Experts have said that Nigeria is embracing technology to drive economic growth and job creation amid challenges. With over 200 million people and a 56.1% unemployment rate in 2020, digital transformation is key to recovery.
The Information and Communications Technology sector has emerged as a powerful engine of growth, contributing 9.88 per cent to Nigeria’s nominal GDP in Q4 2021. The rapid expansion of fintech, e-commerce, and remote work opportunities is not only reshaping industries but also employing millions.
For instance, Moniepoint, recently achieved “unicorn” status with a valuation exceeding $1bn.
Following a $110m investment, including backing from Google, the company is set to expand digital payment solutions across Africa, creating jobs and fostering financial inclusion.
“If you look at what we did in 2022, about 21 tonnes of assorted drugs were seized in this particular command. In 2023, it was 23 tonnes, but by 2024, it has drastically gone down to about seven tonnes. You can see a decline in that. That means our effort is paying off.”
However, experts caution that while technology enhances productivity, automation can also displace traditional job roles.
A study in SN Business & Economics warned that rapid technological adoption, without corresponding workforce development, could exacerbate unemployment.
To address this, industry leaders advocate for aggressive investment in digital skills training.
Speaking, the Chief Executive Officer of Alluvium, Taiwo Ojo, stated that remote work will not only create employment opportunities but will also unlock the potential of the African continent.
“The Nigerian government recognises the transformative potential of technology. Initiatives aimed at expanding broadband access and supporting tech startups are underway to bridge the digital divide and foster innovation. These efforts align with global findings that a 10 per cent increase in broadband penetration can result in a 1.4 per cent boost in GDP growth,” Ojo said.
According to Ojo, with strategic investments in digital infrastructure, education, and innovation-friendly policies, Nigeria stands at the cusp of a technological revolution that could redefine its economic trajectory.
“By embracing these advancements, the country can drive sustainable development, reduce unemployment, and position itself as a global tech powerhouse,” Ojo added.
On his part, Recruitment expert, Emmanuel Azor, emphasised that developing technological competencies is key to reducing unemployment in Nigeria. He noted that as industries adopt digital solutions, job seekers must acquire relevant tech skills to stay competitive. Azor urged the government and private sector to invest in accessible training programs to bridge the skills gap, boost employability, and drive economic growth.