Technology has created alternate economy in Nigeria, says NCC

Nigerian Communications Commission (NCC), at the weekend, said technology has created an alternate economy, successfully diversifying the nation’s financial system. The Executive Vice Chairman ((EVC)/Chief Executive Officer, Prof. Umar Danbatta, who made the disclosure at an event in Abuja, observed that Nigerians have been able to adapt to the numerous technologies in a short space of time to drive innovations and creativity.

He noted that the tremendous impact of technology had been felt in all sectors of the Nigerian economy. Represented by the Principal Manager, Digital Economy, Mrs. Ella Ehi, the EVC highlighted that the country’s adoption of 5G, e-commerce, fintech and Big data has boosted its revenue generation capacity.

He said: “E-Commerce is another avenue where technology has improved the GDP of the nation, and an estimated 76.7 million Nigerians shop online, and by 2025, this figure is expected to grow to 122.5 million.

“The benefits of technology are endless. And with technology becoming affordable, accessible and available, these benefits will increase tremendously.” Earlier, convener, CyberChain Abuja, Jude Ozinegbe, acknowledged that the most populous black nation was moving in the right direction at embracing gains of tech ecosystem.

“We are moving from analogue to digital. Some people seem to have been left behind. That is why we have decided to gather leaders in the tech space to educate us. We have leaders in this space that have seen the possibility and opportunity in this ecosystem.

“This is my contribution to expanding digital economy in Nigeria. As much as you can, contribute something positive about the space to amplify the good tidings within the ecosystem,” he added. Ozinegbe noted that with proper knowledge of Blockchain, youths could earn using their phones and data.

On his part, Crystocurrency Investigator, A and D Forensic, Adedeji Owonibi, urged youths to embrace gains of Blockchain technology. Speaking on the topic, ‘Blockchain forensics and criminal elements’, Owonibi said a better dimension had been added to Blockchain and digital technologies in Nigeria with the participation of government.