Digital Technology Pivot of Economic Growth, Says NCC

THE Nigerian Communications Commission, NCC, has attributed the growth of the nation’s economy to the adoption of digital technology, which has been widely embraced across all the sectors of the economy.

Speaking at the General Meeting of the Nigeria Computer Society (NCS) Abuja branch,  Director Public Affairs of the NCC, Mr. Tony Ojobo on  how technology, innovation boost digital economies, he said that technological innovation is the bedrock of digital economies.

He disclosed that they are powered by the science of growth, hence they stand the test of time noting that technology sets the pace for human civilization, boosts development and creates wealth for those who adopt it.

According to him, investments in technology and innovations are the reasons why the top four : Microsoft, apple, Google and Facebook, which are the most capitalised companies in the world are where they are today.

He explained that there are statistics that justify his claim stressing that telephone subscription stood at 154.5 Million as at December 2016 while teledensity is now 110.38 percent.

He said: “Internet Subscription was 92 Million as at December 2016, while Broadband Penetration is 21 Per cent as estimated by ITU/UNESCO Broadband Commission. Broadband Target by 2018 as estimated in the National Broadband Plan is 30 percent. Africa has an internet penetration of 28.7 percent of 3.7billion global internet users. Nigeria is at about 48 percent penetration and about 92 million internet users. Facebook users stand at 16 million and Facebook is now worth over $348 billion. It overtook Exxon Mobil as the 4th most capitalised company in the world.”

Ojobo said that there has been a forecast that by 2020, 20.8 billion devices will be connected and collating data, and digital technology is promoting astonishing interaction among citizens and between citizens and the State.

He recalled that “more political debates are enabled thereby boosting the expression of civil liberties. Politicians increasingly deploy social media to reach their constituents. Only recently the Lagos State Government launched a portal to enhance interaction between it and the citizens.”

He said further that the application of digital technology has helped to expand democracy, citing the Arab Spring, and particularly the events at Tahrir Square in Egypt readily comes to bear adding, “The Nigerian elections of 2015 gave an insight to what technology can do. The Referendum in the UK to decide the country’s fate in the EU and the recently concluded American Presidential elections were all shaped by the use of social media networks enabled by the Internet.”

 He said the internet accounted for over 10 percent GDP over a period of 15 years in the G8 countries (China, Brazil, India, Sweden and South Korea) according to Mckinsey global institute as well as brands like Coca-Cola, Toyota, Cadbury, Exxon Mobil, Adidas, Amazon, Jumia, Konga retail stores are online.

Ojobo said “digital Economy has aided the detection of ‘ghost workers’ in the civil service which had drained public funds for years. This was made possible by ICTs adding that because of ICTs, there is hardly any banking transaction that has taken place in Nigeria in the last 15 years that cannot be tracked.”

He revealed that digital technology has enabled the detection of illicit funds and transparency in the public sector saying that these have been a check at least on some people’s tendencies for graft and other financial crimes.