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Facts About The Digital Economy Of Nigeria

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The World Bank released a new assessment and according to it Nigeria is only using a small part of its digital economic abilities. The country will need to make some tactical investments to help the digital economy work at the full capacity.

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If digital connectivity improves, other areas of the digital economy will pick up. There will be more opportunities in the digital economy, more jobs and the country could actually change the lives of its citizens, said the Nigeria Digital Economy Diagnostics.

Here are some things Nigeria needs to do for the optimal use of its digital potential:

Improve digital infrastructure, especially in rural areas where a large part of the population is left without internet. Improve the policy environment for digital entrepreneurship, which, if given space and the right policies, could become a pillar of the Nigerian digital economy.

Nigeria could also use an example of Canada. When Justin Trudeau became Prime Minister of the country, his government made the digital economy one of the important points of Canada’s economic development. In 2019 Canada’s Digital Charter was released. The document states that the country will try to create a transparent and safe space for its citizens and will provide equal access to the digital world to its citizens.

Canada helps the traditional industries adopt new technologies and supports the further development of inherently digital branches such as cryptocurrencies. The synergy of the iGaming and crypto industry has shown positive results. Several years ago Canadian iGaming platforms started accepting the digital currencies from their users and the industry saw a big growth.

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Canadian casinos started offering the best bitcoin games for loyal users. More international users started playing on the Canadian iGaming platforms because using cryptocurrencies such as Bitcoin, Ethereum and Ripple was saving time and effort. The users did not need to spend time waiting for the conventional money transactions and wire transfers. The digital currency transactions take under an hour.

The iGaming industry also started offering not just the usual gaming forms such as poker tables, slot machines, roulette but also games with exclusive plots. Many popular games are adapted for iGaming platforms and even more will be, because of the growing demand. The iGaming industry is a good example of a digital economy. iGaming providers managed to offer digital services that were of the same quality and much easier to access as the real life casino experience.

What to improve in Nigeria’s digital space?

Digital skills are accessible for a small portion of the population. If digital education is more accessible the poorest Nigerians would be able to contribute to the country’s digital economy and rise from poverty.

Improving the digital infrastructure of Nigeria – Reports still show that Nigeria still has un-developed infrastructure for the digital industry. Experts state that Nigeria has a big room for improvement. There are still many business sectors where business owners can’t adapt to digital platforms. Important thing is to build infrastructure for future generations.

Power up the digital platforms – e-commerce is still growing in Nigeria. Business owners are open for new opportunities. Nigerian government has a plan to follow Canada’s footprints in terms of implementing digital platforms into traditional business sectors.

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Digital skills knowledge gap – It’s still the problem for Nigerians. Most of the country’s citizens don’t have access to digital platforms, so it’s hard for them to gain knowledge and skills in that space. Country’s government has to plan an exact roadmap to make sure that more citizens are involved in this training daily.

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