FG Must Leverage ICT To Recover Economy – LCCI

Nigeria needs to channel more effort into developing the technology sector to recover the economy.

Mrs Toki Mabogunje, President of the Lagos Chamber of Commerce and Industry, charged government to consider leveraging on technology and tune in the direction of reliance on mobile communication, internet access and social media in conducting business.

She explained that Nigeria’s economy would grow stronger when the country creates an enabling environment that support private sector investors which would attract more tech companies to invest in Nigeria.

The LCCI president called for deliberate actions and policies to drive competitiveness, innovation and resilience in the ICT sector to support the Nigerian economy’s much-needed economic recovery and sustainability.

“Transformation of all sectors and markets through digitalization could foster higher quality goods and services at reduced costs” Mabogunje said

She noted that evidence from advanced countries showed that digital technologies had demonstrated its capacity to transform manufacturing, packaging, note buyers’ behaviours and gain insights into new tastes of consumers across various sectors.

The world is fast becoming a digital economy presently valued at more than $11 trillion.

“Out of the biggest 616 digital cum data-driven firms running the global digital economy, 256 are based in the United States of America, 204 in China, 26 in the United Kingdom, 21 in India, 12 in Germany, and South Africa and Nigeria has 2 each.

Mr Tunde Kuponiyi, Managing Director, Hope PSBank Limited, surmised that digital economy would transform the future of Nigeria with its ample opportunities.

“The opportunities would help Nigeria generate new contents, link individuals in markets and roll out new and sustainable models,” he said.

He called for better strategy to position Nigeria as major participant of global digital economy.

He allayed the fears over data privacy in a technology driven environment, saying the Nigerian Data Privacy Regulation Act was guided by the best global practices.

“Digital disruptions is an opportunity and not a threat and so there must be willingness,” he added.