Nigeria’s economy is expected to grow by $ 8.79 billion over the next three years through 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the research and intelligence unit BusinessDay. (BRIU).
More than half of the expected growth will come from the ICT sector, as companies continue to create innovative products and services that take advantage of ICT and telecommunications. To capitalize on this growth, however, companies will need to invest in re-skilling and upgrading the skills of the national workforce to create a better digital Nigeria.
The research comes in the wake of the Covid-19 pandemic, which has exposed the digital divide, with companies that have invested enough in their digital capabilities outpacing those that have not.
However, this trend of digital avant-garde companies outperforming their lower-tech counterparts is not new, the study reveals. Analysis of the data, which dates back to 1992, has shown that the large companies that outperform others in Nigeria spend the most on skills upgrading, research and development, and technology acquisition.
Economic rewards await
Recognizing its advantages, Nigeria has made efforts in the past and continues to make more efforts to digitize its economy. Progress in Nigeria’s ICT sub-sector has had a positive effect on its gross domestic product (GDP). Research shows that the sector’s contribution to GDP increased from 7.70% in 2012 to 14.30% in the second quarter of 2020.
At the same time, the Nigerian government’s National Digital Economy Policy and Strategy, launched in 2019, aims to improve digital literacy and skills to develop the country’s digital capabilities.
However, the readiness of digital infrastructure in Nigeria is still well below the global average. For this to be improved, the current skill set of government employees working in this area will need to be updated. This should justify the design of training programs that will help the government to raise the level of digital infrastructure in Nigeria in the shortest time and at affordable costs.
The high economic benefits of reducing the digital skills gap should make it an even higher priority. If the entire Nigerian economy is digitized, the country could take a larger share of the global digital economy, estimated at $ 11.5 trillion.
Where are digital leaders created
Global training provider elev8 offers training programs focused on the latest technology and is uniquely positioned to help Nigerian business and government seize the opportunities highlighted in the report.
Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, whichever is best for the organization and its learners.
Taking a holistic approach, powerful skills such as communication, collaboration, and analytical thinking are incorporated into elev8 technical training to develop comprehensive digital experts who can deliver the most value to their employers.
The training methods are practical and action-based – built around projects, responding to real business challenges – allowing learners to put theory into practice from day one.
Whatever the technical need, elev8 can design and implement tailor-made solutions tailored to the individual needs of a business.
The elev8 Global Academy equips business leaders, teams and organizations with the skills they need to harness the technologies of the future and transform Nigeria into a knowledge-based economy.
To read the full report, or to learn more about the elev8 training academy, visit www.elev8me.com/en-us/africa.