Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access

Must Read

2020 Brand Africa 100: These are the 10 most admired brands in Africa

NIKE RETAINS #1 IN AFRICA FOR THIRD YEAR IN A ROW AFRICAN BRANDS DROP BY OVER 60% IN...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

MTN Nigeria announces N100 billion Commercial Paper issuance

MTN Nigeria Communications Plc has notified the public of its proposed series I and II commercial paper issuance of...
Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet AccessNigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access

ABUJA, November 28, 2019 – The World Bank Group today launched its first Nigeria Digital Economy Diagnostic Report during an eSummit hosted by the government. The report reveals that although Nigeria is the largest mobile market in Sub Saharan Africa with strong mobile broadband infrastructure and a vibrant digital entrepreneurial ecosystem, the lack of infrastructure and connectivity in the country’s rural areas is a key challenge.

Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access

The government’s Economic Recovery and Growth Plan for 2017–2020 (ERGP) recognizes the need for a digital-led strategy to make it’s economy more competitive for the 21st century.  In line with this goal, the Digital Economy Diagnostic reveals that the country has made several positive developments in the digital space including high-speed Internet via five underwater international links. This has significantly reduced constraints in terms of international bandwidth usage and prices, as well as boosting network capacity.

Additionally, the diagnostic found that Nigeria is improving on the provision of digital platforms. For example, the government created a central portal to improve the delivery and quality of public services. With the size of Nigeria’s economy, the report highlighted the enormous opportunities Digital Financial Services (DFS), a driver of financial inclusion, could have for this growing market. The financial sector has already benefitted from investments in payment systems and financial markets infrastructure, such as the Bank Verification Number (BVN). Millions of Nigerians still lack formal identification records to access a range of public and private services. Financial Inclusion in the country has effectively stalled with around 60 million Nigerian adults without access to a formal account

- Advertisement -

“Realizing the full benefits of the digital economy requires Nigeria to focus on accelerating improvements in five fundamental pillars of the digital economy; digital infrastructure, platforms, financial services, entrepreneurship and skills,” said Shubham Chaudhuri, The World Bank Country Director for Nigeria. “To ensure that the country is digitally enabled by 2030, investing in infrastructure to bridge the digital divide and creating an enabling regulatory environment for the digital economy to thrive is of paramount importance”

Read Also:  Lagos NIPR Names Ayeni Adekunle PR Practitioner Of The Year

Given Nigeria’s large, young and entrepreneurial population, digital entrepreneurship could become an engine of growth, the report notes. Lagos is a mature and active ecosystem with dynamic incubators, venture capital companies, and digital start-ups. Digital entrepreneurship ecosystems are also growing in the cities of Abuja and Port Harcourt, with a potential for expansion to other cities. But lack of early-stage financing and limited market opportunities outside of Lagos and Abuja remain key constraints.

Nigeria has over 500 tertiary and secondary institutions offering skills development and Technical and Vocational Education and Training (TVET) programs, some of which also offer digital skills for employment. Some of the dominant education and training programs in Nigeria are offered through private sector-led interventions by (e.g. Andela and Google among others), while the government has also established the implementation of digital skills programs as a component of a national digital economy project.

Read Also:  DAILY INSIGHT: WHAT IS DRIVING NIGERIA’S FAST-GROWING DIGITAL ECONOMY?

Nigeria can still do more to ensure it takes full advantage of the opportunities bound in its digital economy. The diagnostic highlights the need for strategic investment and interventions needed for Nigeria to kickstart its digital transformation

- Advertisement -

To read the full Nigeria Digital Economy Diagnostic report please go here: http://documents.worldbank.org/curated/en/387871574812599817/

- Advertisement -
Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet AccessNigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet AccessNigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access

Latest News

Nigeria’s GDP Grew By 1.87% in Q1 2020 amid global challenges

In the first quarter of 2020, Nigeria's Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms. This performance...

The Funny Circle of Basic Economics

It is an employers priority to pay the lowest salary possible to an employee for a particular role. It is also an employees...

2020 Brand Africa 100: These are the 10 most admired brands in Africa

NIKE RETAINS #1 IN AFRICA FOR THIRD YEAR IN A ROW AFRICAN BRANDS DROP BY OVER 60% IN 10 YEARS DANGOTE AND MTN...

Weird Facts On Some World-Class Celebrities

Keanu Reeves First on the list is Keanu Reeves where Neo (The Matrix) and Babayega (The Boogeyman) comes to mind. You better don't mess with...

Gov. Ishaku, USAID Sign New MoU to Improve Water Supply in Taraba

Taraba State Governor, Arc. Darius Dickson Ishaku, and USAID effective water supply and sanitation services E-WASH has signed a Memorandum of Understanding (MoU) to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet AccessNigeria’s First Digital Economy Diagnostic Reveals a Vibrant Entrepreneurial Ecosystem but Rural Areas are still without Internet Access