With a few days to his resumption of office as the President of Nigeria, Muhammadu Buhari has been tasked by some experts in the Information and Communications Technology (ICT), sector to leverage on digitalization of the economy in his administration, describing it as an essential ingredient for national development and in sustaining the Nigerian economy.
The experts gave their assessment at the sixth Annual Pan-African 1:1 Investor Conference organised by Renaissance Capital in Lagos recently.
The Managing Director of Smile Communications Nigeria Limited, Michiel Buitelaar, while speaking during a panel session, described Nigeria’s digital economy as huge, and will impact virtually all segments of the economy, if well harnessed.
"In the face of dwindling oil revenue with increasingly pressure on the economy evident in budgets deficit, infrastructural deficit, high unemployment rate, harsh business environment, corruption, among others, there is need for the incoming government to leverage in diversifying the Nigerian economy and in addressing the challenges."
Buitelaar believes identified infrastructural advancement as overriding factor for the immediate expansion of sectors such as agriculture, transportation, banking and finance, health-care/medicine, and education.
Global Chief Economist at Renaissance Capital, Charles Robertson, also echoed the same need:
"We see great long-term potential across Africa, particularly, in Nigeria, Kenya and Egypt.
We believe Nigeria will be a trillion dollar economy by 2025 and it will keep doubling in size every 10 years. GDP per capita is likely to reach around $15,000 by 2050."