Digital Economy Positioned as Lifeline to Unemployment Crisis

 Omolabake Fasogbon

Nigeria’s burgeoning digital economy has been touted as a potential solution to the country’s unemployment crisis, with experts predicting that it could reach $180 billion by 2025 and $712 billion by 2050.

CEO of Quomodo Systems Africa, Oluwole Asalu noted however, that the sector can only be maximized with concerted policies, skills-building, and investments in infrastructure.

Asalu informed that projected growth in the industry automatically translates to increased opportunities in fintech, software development, digital marketing, and the creative industries. 

Importantly, Asalu noted that with stable internet and the right skills, Nigeria’s youthful demographic advantage, with over 70 percent of its population under 30, positions it to outcompete ageing economies like Europe, Japan, and China in the digital economy.

“The globe is thirsty for the exact commodity Nigeria is richly endowed with- the young and digital talent. 

“Talent no longer has to migrate physically to contribute globally. Nigerian developers are building apps for Silicon Valley, designers in Abuja are creating for European clients, and our content creators are shaping brand stories for international companies. This is no longer sporadic; it is the beginning of something systemic.”

Amid sector potential, Asalu worried about the absent of regulatory protections for gig and remote workers, noting that this could be exposing Nigerians to exploitation by foreign employers.

“Without contracts, health insurance or pension systems, many are vulnerable. If Nigeria wants to be a global hub for digital labour, it must also protect its workers.”

He noted, however, that some emerging initiatives offer a glimmer of hope, including the Federal Government’s 3 Million Technical Talent (3MTT) and Quomodo Systems Africa’s Q-Intern program, striving to bridge the gap between academia and industry.

“Diaspora engagement is also seen as a crucial factor. Our professionals in Silicon Valley, London and Berlin can play a catalytic role as mentors, investors, and partners. 

“The digital economy is a once-in-a-lifetime opportunity to turn our unemployment crisis into global competitiveness. But it will not realise itself. It requires vision, infrastructure, and leadership. If we fail to act, our young people risk becoming a liability. If we succeed, they will become Nigeria’s greatest export.”