The Lagos Chamber of Commerce and Industry (LCCI) has said that it has now become expedient for governments at all levels in Nigeria to formulate policies targeted at boosting the digital economy.
LCCI President, Dr. Michael Olawale-Cole, who stated this at the ninth edition of the chamber’s Information Communication Technology and Telecommunication (ICTEL) Expo on Tuesday in Lagos, said this would help to create a vibrant innovation ecosystem that supports the deployment of more technology and the creation of more jobs in the technology sector.
While the federal government is currently pushing the digital economy agenda through the Ministry of Communications and Digital Economy, Olawale-Cole said having sound regulations and policies on the digital economy across states and local governments would create new possibilities and economic opportunities for businesses and investors.
According to him, Information and Communication Technology (ICT) has continued to disrupt the practice of agriculture, healthcare, learning, and manufacturing.
He noted that the world is presently experiencing innovative solutions driven by Artificial Intelligence (AI), automation, robotics, and wearable technologies, which Nigeria must also be part of.
GDP contribution
Highlighting the impacts of the ICT sector on the nation the nation’s economy, the LCCI President said:
- “The National Bureau of Statistics (NBS) revealed that the tech sector in the first quarter of 2023 recorded a growth rate of 10.32% in real terms, year-on-year, and contributed 17.47%to the real Gross Domestic Product (GDP) in the first quarter of 2023.
- “This is higher than in the same quarter of the previous year in which it represented 16.20% and higher than the preceding quarter in which it represented 16.22%.
- “The digital economy or the internet economy enables and supports various business, social and government activities through electronic commerce, lifestyle apps, and e-government platforms, respectively.
- “By this, the digital economy is considered the single most important driver of innovation, competitiveness, and growth.”
The LCCI President said that by means of innovation, the ICT sector continues to power many sectors today, driving competitiveness, cost-efficiency, and resilience in supply chains.
He added that innovative disruptions were emerging in agric-tech, health tech, edu-tech, e-government, and many other sectors.
LCCI support for the digital economy
- “As an advocacy pressure group and a lead promoter of Small and Medium Enterprises (SME), we appreciate the significance of this sector to business growth and sustainability.
- “To this end, we are ready to lend necessary support to the actualization of the goals set out by the government to build and sustain a robust and supportive digital economy.
- “We are pleased to announce our collaboration with credible institutions like the federal Ministry of Communications and digital economy, Nigerian Communications Commission (NCC), the National Information Technology Development Agency, (NITDA), and others,” the LCCI President stated.
Olawale-Cole added that the ICTEL Expo created a platform for key players and stakeholders in the ICT industry to share perspectives on emerging issues and trends in the digital economy.
He expressed confidence that the event would activate a learning journey of technologies disrupting business, academia, and even lifestyles.
