AN ASSESSMENT OF STATE OF DIGITAL ECONOMY DEVELOPMENT IN NIGERIA: A SURVEY

ABSTRACT

The Digital Economy (DE) is the 'oil' of the 21st Century, disrupting established trajectories and unlocking new pathways for rapid economic growth through innovations in job creation and the provision of access to services. Countries such as Japan, China, and the United States of America have leveraged digital technology development to launch their economies onto a path of sustainable growth. Nigeria has also achieved notable progress in the DE, particularly in Financial Technology (FinTech), internet penetration, e-Commerce development, technology adoption, and more. However, several other DE drivers, such as infrastructural development, the acquisition of requisite educational technology skills, and a lack of robust digital entrepreneurship policies, remain serious concerns. This paper evaluates the readiness, challenges, and prospects of leveraging digital technologies to enhance DE development in Nigeria, with the aim of providing informed recommendations to the Nigerian Government. The study employed both primary and secondary data collection methods to obtain relevant data from stakeholders. Primary data collection involved using a Google survey to gather opinions from 127 professionals in the IT and related fields from industry and academia across Nigeria. Formal and informal interviews with relevant stakeholders were used to corroborate the survey data. Secondary sources included government websites, journals, books, newspapers, and other publications. The study revealed that DE development readiness in Nigeria stands at approximately 45-50 percent. The most developed readiness indicators are Internet Penetration, Emerging Technologies adoption, and the establishment of the National Digital Economy Policy and Strategy (NDEPS). The study recommends, among other things, a review of the existing DE Policy to prioritize and expedite digital entrepreneurship in Nigeria. This is essential due to the large youthful population in the country, which can be leveraged as an engine of economic transformation.

Keywords: Challenges, Development, Digital Economy/Technologies, Prospects, and Readiness."