How the digital economy can work for Nigerians

The COVID-19 pandemic might have brought about immense challenges, but amid the crisis lies a silver lining that has accelerated the adoption of digital tools in Nigeria. According to Digital Economy Advocate, Lanre Osibona, the pandemic has fast-tracked the realization of the importance of digital transformation and its potential in the country. Osibona highlights the increased efficiency in both the private and public sectors due to the adoption of digital tools, emphasizing that digitalization is essential for survival in a rapidly evolving world. The utilization of digital platforms for high-profile meetings and government projects demonstrates Nigeria's progress in embracing digital transformation. Notably, the successful implementation of projects like the Survival Fund Program, targeting MSMEs, through purely digital means showcases the country's potential in advancing towards a more tech-savvy future. By leveraging digital solutions, the government was able to ensure transparency, seamless payments, and verification processes, leading to the creation of rich and quality data that can benefit various projects and value chains in the economy. The program also significantly enhanced the digital literacy of participants, underscoring the importance of digital skills in this age. Despite the strides made in digital adoption, challenges persist in the ecosystem, requiring substantial investments in infrastructure and education. Osibona stresses the need for deep investments in key areas like education and the development of robust digital infrastructure to support initiatives such as e-learning. By focusing on broadband access, digital identification, and payment systems, Nigeria can pave the way for a more technologically advanced society. Furthermore, Osibona envisions a future where remote work becomes more prevalent, suggesting potential benefits such as reduced traffic congestion and the opportunity to develop new cities where individuals can work remotely from different states. Building robust infrastructure to cater to the growing demands of the digital economy is crucial for Nigeria's continued progress. As the country increases its digitalization efforts, security remains a paramount concern. Osibona emphasizes the need for substantial investments in cybersecurity and the establishment of a robust digital ID system to reduce risks and enhance integrity in data management. Harmonizing data across various sectors can unlock opportunities for businesses and drive financial inclusion, particularly for the informal sector. Additionally, reducing the digital divide is crucial to ensure that technology benefits all segments of society and fosters innovation from diverse corners of the country. By creating pricing models that cater to different services and content downloads, Nigeria can drive down costs and improve broadband penetration, making technology more accessible to a wider population. Embracing a tiered approach to pricing and ensuring that broadband access is equitable for all can bridge the digital gap and empower individuals across the nation. Ultimately, the success of the digital economy in Nigeria hinges on inclusive technology access that expands opportunities for all and nurtures creativity and innovation from every corner of the country. By leveraging technology and investing in infrastructure and education, Nigeria can harness the power of the digital age to drive prosperity and progress for its people.