Digitalisation, tech key to economic growth, say experts

A drone technology.

A group of financial and development experts said it has become imperative to evolve and transform homegrown solutions to realise the touted potential as well as the developmental aspirations, through digitalisation and technology.

The experts, who spoke at the second Stanbic IBTC Bank Business Leadership Series, also expressed their support to build a new cadre of business and entrepreneurship leadership that would trigger the continent’s economic renaissance.

The forum, tagged “Digitalisation and Business Sustainability in the new World,” explored how individual entrepreneurs and corporate organisations can leverage on the global trend in technology to advance the fortunes of the continent and Nigeria’s economy in particular.

The Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, described digitalisation as the way of the future, while the development of a vast entrepreneurship class will be crucial in lifting Africa out of poverty.

“The benefits of digitalization are obviously huge for any business or economy. In looking at today’s global economic landscape, businesses of every size need to overhaul their processes and applications if they hope to compete and succeed,” Daivid-Borha said.

The internationally acclaimed rocket scientist, motivational speaker and innovator, Siyabulela Xusa, who expressed delight to be in Nigeria for the first time, said that science and technology has become the bedrock of any nation’s productive capacity, adding that Africa must focus on developing local capacity, part of which includes to “be ruthlessly curious.”

According to him, Africa, needs “a revolution in innovations” in order to put the continent on the path of growth and greatness, with Nigeria, as Africa’s biggest economy, leading the quest.

“Instead of buying technology and innovation, we should develop the African capacity to create innovations. Mediocrity is the enemy of innovation,” he said.