World Bank Says Weak Digital Economy Stalling Nigeria’s Development
- The World Bank has blamed Nigeria's poverty on weak digital economy, saying it is stopping accelerated growth in the country
- A report by the bank said many Nigerians are locked out of critical digital opportunities that will empower its citizens
- The bank said only a few citizens in Nigeria and Africa have access to the Internet and digital services like e-commerce
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The World has slammed Nigeria’s approach to the digital development of its citizens and that of other African countries.
The bank urged Nigeria and other countries in Africa to concentrate on digital development because too many of Africa’s growing youth population will not have access to the opportunities that will allow them to live up to their potential with the current explosion of economic and social growth.
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Nigeria and other African countries lagging in tech development
According to The Punch’s report, the statement by the World Bank was contained in a document titled “The Digital economy for Africa Initiative.”
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The Washington-based bank said that technology gives opportunities to open new paths for fast economic growth, innovation, job creation and key to services that would have been impossible decades ago.
Nigerians' access to internet poor
The bank's report revealed that access to the internet is still elusive for most people in Africa with only 22 per cent allegedly having access to the internet in Africa as of 2017.
The World Bank stated that few people in Africa have digital IDs or transaction accounts and that have been denied access to important services and benefits of e-commerce. Start-ups that are based on digital services struggle to attract funding and traditional businesses are only gradually adopting digital technologies and platforms to increase productivity and sales.
According to the bank’s report, a few governments in Africa are investing in developing digital infrastructure, services, talents and entrepreneurship.
The report urged the enhancement of the ability of African youths, creators, and entrepreneurs via skills technology and access to technology and markets that are crucial to succeeding in an increasingly digitized global economy.
ICRC backs NASRDA’s PPP solutions to provide 90% of Nigerians with Satellite Broadband Internet
Legit.ng has reported that the Infrastructure Concession Regulatory Commission (ICRC) has thrown its weight behind the National Space Research and Development Agency (NASRDA) in its quest for effective satellite solutions in rural areas.
Acting Director-General of the ICRC, Mr. Michael Ohiani gave the assurance when he received a team from the space agency led by its Director-General Dr. Halilu Shaba, who came on a courtesy visit to the ICRC in Abuja on Wednesday, April 7, 2022.
The space agency is currently carrying out research in the field of broadband technology that will result in cost-effective satellite system solutions in rural Nigeria through a Public-Private Partnership (PPP) arrangement.
Source: Legit.ng
