Anyone who reads this column weekly will know how passionate I am about technology. I am one of those who do not believe that government is serious about growing the Nigerian economy because if it is, it should be ramping up national investments into the Information and Communications Technology sector.
This is because the ICT sector can liberate all other sectors, whether it has to do with fighting corruption, creating more jobs, enhancing our competitiveness, improving health care delivery, and improving the lives of the citizens, among others.
The ICT can, and will, make the difference if we are serious about it. If you do not believe me, just take a look at what India has achieved by taking her ICT sector seriously. India earns far more from technology than what we earn from oil.
The proposed sale of national assets, with the aim of using the proceeds to augment government’s revenue to ensure full implementation of the 2016 budget, has generated heated debates on social media, newspaper stands, and other public gatherings, while politicians are busy throwing ‘virtual’ punches at each other.
Well, no matter how we see it, Nigeria’s economy is in recession, gasping for fresh air. Inhaling ‘smoke from oil’ for so long has eventually choked the economy.
As revealed by the National Bureau of Statistics recently, Nigeria has been battered by low oil prices, thus, reducing government revenues, weakening the national currency and driving up inflation to an 11-year high. “In the second quarter of 2016, the nation’s Gross Domestic Product declined by -2.06 per cent (year-on-year) in real terms,” the NBS said.
During economic recession, the major human needs for existence, i.e., food, water, shelter, clothing, and to a large extent, health care, usually become difficult to get for many due to lack of fund. Today, you may wish to add the inability to effectively communicate to that list.
No matter what, people need to communicate with their families, friends, neighbours and business contacts. Imagine a situation where telecommunication companies collapse too. God forbid! That will spell disaster and pandemonium.
Nigeria is, and will, not be the last economy to slide into recession. In fact, the ‘all-powerful’ America slid into the ‘Great Depression’ in 1929. But, how did it end it?
Roosevelt Institute said, “In 1932, Franklin Roosevelt was elected President. He promised to create Federal Government programmes to end the Great Depression. Within 100 days, the New Deal was signed into law. It created 42 new agencies designed to create jobs, allow unionisation, and provided unemployment insurance.
“Many of these programmes, such as social security, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation are still — Finish Reading on the Punch Website
