The Nigerian economy is projected to grow by $8.79 billion in the next three years to 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the BusinessDay Research and Intelligence Unit (BRIU).

More than half of the projected growth will come from the ICT sector, as companies continue to create innovative products and services leveraging ICT and telecoms. To take advantage of this growth, however, businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

The research comes off the back of the Covid-19 pandemic, which has laid bare the digital divide, with those businesses having invested sufficiently in their digital capabilities overtaking those firms who failed to do so.

However, this trend of digitally forward businesses outperforming their technology-inferior counterparts isn’t new, the study reveals. Analysis of the data, which went back as far as 1992, showed that the major companies outperforming others in Nigeria are those that spend more on upskilling, research and development, and technology acquisition.

Economic rewards await

In recognition of its benefits, Nigeria has made efforts in the past, and continues to make more efforts at digitalizing its economy. The progress made in Nigeria’s ICT sub sector has had a positive effect on its gross domestic product (GDP). Research shows that the sector’s contribution to GDP has risen from 7.70 percent in 2012 to 14.30 percent by Q2 2020.

Meanwhile, the Nigerian government’s National Digital Economy Policy and Strategy, launched in 2019, aims to improve digital literacy and skills to build out the country’s digital capabilities.

However, the digital infrastructure readiness in Nigeria is still far below the global average. For this to be upgraded, the current skill set of government employees working in this area will need to be updated. This should warrant the designing of training programs that will help the government raise the level of digital infrastructure in Nigeria in the shortest possible time and at affordable costs.

The high economic rewards from closing the digital skills gap should see this become an even greater priority. If the entire Nigerian economy is digitalized, the country could take a bigger bite of the global digital economy, which is estimated at $11.5 trillion.

Where digital leaders are made

Global training provider elev8 offers training programs focused on the latest technologies, and is uniquely placed to help businesses and the Nigerian government connect to opportunities as highlighted in the report.

Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, depending on what’s best for the organization and its learners.

Taking a holistic approach, power skills like communication, collaboration and analytical thinking are embedded into elev8’s technical training in order to develop well-rounded digital experts who can bring the most value to their employers.

Training methods are practical and action-based – built around projects, tackling real business challenges – enabling learners to put theory into practice from the day one.

No matter the technical need, elev8 can design and implement bespoke solutions tailored to a company’s individual requirements.

elev8’s global academy equips business leaders, teams and organizations with the skills they need to leverage the technologies of the future and transform Nigeria into a knowledge-based economy.

To read the report in full, or to discover more about the elev8 training academy, go to www.elev8me.com/en-us/africa.

elev8, a global academy that offers specialized technology training programs, officially announced the launch of its new academy in Lagos with a series of virtual events focused on digital enablement through training and skills development in Nigeria.

elev8’s mission is to equip businesses and individuals with the skills they need to leverage the potential of innovative technologies, creating competitive advantage and attracting international investment to the local economy.

Following a successful launch in Costa Rica in 2019, elev8 has helped to reskill hundreds of professionals, setting local talent on the path to new careers and supporting the country’s technological development. The company has now set its sights on Africa, where elev8 will be looking to replicate this model to help transform Nigeria’s business landscape.

With the digital economy predicted to account for a quarter of global GDP over the next few years, many businesses are looking to accelerate digital adoption to drive growth and ensure efficiency, particularly against the backdrop of the Covid-19 pandemic. elev8 is positioned to support organizations in growing their digital footprint through its executive programs, intensive bootcamps and tailored training programs.

Ashim Egunjobi, Country Head for elev8 Nigeria, said:

“As the biggest economy in Africa, with one of the largest populations of young people in the world, effectively skilling talent will be the major differentiator to staying competitive in today’s increasingly digital world. elev8 aims to help assess the digital skills maturity of private and public sector organizations and tailor skilling roadmaps to close the gap.”

The launch was officially announced in Lagos on 3 December 2020 with a digital dialogue event themed “The Knowledge Based Economy – A pathway to Nigeria’s digitally enabled future”. The event was attended by key figures within Nigeria’s digital and technology sectors. Industry pioneers and representatives of leading organizations such as Dr. Omobola Johnson, Iyinoluwa Aboyeji, Olatubosun Alake, Ola Williams and Ashim Egunjobi discussed opportunities for digital transformation in Nigeria and how it affects businesses and the economy over the next three years.

To find out more about elev8 visit: https://www.elev8me.com/

About elev8

elev8 is a global academy that offers technology specialized training programs. We are passionate about driving business development and growth in a constantly evolving and increasingly challenging digital landscape.

Our global academy equips business leaders, teams, and organizations with the skills they need to leverage the potential of innovative technologies and digital trends.

As government and industry look to prepare Nigeria´s labor force for growth, elev8 offers unique learning opportunities to equip people with the most in-demand skills and experience in exciting modern technologies, including big data, machine learning, artificial intelligence, cloud, and cybersecurity.

To find out more about elev8 visit: https://www.elev8me.com/

Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend.

The bank beat other strong contenders – Zenith Bank, Guaranty Trust Bank, Access Bank and First Bank – to clinch the two top categories in a well-attended ceremony comprising of Bank CEO’s, Captains of Industries and Senior financial executives.

UBA won the ‘Bank of the Year’ in recognition of UBA’s consistent effort in outperforming its peers using a composite of financial metrics, strategic foresight, execution discipline, world-class governance and global vision.

The Bank also won the award for ‘International Bank of the Year’, a keenly contested category, that pitches Nigerian financial institutions that have expanded on the continent against their international peers operating across Africa.

UBA’s Deputy Managing Director, Mr. Liadi Ayoku, who received the awards on behalf of the bank, expressed his delight on the recognition from BusinessDay.

He said, “These awards mark another milestone for UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. Being recognized as Nigeria’s best bank complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation. I therefore dedicate it to our growing loyal corporate and retail customers, who are our essence. Given our heritage commitment to Africa’s development, we continue to impact lives through our service as well as funding to individuals, businesses and government.”

l-r: Head of Media and External Relations, UBA Plc, Ramon Nasir; Deputy Managing Director, United Bank for Africa, Liadi Ayoku, President, Nigerian Institute of Taxation, Dame Gladys Olajumoke Simplice; and Managing Director, BusinessDay Newspapers. Mr Ogho Okiti at the BusinessDay Bank and other Financial Institutions Award (BAFI) where UBA won Bank of the Year and International Bank of the Year Awards, held in Lagos at the weekend.

Ayoku pointed out that the bank remains focused on its goal of democratizing banking in Africa, leveraging on new technologies and emphasised its determination to change the narrative of financial services in Africa.

Publisher of BusinessDay Newspapers, organisers of the event, Frank Aigbogun, noted that UBA has excelled in the key areas of prioritising customers, which according earned the bank the double honours.

While explaining the rationale behind UBA winning the two prestigious categories in its December issue, Aigbogun noted that the bank stood out in prioritising customers as has been evident in the significant rise in Customer Deposits which leaped by 35.7 % to N5.2trillion up from N3.8 trillion at the end of the last financial year.

He noted that even though Africa’s economic landscape has been unpredictable in recent times which resulted in recession in Nigeria and some of Africa’s best performing economies, the bank still found its rhythm and excelled.

He said, “In these conditions only the most diversified and innovative of regional banks can prosper. And this is precisely why UBA has scooped the BAFI 2020, Best Bank of the year and International Bank of the year, a testament to hard work, resilience. For one, the lender registered impressive top- and bottom-line growth over the review period.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.