Lagos: The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has stated that Nigeria has not yet fully explored its potential in the technology sector, despite the vast opportunities it presents.
According to News Agency of Nigeria, Samuel, in an interview, pointed out that stable power and technology are critical drivers for Nigeria’s economic growth and diversification, yet both remain lacking. She emphasized that without stable power and technological advancement, Nigeria’s growth prospects would remain constrained.
Samuel highlighted the rapid pace of global technological advancement, underscoring the importance of internet connectivity and data. She advocated for increased collaborations, both locally and internationally, drawing attention to the United States’ partnerships with other regions to enhance its own tech sector, despite being the largest in the world.
She cited an example of Saudi Arabia’s Crown Prince investing approximately $600 billion in the U.S. technology sector, questioning why African nations, including Nigeria, should not follow suit if even the U.S. is seeking such collaborations.
Samuel also pointed to the dominance of U.S. tech giants such as Meta, Google, Tesla, and X, along with advancements in Artificial Intelligence like ChatGPT and Meta AI, as evidence of technology’s transformative power.
She stressed the interconnection between technology and power, noting that a consistent power supply is essential for technological progress. As Nigeria looks to diversify its revenue away from oil, she argued that power and technology are interlinked and both must be prioritized.
In light of current global trade dynamics, including tariffs imposed by the U.S. and potential limitations of the African Growth and Opportunities Act (AGOA), Samuel identified technology as a crucial avenue for diversification. She suggested that West Africa, in particular, could benefit from expanding into the technology sector.
Samuel pointed to the banking sector as a demonstration of technology-driven growth, with advancements in online and mobile banking significantly enhancing financial transactions. She referenced the World Bank’s projection of rapid growth in Nigeria’s banking and financial technology sectors by 2025, attributing this to technological innovations.
She urged technology platforms in Africa to utilize conferences both domestically and internationally to foster growth. Furthermore, she highlighted the need for government involvement, particularly from ministers of communication and commissioners of science and technology, in developing policies to support the sector’s expansion.