Nigeria’s Prosperity hinges on inclusive digital economy – Oguntoke

Head of Internal Audit at FBN Holdings PLC, Dr. Bode Oguntoke, has advocated for the prioritisation of an inclusive digital economy to foster development.

Speaking at the 15th-anniversary celebration of Business Journal Magazine, Oguntoke highlighted the interconnected dynamics between the digital economy and the financial services industry, while emphasising the transformative power of digital integration in the contemporary business landscape.

“An inclusive digital economy is pivotal in propelling the rapid economic growth needed for Nigeria’s development,” Oguntoke stated.

Drawing from his extensive experience in both the financial sector and the implementation of technology, Oguntoke’s impassioned plea underscored the importance of providing equal access and participation in the digital sphere for all segments of society.

He further shed light on the indispensable role of technology in shaping the trajectory of the financial services sector, emphasizing the need for a comprehensive understanding of the transformative potential of digital technologies in driving operational efficiency and enhancing competitiveness within the economy.

While highlighting the significant contributions of the agricultural and trading sectors to Nigeria’s GDP, he emphasised the use of technology and financial inclusion as the panacea for growth if the country would diversify its revenue base.

His call for heightened awareness of the financial service industry’s fundamental role underscored the need for a holistic approach to grasp its significance in modern business operations.

The expert also stressed the imperative nature of process automation and artificial intelligence in ensuring sustainability in the country’s economic growth, calling for the urgent fortification of the digital ecosystem against potential cyber threats, and emphasising the importance of maintaining vigilance and implementing robust cybersecurity measures.
Amidst the challenges brought about by the COVID-19 pandemic, he pointed out the benefits of digital integration in enhancing resilience and efficiency, particularly within the agricultural sector.

Oguntoke underscored the urgent need for promoting digital literacy and infrastructure development to bridge existing gaps and foster financial inclusion across all strata of society.

His visionary outlook painted a vivid portrait of a prosperous Nigeria, powered by a resilient and integrated digital ecosystem. He made recommendations that serve as a poignant clarion call for policymakers and industry leaders to spearhead comprehensive digital strategies, positioning Nigeria at the forefront of the global digital revolution. He envisioned that these would pave the way for a prosperous and technologically empowered future.