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‘Why Nigeria should leverage fourth industrial revolution for development’

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Nigerian American Chamber of Commerce (NACC)


The Nigerian-American Chamber of Commerce (NACC), has stressed the need for Nigeria to leverage the opportunities of the Fourth Industrial Revolution to remain competitive, relevant and for developmental purposes.
   
President of NACC, Otunba Oluwatoyin Akomolafe, during the chamber’s April Business Luncheon in Lagos, said Nigeria must create her own technology instead of depending on foreign technologies, and develop home grown technology to address the nation’s peculiar needs.
  
Speaking on the theme; “The 4th Industrial Revolution and the place of Nigeria, What’s Next?”, Akomolafe said that Nigeria must create her own technology instead of depending on foreign technologies, and develop home grown technology to address the nation’s peculiar needs.
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According to him, leveraging new technologies will ease people’s lives, promote knowledge, development, welfare and trade. “We now need to re-strategize and begin to engage the younger generation at an early stage with an overhaul of our educational system to accommodate such. 
   
“Nigeria must narrow the gap between the technological potential and the policy agenda required to realize it.“Focus must be made on exploring innovative approaches that are being tried and tested to harness the benefits that technological advancement provides,” he said.
   
Akomolafe described the fourth industrial revolution was the current and developing environment in which disruptive technologies and trends such as Blockchain, Artificial Intelligence and Augmented Reality would dictate the pace of development among nations.
   
He said that Nigeria should evolve opportunities, policies, technologies and enabling environment that would ensure it was not left behind in the emerging revolution.
 
Also, Country Manager, IBM Nigeria, Ernest Faulkner, said all hands should be on deck to make a success of the industrial revolution – government, private sector, particularly the Original equipment manufacturer (OEMs) and educational systems. He said that the opportunities of the fourth industrial revolution were coinciding with growing societal concerns that include data privacy, environmental degradation, market concentration and endemic corruption.
   
“Business leaders and government need to understand the impact and decide how best to serve the interests of all of their stakeholders while navigating a rapidly changing technological and political landscape and ensure our security,” he said. Faulkner urged the Federal Government to fix infrastructure, invest more in education and technology toward positioning Nigeria for better success and development.

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