Osinbajo: We can become world leaders in digital economy

Vice-President Yemi Osinbajo has submitted that Nigeria as a country has the requisite talents, creativity and acumen to become a world leader in the digital economy.

He stated this on Monday at this year’s Nigeria Digital Economy Summit (NDES) with the theme “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy.”

He observed that with the right approach and policy, as well as the country’s human capital and potential, “we can actually become world leaders in digital technology in all its various ramifications.”

Delving into the different levels of progress recorded since the advent of the use of the Web on a large and global scale since Web 1 in 1989, Prof. Osinbajo who was the Special Guest of Honour and Keynote Speaker at the event, highlighted the future of technology, digital economy and what it means globally but especially for Nigeria.

“A whole new world is unfolding before our very eyes, unlike Web 1 and 2 where we were relatively disadvantaged,” he said.

“in 1989 we didn’t have mobile phones so we could not take advantage of the reach and depth that mobile telecoms gave digital innovation and financial inclusion. We are now better positioned to be significant players in Web 3.

The VP further noted that “we have already shown that we have the talent, creativity and acumen to build and grow major tech companies. At the last count, we have 6 unicorns and many more on the way. But we must spend time on the development of digital skills.”

Urging for more synergy between Government (public) and the private sector in driving the digital economy revolution in the country, the Vice President added that both sectors must find ways to ensure “policy is way ahead for development.”

According to him, “We must think through and develop appropriate policies and regulations that promote, rather than inhibit, innovation and commerce. We can be world leaders in the Web 3 revolution. The only limit is our vision,” he said.

Using examples such as the technology-driven Growth platform by the Bank of Industry, and the implementation of the Government Enterprise Empowerment Programme (GEEP), one of the schemes under the Federal Government’s Social Investment Programmes (SIPs), the Vice President observed that the technology platform deployed in the implementation of the microcredit schemes such as TraderMoni and MarketMoni was built by Eyowo, a local Nigerian tech company.

Then the Vice President spoke about digitization in the public sector.

“Web 3 will also mean that the digitization of government’s services will come with more options, government agencies can then be smarter, faster and more efficient in delivering their services.

“But I think most importantly, digitising government processes and services is a sleeping commercial giant. The whole range of government services will provide several opportunities for innovation,” Prof. Osinbajo observed.