigeria needs to use its oil proceeds to develop other sectors of the economy, while also building a knowledge-based economy. This was the submission of the former Vice-President and Treasurer of the World Bank, Arunma Oteh, in a televised interview: “The reason I am very keen for us to focus on being a knowledge economy is that I do think that our greatest asset is our people. A knowledge economy has four key elements.
“The first pillar is a kind of conducive environment; your institutions, macro-economy, regulatory framework, but the second one focuses on education and skills and it is focused on people.
“The third pillar focuses on innovation, which is based on investing in your people and the aspiration to introduce new industries and new ways of doing business. The fourth is leveraging technology.”
Apparently, we can only be citing instances and examples from other countries because we are yet to kick-start what other developed countries are doing. Studies have shown that success in the knowledge-driven economies of both the UK and the US have been due, in large part, to skilled workforce and human resources.
Virtually across all the sectors of their economies, their workers are highly skilled and — Finish Reading on the Punch Website
