Nigeria’s Gross Domestic Product (GDP) which has been projected to hit $4.2-trillion by 2040 could be threatened if efforts are not made to stem up the tide in deepening Information Technology.
A Recent report from International Monetary Fund (IMF) on Wold Economic Outlook indicates that Nigeria, which has been replaced by South Africa as the Africa’s largest economy will probably contract by 1.8% this year and reduce growth in the entire region. The projection for next year lowered to 1.1% from 3.5%.
Industry experts believe that Buhari’s led administration can achieve the $4.2-trillion GDP forecast in 2040 by intensifying efforts aimed at advancing technology in Nigeria.
Data shows that with 10% increase in high-speed Internet connections, economic growth increases by 1.3%.
“The expansion of Nigeria’s economy will make it more globally competitive. And one important step is to address the damage done to Nigerian science, technology and innovation”, said Ademola Adenle, Researcher at the University of Oxford.
“The mobile technology platform is emerging as the single most powerful way to extend economic opportunities and vital services to millions of people,” Christine Zhen-Wei Qiang, World Bank economist and editor of a new Bank Group report on Information Technology and Development noted.
New Information and Communications Technologies (ICT), specifically the high-speed Internet, are changing the way companies do business, transforming public service delivery and democratizing innovation.
It is a challenge to have high-speed Internet at affordable prices in most African countries at this stage. In developing countries like Nigeria, internet connectivity gaps at different levels reduce the chances of fully exploring the potentials in technology.
“Inadequate access to technology (connectivity) prevents the region from capitalizing on innovative applications to improve service delivery in both the public and private sectors,” Christine Zhen-Wei Qiang said in an interview.
In his views, Ogbonnaya Onu, Minister of Science and Technology believes Nigeria needs to intensify efforts towards technological advancements, following some form of neglect in the past years.
He said lack of funding and poor coordination of research and development Nigeria as the two major challenges confronting the advancement of technology, thus that efforts must channel towards repositioning science and technology for economic growth.
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