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Need to Implement ICT-Based Business Policies for Sustainable Economic Growth in Nigeria

Otuonye Anthony I.; Onyechere Patricia O.; Eke Felix M.
Nigeria is ranked as the 30th-largest economy in the world judging from the nominal GNP perspective, and the 23rd-largest in terms of purchasing power parity. Nigeria is also adjudged as the largest economy in Africa; her re-emergent manufacturing sector became the largest in the continent in 2013, and produces a large proportion of goods and services for the West African subcontinent. Nigeria is a country with vast economic potentials and growing manufacturing, financial, service, communications, technological and entertainment sectors. It can best be described as a middle-income, mixed economy and emerging market among the committee of nations. Attempts to ensure sustainable economic development and poverty reduction in most nations usually involve developments in agriculture, mining, industrial and service sectors, as well as Information and Communication Technology. The industrial revolutions in Europe and America, generally and specifically, have been premised on technological breakthroughs. Information Technology (IT) offers the promise of fundamentally changing the lives of most of the world’s population. In its various forms, IT affects most processes of government and the private sector, how individuals live, work and interact towards the building of a virile and productive society. Research has shown that development of internationally comparable IT statistics is equally essential to enable governments to adequately design, implement, monitor and evaluate IT policies. This paper was aimed at seeking IT-based and technological solutions to the inadequacies in the Nigerian economy to engender sustainable breakthroughs in both her commercial and industrial sectors. First, we examined the level of IT diffusion and contribution to national growth and development in the face of emerging IT trends. We also identifies the militating factors against IT diffusion in paramount sectors of the Nigerian economy. The paper employed the survey method for data gathering. Both primary and secondary data sources were used and data was analyzed using relevant statistical tools such as Frequency Distribution and Simple Percentages. The Chi-Square method was used to test the significance of the respondents’ responses at 5% level of significance, while Hypothesis Testing was carried out using the Analysis of variance (ANOVA) statistical tool. Results obtained show that ICT plays fundamental role in sustainable economic development in Nigeria and an undeniable factor in the creation of virile and competitive business environment. This research however proved that the level of IT awareness in Nigeria is not very high. Government should therefore enabling business environment via implementation of ICT-based business policies that will guarantee poverty alleviation and job creation in Nigeria
Select Volume / Issues:
Year:
2019
Type of Publication:
Article
Keywords:
Economic Growth; GNP; IT-Diffusion; Business Policy; Job Creation
Journal:
IJECCE
Volume:
10
Number:
1
Pages:
18-31
Month:
January
ISSN:
2249-071X
Hits: 100

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