SystemSpecs has urged the Nigerian government and the private sector to harness the opportunities presented by the ICT boom to boost the economy in the post-COVID-19 era.
The Executive Director, SystemSpecs, Deremi Atanda, made this submission while speaking as a panelist during a webinar recently organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies (CIBNCFS), in collaboration with B. Adedipe Associates Limited (BAA).
Atanda spoke on how key sectors survived the pandemic and practicable strategies for growth and profitability as the economy tends towards recovery.
According to him, the ICT boom is a great opportunity for the national economy to thrive in terms of capacity building for economic advancement.
The analysis of Nigeria’s economy for the first quarter of 2021 indicates that inflation dropped from 18.1 percent in April to a three-month low of 17.9 percent in May 2021.
Also, the volatility of product prices, especially raw materials used for production by businesses have made planning and optimization of supply chains slightly complex.
“As the economy continues its slow recovery from the damage caused by the COVID-19 pandemic, it is key that Nigeria takes more concerted efforts towards diversifying her economy,”Atanda said.
He said, “Technology holds a great potential that has barely been scratched and can be harnessed through well-thought-out policies and a business climate that encourages innovation.
The technology expert lent his voice to the discourse with regard to technology and innovation.
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According to him, COVID-19 has represented more of an opportunity for the ICT sector than demerits
“Globally, COVID-19 has lent a great deal to the entrenchment of ICT in various sectors more than ever. I wish we were more prepared to maximize the opportunities ICT has presented us to improve the economy,” Atanda said.
He also cited the case of 60 per cent of government workers working from home, suggesting that they could have been converted to an economic advantage if the government had stimulated production and distribution of laptops, solicited the expansion of broadband and increased digital literacy
There have also been increased remittances into the economy as a result of direct economic activities by people in the ICT sector.
Atanda noted that this presents an opportunity for the Nigerian government to develop outsourcing, citing the case of India, “by turning these young people into an economic workforce that we can unleash on the world.”
“Nigeria has a lot more to offer if we harness our tech policies and engage at a high level,” Atanda added.
He also noted that cybercrimes will increase but the situation will create opportunities for cybersecurity companies and professionals.
