4 Ways Your Business Take Advantage of Nigeria’s Growing Digital Economy
- January 10, 2020
- Posted by: vdtcomms
- Category: Information Technology
4 Ways Your Business Can Take Advantage of Nigeria’s Growing Digital Economy
In a study by the World Bank in 2016, the global digital economy was valued at $11.5 trillion and is expected to grow by more than 25% before 2030. The digital economy also known as the Web or Internet Economy refers to all economic processes, transactions, interactions and activities that are based on digital technologies. It is the economic activity that results from billions of everyday online connections among people, businesses and technology devices.
Nigeria has one of the largest economies in Africa with a bolstering population which account of 47% of the total count in West African. Can companies can be strategically positioned to ride on the growth of this digital economy if the four areas of the internet ecosystem as identified by the experts, can be harnessed.
1. Digital Platforms– Platforms facilitate transactions and networking as well as exchange of information. A strong private or public digital platform supports the provision of digital services and
2. Digital Skills– These are technology capabilities and skills required to compete globally. More companies should look at increasing access to online training initiatives to close the knowledge gap.
3. Digital Financial Services –Over the last decade, Africa has adopted digital finance faster than the US or EU. According to a McKinsey report, Africa is the global leader in mobile money but over 50% of the adult population is still underbanked. However Nigerian companies can borrow a leaf from African brands that have set up innovation labs, and hubs to create a new consumer base and mature the market.
4. Digital Entrepreneurship –This is yet to be explored in Nigeria despite enormous, youthful and entrepreneurial population. It has become imperative to create an ecosystem where the digital economy is revived with innovative and growth-oriented companies.
From a business perspective, one of the major advantages of digitalization is that it fosters production of higher quality goods and services at reduced cost. In order to encourage digital entrepreneurship, there needs to be collaboration between ecosystem stakeholders, investors, government hub, entrepreneurs, or investors.
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