Government officials and key players in the technology industry are calling for a unified effort to drive Nigeria’s digital economy and support businesses facing the country’s current economic challenges.
At the recently concluded Nigeria Economic Summit (NES30), participants emphasized the importance of close collaboration between the public and private sectors, while investing in the development of technology and digital skills to bridge the growing talent gap.
Specifically, Google’s Director for West Africa, Olumide Balogun, highlighted the transformative potential of technology, highlighting its power to reshape economies and improve lives.
Mr. Balogun positioned Nigeria as Africa’s digital leader and highlighted the immense opportunities unlocked by collaborative efforts across governments, businesses and communities.
Economic growth using technology He said Nigeria was currently on the brink of profound economic change, but said the country faced both complex challenges and immense potential.
“Technology has the power to transform lives and economies, and we believe that by working together across government, businesses and communities, we can unlock the immense potential of Nigeria’s digital economy for the future. I believe,” Balogun said.
Citing a recent study by Public First, Balogun said that for every $1 invested in digital technology, $8 is generated in the Nigerian economy, demonstrating the value of embracing the digital shift. Balogun referred to a study conducted by African Practice which showed that 46% of Nigerian businesses experienced a decline in revenue due to inflation and macroeconomic pressures. However, despite these challenges, Balogun said 70% of business leaders are actively turning to digital solutions to adapt, innovate and drive future growth. Digital tools demonstrate the strong readiness of Nigerian businesses to embrace technology as a key force for transformation, and Google is making local payment solutions available through partnerships to give businesses across the country greater access to digital tools. It added that it is committed to supporting this transition by exploring and private sector Also speaking, Chairman of the Presidential Commission on Fiscal Policy and Tax Reform Taiwo Oyedele expressed optimism about the forum, stressing the importance of private sector cooperation in driving digital transformation.
He emphasized that the private sector cannot thrive without collaboration with the public sector, and said digital transformation must start with government as its foundation. Mr. Oyedele stressed that by initiating this dialogue and maintaining the momentum, the country will achieve significant progress in the digital economy. Similarly, former Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Laoye Jaiyola, noted that the effectiveness of policy formulations depends on the efforts behind them. He noted that the NESG has been promoting policy through the digital economy for many years. The Policy Board has provided a platform for the private sector to meaningfully contribute to the advancement of digital solutions.
What you need to know
Despite the opportunities presented by the digital economy, stakeholders highlighted key challenges hindering its adoption.
Financial constraints, lack of infrastructure and limited access to foreign exchange were identified as significant barriers.
However, the government said it hopes to address some of these challenges through the National Digital Economy and E-Government Bill, which is currently before Parliament.
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