Emily Smith
Fri, Jul 28, 2023 1:00 PM

LCCI Calls for Digital Economic Policies to Boost Industrial Drive in Nigeria

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LCCI Calls for Digital Economic Policies to Boost Industrial Drive in Nigeria
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigerian government to formulate digital economic policies that would bolster the country's industrial drive. According to the LCCI President, Dr. Michael Olawale-Cole, a sound regulatory framework across all levels of government would create new possibilities and economic opportunities for businesses and investors. He emphasized the disruptive influence of information and communication technology (ICT) on various sectors, including agriculture, healthcare, learning, and manufacturing. The LCCI President also highlighted the growth of Nigeria's tech sector, as well as the vital role of a vibrant innovation ecosystem in fostering job creation and technology deployment in the manufacturing industry.

The Lagos Chamber of Commerce and Industry (LCCI) has called on governments at all levels in Nigeria to develop and implement digital economic policies aimed at strengthening the country's industrial drive. The LCCI President, Dr. Michael Olawale-Cole, made this assertion at the ninth edition of the chamber's Information Communication Technology and Telecommunication (ICTEL) Expo in Lagos.

Dr. Olawale-Cole argued that a robust regulatory framework, specifically tailored to the digital economy, is imperative to creating new economic opportunities for businesses and investors. While the Federal Government has already initiated efforts to push the digital economy agenda through the Ministry of Communications and Digital Economy, the LCCI President emphasized the need for consistent regulations and policies across states and local governments to unlock the full potential of the digital economy.

The transformative effects of information and communication technology (ICT) on sectors such as agriculture, healthcare, learning, and manufacturing were highlighted by Dr. Olawale-Cole. He noted that globally, there is a wave of innovative solutions driven by Artificial Intelligence (AI), automation, robotics, and wearable technologies, and Nigeria must actively participate in this trend.

By fostering a vibrant innovation ecosystem, Nigeria can capitalize on the benefits of technology deployment and stimulate job creation in the manufacturing sector. Dr. Olawale-Cole cited the National Bureau of Statistics (NBS) report, which revealed that the tech sector recorded a growth rate of 10.32% in the first quarter of 2023, contributing 17.47% to the real Gross Domestic Product (GDP).

"The digital economy supports various business, social, and government activities, and is considered the single most important driver of innovation, competitiveness, and growth," remarked the LCCI President.

The growing relevance of technology in the business world positions the ICT sector as one of the fastest-growing sectors in Nigeria's non-oil economy. Dr. Olawale-Cole emphasized the need to leverage technology to drive competitiveness, cost efficiency, and resilience in supply chains. Furthermore, he acknowledged the emergence of innovative disruptions in sectors such as agric-tech, health tech, edu-tech, and e-government.

As an advocacy pressure group and promoter of Small and Medium Enterprises (SMEs), the LCCI expressed its readiness to support the government's efforts in building and sustaining a robust and supportive digital economy. The chamber plans to collaborate with key institutions, including the Ministry of Communications and Digital Economy, the Nigerian Communications Commission (NCC), and the National Information Technology Development Agency (NITDA).

The ICTEL Expo organized by the LCCI serves as a platform for leading players and stakeholders in the ICT industry to exchange perspectives on emerging issues and trends in the digital economy. Dr. Olawale-Cole believes the event will facilitate a learning journey that explores the disruptive technologies affecting business, academia, and lifestyles.

Source of content: OOO News 2023-07-28 News

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