A digital and information technology specialist, Okonoda Michael Eseoghene, has urged Nigeria to harness data analytics as a tool for driving major economic growth.
This, he said, would enable smarter decision-making, effective resource allocation, and innovation.
In a statement made available to The Guardian, Okonoda explained that data has become one of the most valuable resources in the modern world, comparable to oil in its ability to fuel transformation.
The IT expert stressed that by embedding data-driven practices in governance, agriculture, industry, and finance, Nigeria could reduce its dependence on crude oil revenues and build a more resilient and inclusive economy.
He further noted that data analytics could help government agencies monitor revenue flows, curb leakages, and design targeted policies, while also empowering farmers, manufacturers, and small businesses with actionable insights.
According to the statement, investing in digital infrastructure and skills development will be critical if Nigeria is to unlock the full benefits of a data-powered economy.
In a statement titled, ‘Data Analytics and Economic Prosperity: A Comprehensive Strategy for Nigeria,’ Okonoda said: “Nigeria grapples with issues like resource mismanagement and ineffective policy execution. With data analytics, government ministries can keep an eye on revenue streams, assess budget performance, and evaluate program results in real time. For example, diving into tax compliance and customs data can reveal gaps in revenue collection, while labor market insights can help shape targeted job creation strategies.
“By embracing evidence-based policymaking, the government can boost transparency, attract investments, and build citizens’ trust in public institutions.
“Agriculture is a major employer in Nigeria, yet productivity is hindered by factors like climate change, pests, and inadequate planning. Data analytics can revolutionize this sector by enabling predictive models for rainfall, soil health, and crop yield forecasts. Analytics-driven extension services can provide farmers with guidance on optimal planting times, irrigation techniques, and market opportunities, ultimately reducing losses and increasing income.
On a national scale, improved agricultural data can help cut down on food imports and bolster food security”.
He urged the government to focus on creating a national data strategy, strengthening digital infrastructure, and building capacity in data analytics, noting that such efforts could also promote financial inclusion by allowing banks and fintechs to assess creditworthiness and provide loans without the need for conventional collateral.
He also noted that by embedding data-driven governance, modernizing agriculture, empowering businesses, enhancing financial inclusion, upgrading infrastructure, and fostering innovation, Nigeria can tap into new revenue streams, lessen its reliance on oil, and cultivate a more inclusive and resilient economy. “The Nigerian government should make it a priority to develop a national data strategy, bolster digital infrastructure, and enhance skills in data analytics to fully harness these opportunities,” he said.
Continuing, the expert said: “A strong national focus on data analytics is set to spark a growing need for skilled professionals in fields like artificial intelligence, machine learning, and data science. With the right support for universities, startups, and research centers, Nigeria has the potential to become a vibrant hub for digital innovation.
“As the world shifts towards knowledge-driven economies, Nigeria’s capacity to produce skilled data professionals can lead to job creation and foster international collaborations. On the whole, investing in data analytics in Nigeria isn’t just a nice-to-have; it is essential for driving economic change”.
