It has been said repeatedly that the era of natural resource-based economy is long gone. Yes, it is arguable and like a top ICT expert puts it, there is nothing we can do to change a long established traditional industry, such as oil and gas. As factual as this may sound, the reality is that the world is rapidly moving on to a knowledge-based economy.
Last week’s piece focused on artificial intelligence and how it is re-shaping our world, I have received a lot of positive feedback following that piece. But the big question is, would it be possible to play in the disruptive technology space without massive investments in building a knowledge-based economy? The countries taking the lead in today’s advanced technology game are the US, China, South Korea, India, Japan, Taiwan, etc.. They are countries working tirelessly to ensure that their economies become knowledge-based first.
All of these countries have long started to reap the benefits, having successfully applied this strategy. They have been able to process convergence, aimed at integrating conventional strategies and leveraging ICT to mass produce and ‘commodify’ information and their cultures for sale to local and foreign consumers, at a profit. Now, turning the spotlight on Nigeria; if, as an expert, you have developed the required proficiency in any field over the years, it is imperative that you start making yourself available on different platforms. This is a collective responsibility. Experts in various fields are essential, if Nigeria must adopt the knowledge-based economy.
According to Ogbonnaya Onu, the Minister of Science and Technology, it has become clear that nations that desire to develop, modernise their economies and remain competitive, must embrace knowledge, especially, scientific and technological knowledge.
Scholars of various schools of thought agree with several political leaders in recognition of learning as an important instrument necessary to unlock the doors of development.
The minister concludes, “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 has exposed the vulnerability of the Nigerian economy. This has underlined the urgent need for Nigeria to diversify her economy, to enable her to 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 & Treasurer of the World Bank, Arunma Oteh, in an interview with the CNBC.
Studies have shown that the success in the knowledge-driven economies of both the — Finish Reading on the Punch
