13/04/2024
THE IMPERATIVE OF DIGITAL ECONOMY IN NIGERIA
It's happening right under our noses. Banks are spending more than ever on Fintech and E-commerce. The "Big 4":largest consulting companies in the world are scrambling to upscale and up-skill their digital technology services. The Federal Government released the digital economy strategic master plan years ago, with backup funding, and launching several digital Government platforms. Lagos State a few years ago launched the Lagos Innovates programme years ago, and is planning to launch the digital village initiative called "KITE." Their Art of Technology (AoT) conferences announced new funding and master plans for e-governance and digital technology as a whole.
Right under our noses, N600billion is probably passing through Remita payment platform every day. The digital payment platform, Opay is now regarded as a bigger financial platform than the traditional banks, even as AppZone and other innovative SaaS startups are raising $millions funding to scale up even further. Paystack founders scaled up and cashed out in hundreds of $millions. Flutterwave and Calendly are Nigerian owned billion dollar tech entities. The UK Techhub in Nigeria is pushing British investors to partner with Nigerian tech innovators. The size of the digital economy in Nigeria is already over $12.5 billion according to the World Bank. It is going to double in a few years. It is still the fastest growing sector of our economy.
This area of business doesn't really require the Government's heavy handed bureaucratic interference, though regulatory compliance must be enforced. Nigeria's digital economy sector needs disciplined innovators and sustainable investments. Digital technology will be the world's fastest industry for the foreseeable future. Policy makers must make this their daily imperative, e-governance, virtual education, telemedicine, cyber-security, smart cities, and robust e-commerce with the attendant growth in logistics operations.
Two years ago, the nation's first digital electoral social media platform debuted...WardChat™ It was my privilege to be invited to do the formal unveiling.
As the Boys Scout's motto says "Be prepared"
