Nigeria In A World Of Technology

Today’s world relies heavily on advances in technology and Nigeria is not left behind in adapting to the new world era. These advances in today’s world have improved people’s lives and made the world a global village. Technology has become omnipresent in the world today due to its widespread use. It is vital because it helps people to carry out their businesses, house chores, and jobs, therefore existing technologies must be easily adaptable and able to solve world issues as they develop.

The advances in technology in Nigeria have brought huge changes to the country as technological advancements have improved people’s standard of living, increased leisure time, help reduce poverty, and lead to a greater variety of new products and services. Below are ways Nigeria is adapting and benefitting from technology and its opportunities.

GDP Growth

Nigeria’s source of foreign revenue Crude Oil has driven the growth of Nigeria’s GDP since the 1960s but the tech sector especially information communication technology has taken over in the last decade. The sector is currently one of the fastest-growing industries in the last decade. According to Nigerian communication commission statistics, ICT alone contributed N31.86 trillion to Nigeria’s GDP in the last 5 years.

ICT accounts for as much as 17.8% of the overall GDP in Nigeria. Most of this impact is driven by telecommunications and e-commerce I.epeople advertising and selling goods online. Financial technology has also contributed to Nigeria’s GDP immensely. Financial technology services contributed 73.5 percent as Nigerian startups raised $1.09 billion in 2021, contributing to the growth of the country’s economy.

Improved Banking

Banking has evolved over the years and is now at a stage of development driven by technology. The introduction of mobile money, USSD, and digital banking has not only eased how Nigerians bank, but it has also helped the drive towards financial inclusion in the country. With an Adult population of 114 million 60% of which are unbanked, technology is helping Nigeria bridge the gap in the country. The emergence of P.O.S has made it easier to withdraw money anywhere at any time without the stress of going to the bank. The banking sector has also witnessed the establishment of different fintech startups proferring solutions to banking problems like Flutterwave, Paga, carbon, kuda, Piggyvest, Cowrywise Paystack, etc. Many of these startups have grown into huge companies and raised a large amount of investment. Western Africa led by Nigeria recorded about 4.8 billion transaction volume and an impressive $130 billion in transaction value.

Work/Businesses

For the past ten years, the idea of work revolved around the common 9-5 office schedule. The new norm which is remote working was prompted by the pandemic by changing the work sector of the economy. The new remote working has some obvious benefits like reduced traffic time, flexible work schedule among others. Similarly, organizations and enterprises have changed the way they transact business, especially in the tech space. Every day, more businesses create an online presence and the internet provides them with new ways of reaching out to customers and competing for market share. ICT tools employed within companies help to simplify business processes and improve efficiency. The recent influx of e-commerce into the marketplace and stores along with the boom of social media have established itself as a powerful marketing tool utilized by business owners in Nigeria.

Improved Healthcare

Millions of lives have been saved in Nigeria because of technological inputs into the field of medicine. Technology has greatly improved diagnosis and has led to the prompt discovery of diseases. This has also led to the early commencement of treatment which usually gives patients a fighting chance. There is also a massive improvement in treatment. Apart from research, technology is used to improve the day-to-day activities of hospitals. Several Health tech startups such as remedial health, Lifebank, Medsaf, Reliance health, etc,  have sprung up to help hospitals digitize healthcare, and automate the restocking of drugs. Some other startups have ventured into self-diagnostic software, Virtual consultation apps among others. With the Covid-19 pandemic, technology like contact tracing was very vital in saving the lives of many Nigerians.

Education

The idea of formal education has changed radically within the last couple of years. Being physically present in a classroom or learning centre is not the only learning option anymore. This is a direct effect of the rise of the internet and new technologies. One can have access to a quality education whenever and wherever one wants, as long as you can get online. The world is gearing towards a new era; the revolution of online education and the Nigerian education sector is not lagging.

Although most government-owned schools are not keying into the opportunities technology offers as they should, however, private schools are adapting to that way of learning. This is an era of online learning platforms and several educational techs are being built to ease learning in Nigeria. Platforms like edukoya are making learning easier for secondary students and their parents. The use of projectors, mobile phones, and computers are aiding research and learning in Nigeria.

In conclusion, it is worthy to note that technological innovations do not simply replace other products. Rather, they develop new and expanded markets of their own. The improvements brought about by technologies, which are the Internet, cell phones, and notebook computers are vital necessities for daily living. Through the continuous use of these technologies, some advances target medical services, the economy, emerging technologies in the information systems sector, advanced farming methods, electricity generation, and the industrial sector. The influence of technology is immense and cannot be overstated