DIGITAL ECONOMY AND NATIONAL DEVELOPMENT IN NIGERIA

Abstract

This study assessed the impact of digital economy in promoting national development in Nigeria. The paper is a review paper that depend secondary data. The secondary data were collected from print and online publications. The study concluded that enhancing productivity and business efficiency, expanding job creation and entrepreneurship opportunities, promoting financial inclusion through digital financial services, enhancing government revenue and public service delivery, facilitating access to global markets, improving education and human capital development and stimulating innovation and sectoral transformation are some of the roles of  digital economy are playing in the promotion of economic development in Nigeria. Inadequate digital infrastructure, high cost of internet and digital devices, low digital literacy and skills gap, cybersecurity threats and weak data protection systems, poor regulatory environment and policy inconsistency and inadequate power supply (electricity challenges) are some of the challenges militating against the digital economy in Nigeria, Based on the findings, the study recommends that the Nigerian government and private sector must invest heavily in broadband expansion, fiber-optic networks, data centers, and improved telecommunications services. Expanding 4G and 5G coverage to rural and underserved areas is essential for inclusive digital access. Government should also incentivize telecom companies through tax breaks and public–private partnerships (PPPs) to expand infrastructure nationwide. Improved transportation networks and electricity supply are also critical for powering digital services. The high cost of digital access can be addressed by reducing import duties on ICT equipment, supporting local manufacturing of smartphones and computers, and promoting competition among telecom operators to reduce data prices. Subsidized data packages for students, small businesses, and low-income earners can also improve access. Strengthening Nigeria’s digital economy requires making devices and internet services affordable for the majority of the population.