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CBN gov says, Solution for Nigeria lies in Solid Digital Economy

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said Nigeria needs to build a solid digital economy to drive growth.

He spoke recently during a seminar in Lagos while speaking on the theme ‘Leveraging the digital economy to drive growth, job creation and sustainable development.

“To further drive growth, Nigeria needs to build a solid digital economy, by focusing on digital infrastructure (internet connectivity most importantly), digital literacy and skills, digital financial services, digital platforms and digital entrepreneurship and innovation” he said.

As the biggest economy in Africa with one of the largest youth populations in the world, he said, Nigeria was well-positioned to develop a strong digital economy.

Emefiele said, “As the pace of technological adoption increases, we must find ways to leverage digital channels in improving access to finance and access to credit for all Nigerians.

“Consequently, the digital economy will be a key factor towards our efforts at driving growth over the next few years. As we are all aware, the digital economy is made up of various components, including data analytics, robotics, Artificial Intelligence, machine learning, e-commerce, e- business, e- infrastructure.

“It is based on the interconnectedness of people, organisations, and machines that results from the Internet, mobile technology and the Internet of things.”

The CBN governor said one of the strongest advantages of technology is that it shrinks time and space and reduces the world as a global village, thereby providing connectivity at the click of a button to anyone anywhere in the world.

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