‘How technology, innovation boost digital economies’

Technological innovation is the bedrock of digital economies. They are powered by the science of growth; hence they stand the test of time. This was the submission of the Director, Public Affairs, Nigerian Communications Commission (NCC), Tony Ojobo, at the General Meeting of the Nigeria Computer Society (NCS) Abuja branch at the weekend.

Accordingly, technology sets the pace for human civilisation, boosts development and creates wealth for those who adopt it. Ojobo noted that investments in technology and innovations are the reason the top four most capitalised companies in the world are where they are. They include Microsoft, Apple, Google and Facebook.

Ojobo rolled out statistics to justify his presentation. Narrowing it down to Nigeria, Ojobo said telephone Subscription stood at 154.5 Million as at December 2016, while teledensity is now 110.38 per cent.

“Internet Subscription is 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 per cent. Africa has an Internet penetration of 28.7 per cent of 3.7 billion global Internet users. Nigeria is at about 48 per cent 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.

“There has been a forecast that by 2020, 20.8 billion devices will be connected and collating data. Digital technology is promoting astonishing interaction among citizens and between citizens and the State. 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,” Ojobo stated.