The Director-General of the National Information Technology Development Agency (NITDA), Mal. Kashifu Inuwa has argued that the digital economy being championed by the Ministry of Communications and Digital Economy, is today the fastest growing economy in Nigeria and indeed the world.
The NITDA DG, who made this assertion in a speech he delivered at the groundbreaking ceremony of the National Digital Innovation and Entrepreneurship Centre in Abuja, also believes that to sustain and consolidate the growth, Nigeria needs to ignite innovation and entrepreneurship in the digital space.
“Digital economy is mainly driven by rapid business innovation, using digital technology to deliver new customer value proposition, new business model, new organizational structure, new customer experience, operational excellence and enhanced products and services, is today the fastest growing economy in Nigeria and in World in general,” he said.
He attributed the growth to the ravaging Covid-19 pandemic, which has impacted lives in an unprecedented way by moving many aspects of life such as work, education, economy and entertainment online.
Citing data compiled by Visual Capitalist, Mal. Inuwa stated in a single internet minute in 2020, the consumer spends more than 1m USD, over 42 million messages share via WhatsApp, more than 1.4 million people make video or voice call, over 150,000 messages shared on Facebook, more than 319 new accounts created on Tweeter, Linkedin users apply for over 69,000 jobs, more than 6,500 packages shipped by Amazon and over 200,000 people participate in Zoom meetings.
This is huge. Thus, Nigeria needs an innovation ecosystem to sustain the growth.
He disclosed that to build a vibrant innovation ecosystem, Nigeria decided to key into MIT program call REAP – Regional Entrepreneurship Acceleration Program. According to him, REAP is a global capstone initiative that provides an opportunity for communities to engage with MIT in an evidence-based and practical approach to strengthen the innovation ecosystem.
The National Digital Innovation and Entrepreneurship Centre will serve as a platform for the MIT-REAP initiative.