Nigeria yet to tap potential of digital economy – NESG

The Nigerian Economic Summit Group (NESG) has said there is an urgent need to explore the potential inherent in its digital economy as In a statement yesterday, Ayanyinka Ayanlowo, acting head, Strategic Communication and Advocacy, said the 30th Nigerian Economic Summit NES#30 will focus on igniting innovation and fostering digital evolution, as a critical pathway […]

The Nigerian Economic Summit Group (NESG) has said there is an urgent need to explore the potential inherent in its digital economy as In a statement yesterday, Ayanyinka Ayanlowo, acting head, Strategic Communication and Advocacy, said the 30th Nigerian Economic Summit NES#30 will focus on igniting innovation and fostering digital evolution, as a critical pathway to sustainable economic growth and development.

“For decades after independence, Nigeria’s economy was characterised by a government monopoly in business and industry. State-owned enterprises (SOEs) dominated the landscape, supported by substantial public investments.

“However, it became evident that a private sector-driven economy could better foster innovation, competitiveness, and sustainable growth.

“As such, this year’s summit will provide an invaluable platform for stakeholders to deliberate on strategies that embrace digital technologies and innovation which are essential for enhancing productivity, creating new job opportunities, and ensuring inclusive development across the continent,” the NESG said.

It further stated that digital solutions have the potential to improve access to essential services such as healthcare, education and finance, fostering inclusive development.

It cited instances where telemedicine is revolutionising healthcare delivery in remote areas,  and online and digital banking bringing financial services to the unbanked population.