ICTEL 2020: Technology Deployment, Key to Economic Recovery, Sustainability

Envisaging businesses might never return to the ‘old normal’, building data- and technology-driven resilience has become much more pressing than ever. As a result, experts believed technology deployment is the key to economic recovery and sustainability across the world.

The global pandemic has both accelerated the pace of digital transformation for industries and society and also unlocked new development opportunities for the digital economy.

This was unanimously agreed upon by stakeholders at this year’s Information Communications Technology and Telecommunications Expo (ICTEL EXPO)  held virtually organized by the Lagos Chamber of Commerce and Industry (LCCI) themed Exploring Opportunities in the Digital Economy – The New Reality’.

In her welcome address, Mrs. Toki Mabogunje, President of the Lagos Chamber of Commerce and Industry, LCCI noted that nations across the globe have continued to face dwindling growth occasioned by the pandemic. Today, virtually, all sectors, leverage ICT for optimal performance.

According to her, there is no better time to explore the opportunities provided by the digital economy than now when every nation is seeking ways to overcome the restrictions imposed by the COVID-19 pandemic.

Speaking further, Mabogunje stressed that Nigeria as a nation must explore the opportunities provided by the pandemic and help get the economy back on track through Information and Communication Technology.

READ ALSO: Nigerian Banks Future Competitiveness will be Determined by Digital Disruptions – Akinwuntan

“The Covid-19 pandemic provides enormous potentials yet to be tapped. We must find a way to unveil these potentials through the ICT sector, which has seen Nigeria witnessed a phenomenal growth over the past two decades. The ICT sector remains one of the most resilient sectors of the Nigerian economy even in the face of the COVID-19 Pandemic. This Expo is one of the major platforms that offer opportunities to unlock these potentials,” she said.

The Minister of Communications and Digital Economy, Dr. Isa Pantami, ably represented by the Executive Secretary, Universal Service Provision Fund, Mr. Ayuba Shuaibu emphasized that Nigeria cannot afford to miss out on the digital economy is creating opportunities in the emerging world.

On his part, Pantami stressed that the new reality is that the digital transformation of our economy has become imperative for sustainable national development.

“As predicted by the World Economic Forum, over 60 percent of global Gross Domestic Product (GDP) will be digitized by 2022 and that over the next decade, digital platforms will be used to create close to 70 percent of new value.

READ ALSO: Digital Identity will Foster Economic Growth – Interswitch Boss

“Digital revolution is changing lives and societies with unprecedented speed and scale, delivering immense opportunities as well as associated challenges.

“Globally, businesses are shifting from brick and mortar form to innovative enterprises driven by digital technologies and now is the time for business, enterprises and organizations, to reinvent and automate, to fit into the global digital economy”. he said.