HARNESSING THE POTENTIALS OF DIGITAL TECHNOLOGIES FOR ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT IN NIGERIA
Keywords:
economic growth, digital economy, digital technologies, sustainable developmentAbstract
We currently live in an era when the digital economy is a mirror image of the changes that have taken place from the third industrial revolution to the fourth industrial revolution. We are in the midst of this change, which is characterized by the shift from analogue electronics and mechanical devices to digital systems as a result of the innovation and advancement of digital technologies. Thus, digitization has very quickly become inevitable as more and more aspects of human life have been tremendously transformed from previously manual and analogue methods to more advanced methods. The multipurpose nature of digital technologies means that their effects cut across activities and sectors. Therefore, this paper is aimed at exploring the benefits of digital technologies, particularly in major areas of the Nigerian economy such as agriculture, education, governance, health care, finance and manufacturing for economic growth and sustainable development. The paper started by appraising the digital economy, its characteristic features and its national policy and strategy, and then the various concepts associated with it before dwelling upon the link between ICTs, digital technologies and the digital economy. Thereafter, the paper highlighted the significant role of digital technologies in economic growth and sustainable development and identified some factors that influence the actual implementation of Nigerian digital transformation. It was concluded that if digital technology is effectively applied in various sectors of the economy, it will present a unique potential for Nigeria to attain economic growth and sustainable development and therefore improve the overall living standards of its populace. Therefore, the paper recommended, among others, that both individuals and governments should focus on creating awareness and trust in digital solutions as a requisite for widespread adoption in the economic sectors. This can be done by expanding internet connectivity, improving the affordability of digital services, improving electricity supply, developing renewable energy solutions, enhancing digital literacy programs, strengthening regulatory frameworks, providing funding and support for startups and small businesses, addressing environmental concerns, and fostering social inclusion.
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