We Will Use Technology To Replace Nigeria’s Oil Economy – Danbatta

Yemisi Izuora

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Danbatta has said that the agency will support the drive for Nigeria’s technological advancement as only technology can ensure Nigeria’s economy sustainability.

He observed that oil and other natural resources have continued to lose value in the global market.

Danbatta made this known in his speech at the 2020 Hybrid (Online/Onsite) Annual Directors Conference organised by the Institute of Directors from November 3-4, 2020.

He narrated how Nigeria was surviving on agriculture before the discovery of oil, and how oil, which has served as the country’s sole means of revenue is already taking the back seat due to newer innovation such as solar, but insisted that technology will continue to evolve.

According to him, “Over the years, countries and societies have evolved by finding new ways of doing things to ensure economic sustainability. This led to the first, second and third industrial revolutions.

“Currently countries are exploiting the fourth industrial revolution in order to diversify their economies. The fourth industrial revolution, which has also been referred to as 4IR or Industry 4.0, describes the age of intelligence and encompasses technologies like  high-speed mobile Internet, Artificial Intelligence, automation, the use of big data analytics and cloud computing.

“However, the major constraint in Nigeria facing the 4IR is the inadequacy of digital skills, infrastructure deficit, enabling environment and inadequate infrastructure.

The 4IR is the information and digital economy age which if properly enhanced and exploited can serve as a major revenue earner for the Country in the post-oil era. This is because while natural resources such as oil, gas, etc are finite, data and information are infinite.

“Furthermore, the possibilities provided by the 4IR are limitless and can generate employment for Nigeria’s teeming youth population Therefore, in order to achieve economic growth using the 4IR there is the need for ethical leadership”.

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