How Internet Penetration Improves Nigeria’s Economy?
Thursday January 06, 2022 / 11:50 a.m. / Post sponsored by Bishal Biswas / Header Image Credit: OnlineKhabar English News
Even now, Internet access is uneven across all African continents. Over the past decade, internet penetration and an improvement in the telecommunications sectors have been observed on the continent, particularly in Nigeria which is the continent’s second-largest economy and currently it is the largest telecommunications market in the world. ‘Africa. According to a report by the Nigeria Communications Commission, currently more than 208.8 million Nigerians have access to the Internet. DataReportaal further reported that between 2020 and 2021, the number of internet users in the country increased by 19 million, which represents a growth of 22%.
With the explosion of smartphones in the country, internet penetration has increased. Most Nigerian citizens use mobile broadband for internet connectivity. The main obstacle to improving Internet access in the country is the construction of submarine cables, as there has been a shortage of fiber links and transmission. Also, internet access is slow, but internet users can make changes to it from 192.168.1.1 or 192.168.0.1 on the browser depending on the router they are using.
Impact of improving internet penetration in Nigeria
With better internet penetration in the country, Nigeria has become an active technological hub. It has also become the country’s largest tech market. The growing internet penetration in Nigeria opens new doors for manpower, entrepreneurship and employment. Improved Internet connectivity coupled with improved telecommunications as well as population growth and urbanization have created an enabling environment for technology products and services.
This has also resulted in foreign direct investment, and the maximum investment is attracted by fintech and cleantech firms, followed by e-commerce, edtech, agritech, and healthcare firms. Digital adoption has increased in Africa in general, resulting in an innovation boom in the country, with sectors like commerce, banking / finance, e-commerce, health and communications experiencing innovation. and higher growth.
According to an Accenture report on Africa iGDP Forecast, Africa, it is reported that Africa’s internet economy by 2025 has the potential to contribute $ 180 billion to the African economy, which will grow to a contribution of $ 712 billion by 2050. A pattern for the same is visible as companies that work with the Internet economy in general have outperformed other sectors of the economy. Increased digital connectivity will directly boost Nigeria’s economy.
What to expect from improved internet penetration in Nigeria
One might expect to see mass employment in Nigeria due to internet penetration, but the chances of the same are slim considering that internet penetration will drive the growth of only industries. niche. In addition, to climb the digital economy ladder, it is important that the digital economy operates in harmony with other economies in the country. Improving internet access for young people also creates the door for the brain drain of talent from Nigeria to other countries. Therefore, investing in the technological start-up is necessary for the good growth of the country. In addition, an increase in the use of the Internet will lead to both economic growth and financial inclusion.
Even though internet penetration is increasing in Nigeria, the country is still in the early stages of internet connectivity. To ensure that the right direction is given to the current growth of the digital economy in the country, the positive impact of the internet needs to be reinforced by policy makers. In addition, infrastructure requirements to improve broadband connection across the country must be met to ensure that suitable environments are provided for start-ups and other businesses established to thrive. An Internet ecosystem must be built in Nigeria where competition and innovation are encouraged, and Internet access and human capital are developed. Optimal conditions for this should be ensured by policy makers.
In addition, the government should try to further reduce the cost of Internet access to encourage digital engagement. In addition, Nigerian companies should restructure for digital adoption to grow economically and, of course, to improve efficiency as well. If proper direction is given to the current digital boom in the country, it can prove to be of great benefit to Nigeria’s economy and entrepreneurs.
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