Economic Perspective of Technological Advancement In Nigeria

Most under developed economies now embark on reforms to facilitate the growth of technology in their country because it cannot be overemphasized how rapidly this sector is growing.  Nigeria adopted the use of technology in 1999, and overtime, it has created more jobs, ease of business, faster transportation service, connecting you with friends and families (Emmanuel and Adebayo 2011); from 2001 to 2012 alone, the country’s GDP rose from 0.5% to 6% and within ten quarters, this sector recorded an average of 34% growth per annum (Finintell 2013).


Seeing the prospects in this sector is one among other reasons why the current government administration implemented the (Social “Adequate citizen interactions” Mobile “Adaptive to change” Analytic “Knowledge Driven” Radically Open “Transparency, accountability and government involvement” Trust “adequate security with the use of ICT”) S.M.A.R.T Digital Nigeria Initiative.


It needs no emphasis to see how much has changed; you use technologies every day, from booking of your Uber and Taxify cabs, checking Google map to ensure you do not encounter traffic jam, starting up a small scale business with just Instagram and Google Ad, companies now take their businesses online and employ individuals to take over their social media accounts for very competitive pay.


Technology has facilitated the ease with which businesses are been conducted in Nigeria; you can choose to either stay in the comfort of your home or anywhere of your choice. Companies no longer bother calling job applicants to their offices for interviews, you can simply write your aptitude test online and if you pass that, your interview would be conducted through Skype. Some firms even try making the work of their HR persons easy enough to pick out qualified candidates for a job position by using the Application Tracking System software to pick certain keywords among the thousands of applications submitted. Life, generally has been made easier which inadvertently increases productivity in whatever we do.


So how exactly has technology benefited Nigeria economically?


The adept of technology has brought about businesses such as the e-commerce market growing at a rate of 25% annually, which in 2014, $2 million dollars’ worth of online shopping was recorded a week. NBS

The advancement of technology has drastically reduced the rate of unemployed individuals in Nigeria (being unemployed not to be misconstrued, is a situation where an individual, WILLING and ABLE to work is ACTIVELY seeking for job), this means that you do not just have to be capable of working, you should also be willing to work and actually looking for a job; If you are not, then you can be considered as being unemployed.


Other online businesses such as blogging, affiliate marketing, web development have gone a long way into helping to curb the issue of unemployment in Nigeria.


The influx of technology in Nigeria has aided in reducing the rate of unemployment, through the launch of the Uber rides, with which within 6 – 18 months after its launch, had over 5000 drivers in Lagos; of course Taxify being a competition to Uber also have over 3000 drivers in Lagos.


Companies these days see the need to shape public opinion to their advantage, so they employ social media strategists, content developers, and advertisers etc. to help promote their brands through Facebook, Twitter and Instagram.


Entrepreneurship is said to be a necessary factor to facilitate economic development, and through the increased demand of technology in Nigeria, startups find it easier to access best practices from leading professionals, regulatory information and market strategies.


This is evident by the number of new businesses and products we see being advertised on social media; the growth of E-commerce and businesses related to the beauty industry (hair products, skin products and so much more) they all contribute to the GDP of the country, thereby increasing our per capita income.


Technology has played a major role in the Nigerian politics and bill signing processes which sometimes require people to vote for bills online or support several campaigns which have indirectly changed certain policy decisions in the economy.


These are few among the numerous positive effects of technological advancements on the Nigerian Economy and even though some states are lacking behind in this advancement due to illiteracy and certain cultural beliefs of the danger of technology, lack of trust due to technological failure, the sluggish attitude by the government to implement the use around the country.


In conclusion, it is projected that by 2030, virtually every citizen would be fully aware of the importance of technology and how to wield it for their own benefits.

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