Nigeria is capturing only a fraction of its digital economic potential and will need to make strategic investments to develop a dynamic, transformative digital economy, according to a World Bank assessment. The Nigeria Digital Economy Diagnostic says that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria can fully unleash new economic opportunities, create jobs and transform people’s lives.
Explaining the the concept of the digital economy to stakeholders, at the 2023 Digital Nigeria International Conference held in Abuja recently, Adetokunbo Ajibola, Nigeria’s Certified Data Management Professional, and the founder of Berkeley Data Strategists, said the digital economy concept requires efficient data management to realise its full potential, as it is the backbone of any digital transformation of the 2030 agenda for Sustainable Development Goal (SDG). He said, utilizing data management is sustainable because it is essential to its success.
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According to him, Nigeria requires a solid base of digital infrastructure in order to develop a strong digital economy. Data management makes sure that the software and hardware required to support digital services and transactions are installed. However, by guaranteeing that digital services are available to all citizens, regardless of their location or socioeconomic status, efficient data management can help close the digital divide.
Data management enables the efficient functioning of e-government services, making it easier for citizens to access public services online. This not only improves convenience but also enhances transparency and reduces bureaucratic bottlenecks. ”in a digital economy, data is a goldmine for businesses. Proper data management allows companies to analyze consumer behaviour, market trends, and other relevant information, fostering innovation and informed decision-making’’ He said.
FG draws roadmap to making Nigeria total digital economy
The federal government recently unveiled plans to turn Nigeria fully into a digital economy. The plan which spreads across five key economic pillars is said to have the capability to launch the country into the comity of nations that thrive in the digital age.
Unveiled by the new Minister of Communications, Innovation & Digital Economy, Dr. Tijani Bosun, the new plan revolves around Knowledge, Policy, Infrastructure Innovation and Trade and will serve as a tech economy development catalyst for four years.
Bosun titled the blueprint: Accelerating our Collective Prosperity through Technical Efficiency’ and expressed optimism that if the five pillars are critically exploited and development policies framed around them, in the next four years, the dividend will be Nigeria with digital capabilities like most developed countries of the world.