Considering the fact that the playbook that drives economic growth and prosperity globally is undergoing some material disruption, where drivers of global economies are fast shifting from oil and gas to agriculture and technology innovation, stakeholders in the technology sector have highlighted priority areas that will disrupt and also deliver key economic growth for Nigeria.
In a document titled: “Nigeria’s Q2:2022 GDP-Drivers of Growth in Today’s Digital Economy,” co-authored by Managing Partner at Verraki, Mr. Olaniyi Yusuf and Research Lead at Verraki, Mr. Chigozie Muogbo, which was made available to THISDAY, they were of the view that breakthroughs in artificial intelligence, big data analytics and Internet-of-Things (IoTs) have elevated the role digital economy plays in economic growth and progress.
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According to them, “The global economy has changed dramatically over the last two decades As a result, the drivers of economic growth are also changing. The current Fourth Industrial Revolution (Industry 4.0) sweeping through the globe represents a fundamental change in the way we live, work and relate to one another. Industry 4.0 is disrupting almost every industry in every country, with technological advancements that are merging the physical, digital, and biological worlds in unprecedented ways. The speed, breadth and depth of this revolution is forcing us to rethink how organisations create value, how sustainable economic growth should be achieved and how countries achieve economic development. As economies get increasingly digitised, some deviation in the traditional drivers of growth is expected.”
Given the global scenarios coupled with the fourth industrial revolution, both stakeholders highlighted top top-five priority areas that would deliver desired growth for the |Nigerian economy, through productivity, capital, and labour linkages of the digital economy. They include Digital Talent, Digital Entrepreneurship, Digital Infrastructure, Renewable Energy and Responsive Public Sector
In the area of Digital Talent, they emphasised how technology is having profound effects on labour markets and employment globally. “Labour is a key factor of production, and a major determinant of economic growth everywhere. Digital technologies have emerged as a major driver of productivity, and digitally skilled workers are required to operationalise digitisation of production. As the digital transformation evolves, demand for digital talents will continue to soar, even as supply plays catch-up globally. The conglomeration of digital skills has been noted as central in the economic progress recorded in China and India,” they said.
They also stressed the need for government to promote digital entrepreneurship, since entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Digital entrepreneurs do this by creating new digital-enabled/delivered businesses, products or services; or through digital transformation of existing business activities and models.
In the area of digital infrastructure, they insisted that the backbone of the digital economy remained hyper connectivity, which they described as the growing interconnectedness of people, organisations, and machines. Digital infrastructure brings together and interconnects physical and virtual technologies such as computers, servers, networks, applications, and platforms.
In the areas of renewable energy and responsive public sector, the stakeholders stressed the need for government and its agencies to play critical roles in promoting economic growth.