Financial Services to add 3m jobs to Nigeria’s Digital Economy, As Ministers Discuss RoadMap In Geneva

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It has emerged that financial services within Nigeria’s digital economy could add US$88 billion and create over 3 million new jobs over the next 10 years

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GENEVA, Switzerland, April 25, 2017/ — It has emerged that financial services within Nigeria’s digital economy could add US$88 billion and create over 3 million new jobs over the next 10 years.

This comes as Ministers from developing countries namely Nigeria, Mexico, Kenya, Argentina, Colombia, Sri Lanka, Uruguay, Chile, Costa Rica and Pakistan under the auspices of Friends of E-Commerce for Development (FED) resolved to put forward a policy agenda to bridge the digital divide as well as provide development solutions in the long term, during their meeting in Geneva, Switzerland today.

The job figures are in line with estimates of a study carried out by McKinsey Global Institute (MGI). Further studies indicate that potential gains of the digital economy will be manifest in digital accounts, payments, mobile money, health and educational services and other sectors of the economy.

Minister of Industry, Trade and Investment  Dr. Okechukwu Enelamah who led the Nigerian delegation to Geneva, explained that the Ministry is already developing the “Smart Nigeria Digital Economy Project” and that the objective is to solve efficiency problems and create leap-frog opportunities in the economy, improve competitiveness and foster technology development and innovation more generally.

“The Smart Nigeria Digital Economy Project is Nigeria’s response to an area of intense economic and technological activity by Nigerian youths, where there is a growing pool of talent”, he stated.

“It is a sector of the economy where the private sector already has ownership. The role of government would therefore be to ensure a sound pro-competitive regulatory environment and hardware infrastructure to foster rapid growth of this area,” Enelamah added.

The Minister also shared the fact that there are currently 150 million active mobile users in a country of 170m, of which over 60% are connected to the internet. There are some 17m Facebook users and new technology start ups and young people writing apps that solve problems and spur growth.

Lagos, the largest commercial city in Africa accommodates some of Africa’s well-known consumer tech businesses such as iRokotv, Hotels[dot]ng, Jobberman, Andela, Balogunmarket, and Truppr[dot]com.

Meanwhile, FED gathered for its first Ministerial Meeting in Geneva on the sidelines of the United Nations Conference for Trade and Development (UNCTAD) E-Commerce week.

In a communiqué seen by Naija247news at the end of their meeting, the group said that the road map put together by member countries would form the foundation for sustainable economic development as well as pave the way for conversations at UNCTAD and the World Trade Organisation (WTO) in advance of the Ministerial Meeting of the WTO in Argentina later this year.

The communiqué noted that the “FEDs came together to build an inclusive and open space for discussion of e-commerce viewed from the development perspective. FEDs view e-commerce as an instrument that brings the digital, development and trade agenda together and as a tool for inclusive and sustainable economic growth.”

The FED is a diverse, non-negotiating, group of WTO Members and UN Member States at different levels of development, with an understanding of the impact of E-Commerce and its ability to create sustainable economic opportunities for all.

In light of Nigeria’s strong engagement in the fast developing area of digital economy of which e-commerce is a part, on 24th April, Nigeria’s Chief Negotiator Ambassador Chiedu Osakwe was invited by the office of the UNCTAD Secretary-General to deliver the Keynote Address at the UNCTAD E-Commerce week session on E-commerce in Africa. In his address titled: “Trumping Timidity: The Importance of Audacity in the Digital Economy”, Ambassador Osakwe urged African countries to integrate digital economy strategies and action plans into domestic structural reforms for diversification, modernization and growth. “Africa needed to be offensive in this area, acting innovatively, purposefully and expeditiously” because the gains and development yields were considerable as evidenced by the Nigerian example.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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