Why Nigerians must utilize digital transformation to unlock economy, by NIGCOMSAT boss
The Managing Director and Chief Executive Officer of the Nigeria Communications Satellite (NIGCOMSAT), Jane Nkechi Egerton-Idehen has called on Nigerians to utilise digital transformation and innovation to unlock the full potential of the country and curb the rising level of youth unemployment.
Egerton-Idehen made the call while delivering the 20th Herbert Macaulay Memorial Lecture and Symposium organised by the University of Nigeria Nsukka Nsukka Faculty of Engineering with the theme: “Harnessing Practical Engineering Solutions for Sustainable Economic Development” held at the Princess Alexandra Auditorium Hall, UNN.
Speaking on the topic: “Championing innovation: Digital transformation and economic diversification in Nigeria”, she lamented that over-reliance on the oil sector had created a vulnerable economy in Nigeria.
According to her, Nigeria had heavily relied on oil production for many years, a development she lamented had not augured well for the country’s economy.
While insisting that the time had come to unlock Nigeria’s true potential, by embracing digital transformation and fostering a culture of innovation, the NIGCOMSAT boss noted that that is a way to further enhance other sectors like Financial and Insurance (Financial Institutions); Trade; Agriculture (Crop production); Manufacturing (Food, Beverage & Tobacco); Construction; and Real Estate, among others.
She said that digital transformation is the process of using digital technologies like Robotics, Mobile Internet, Artificial Internet, to radically transform existing traditional and non-digital business processes and services.
“There are many ways we can frame our road to diversification and non-dependence in the oil sector.
“With our experience with ICT, we can safely assume we could reform, and impact various sectors driving economic growth through digital transformation.
“This could be done by addressing the challenges and harnessing the opportunities, Nigeria can leverage digital transformation as a powerful tool for economic diversification, job creation, and shared prosperity” she said.
She highlighted the transformative power of technology, saying countries like Estonia, Finland and Saudi Arabia had all transformed and diversified their economies by keying into digital skills to curb unemployment and boost their economies.
“I have identified some countries who have successfully achieved economic diversification journeys by leveraging digital transformation. In some cases, these countries(Estonia, Finland and Saudi Arabia) have used ICT as part of broader reforms to reduce their dependence on a dominant sector or entrenched structure.
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“Economic diversification would not only fight off economic collapse in the global markets, but also help ease Nigeria’s unemployment problem, increase consumer spending, encourage investors, and prevent numerous other social problems.
“Our case studies have shown the impact on diversification using digital transformation. We are indeed at a vantage point because Africa and Nigeria have the ability to leap frog with fewer legacy challenges and harness the power of scale and speed at which technology is transforming traditional socioeconomic sectors”, she said.
Egerton-Idehen however admitted that a lack of an educated workforce and a lack of capital could be a stumbling block for Nigeria in its diversification efforts.
She insisted however that Nigeria, with fewer legacy challenges to deal with, is adopting digitized solutions more rapidly out of necessity.
“Embracing the digital revolution requires acknowledging the roadblocks that lie ahead. Envisioning the possibility and impact on sectors is an excellent way to visualise our future if these challenges are addressed..
The vice-chancellor of UNN, Prof Charles Igwe, said Herbert Macaulay was one of the first Nigerian nationalists and his opposition to many colonial policies paved the way for the Independence of Nigeria
Igwe challenged the Dean of the Faculty of Engineering and other staff of the faculty to proffer immediate solutions to the energy crisis in the University and its environs.a
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