Prof. Isah Pantami, Minister of Communication and Digital Economy, has encouraged the development of digital technology as it is used all over the world to diversify economies.
Pantami said this on Tuesday in Abuja at the first Economic Confidential Public Lecture and Book Presentation. The theme of the lecture was “Economic Diversification in an Evolving Cashless Society”.
He asserts that technologically advanced nations are setting the pace for global economic expansion.
He claimed that these nations have used a knowledge-based economy to diversify their economies.
“The economy of the world today does not depend on natural resources; countries are leveraging on their natural resources to build their knowledge-based economy.
“Digital technology and digital economy are both knowledge based, particularly the trajectory of the first, third and fourth industrial revolutions,” Pantami said.
Earlier, the Chairman of the Occasion, Mr. Muhammadu Shehu, warned the country to “diversify or sink” since diversification was essential for economic success.
Shehu, who is also the Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), claimed that the country’s Gross Domestic Product (GDP), among other sources, is not derived from its natural resources.
In order to achieve economic growth, he claimed that diversity was essential. Additionally, he urged diversification at all levels of government in order to promote sustainable economic growth.
Mr. Muhammed Musa, Deputy Director ICT at the Central Bank of Nigeria (CBN), spoke about the eNiara and how it can help with the difficulties associated with cash transactions.
According to him, cash can facilitate illicit activities such as kidnapping, robbery, amongst others.
He said that it was in this regard that the CBN came out with the eNaira initiative.