INFORMATION AND COMMUNICATION TECHNOLOGY: A TOOL FOR INNOVATION, GROWTH AND DIVERSIFICATION OF THE NIGERIA’S ECONOMY

Abstract

ICT’s role cannot be overemphasized as it is a great tool for innovation, economic growth and development of any country. The journey of ICT in Nigeria began around 1960s, and it has successfully created and transformed new trends which cut across almost all sectors ranging from knowledge dissemination, social development, economic growth, education among others. Economic diversification is the ability of a country to employ more than a single means of generating income. African countries recorded good performance with regards to mobile banking transaction which enhances the financial development of Nigeria and other African countries based on mobile phone technology as an ICT innovation. ICT sector in Nigeria bolstered the country’s GDP with 19.54% in 2023 compared to 2022’s 18.44%. Some of the challenges facing the use of ICT in economic diversification include but not limited to bad network, poor power supply, corruption, poor orientation on the use of ICT among others. As the global economy moves towards more sustainable practices, Nigeria faces the urgent need to diversify its economy; embracing ICT not only in energy but across all sectors which can stimulate new industries, create jobs, and reduce economic dependence on oil. Nigeria can ensure a more balanced and sustainable economic future, reducing its vulnerability to international oil market fluctuations and fostering a more robust economic structure.