Digital economy will reduce criminality among youths – Senate spokesperson
The spokesperson of the Ninth Senate, Senator Surajudeen Basiru, has stressed the need for the country to digitalise the economy to create employment for youths and consequently curb restiveness and criminality.
Basiru stated this at the NeGst & Visa Strategic Partnership agreement signing ceremony on Economy Digitisation, in Abuja. The partnership came amid the recent US-Africa Business Forum in Washington DC, United States, where the Chairman and Chief Executive of Visa Incorporated, Alfred Kelly, pledged to invest the sum of $1bn over the next five years to digitise African economies.
This was to advance resilient, innovative, and inclusive economies across the continent that would enable greater access to digital literacy and payments as entry points for expanding formal financial services to individuals and merchants.
Basiru said economic digitisation encapsulates the various processes by which information technology is used to create, adapt, market, or consume goods and services.
He stated further that digitising an economy will invariably lead to a worldwide network of economic activities, commercial transactions, and professional interactions that are enabled by Information and Communication Technology (ICT) otherwise to be referred to as a digital economy.
“Economy Digitisation involves the deployment of Information Communication Technology to commercial transactions taking place in a virtual world, rather than the physical marketplace.
“It is a positive disruption from the traditional model of buying and selling of goods, as well as provision of services. It is the mass adoption of connected digital services by consumers, enterprises, and governments in such a way that accelerates growth and facilitates job creation.
“Economy digitisation will generate new job opportunities in Nigeria, which will, in turn, improve the standard of living of the youths and reduce youth’s involvement in criminal activities,” he noted.
The Executive Vice Chairman of NeGSt-TAS, Felix Babatunde Obada, said that Visa has digitised some countries, and doing the same in Nigeria is possible.
“Visa digitised the economy of America, they have successfully digitised the economy of Europe, they are presently digitising the economy of Ukraine, they are also digitising the economy of the UAE. If you see things moving so smoothly in the UAE, it is Visa.
Also, in his paper presentation, the Chairman of Sterling Bank, Asue Ighodalo, said digitisation is critical for any economy. He said its ability to make work simpler and better is why it is readily an upgrade to any traditional activities.
“In finance, it allows for a faster and more efficient transaction, improved data analysis, and increased access to financial services”, he said.