Economist Advises FG On ICT Infrastructure

A Lagos-based economist, Mr Antai Onoh, has urged the
Federal Government to improve information and communications technology (ICT)
infrastructure to accelerate economic development.

He told newsmen in Lagos that enhancing ICT infrastructure
was capable of contributing to national income generation and poverty reduction.

“It enables people and enterprises to capture economic
opportunities by increasing process efficiency, promoting participation in
expanded economic networks, and creating opportunities for employment,” he
said.

Onoh, a risk analyst with Diamond Bank, said ICT would
enable improved business process efficiency and productivity.

According to him, businesses could reduce operational costs
by decreasing material, procurement and transaction costs, resulting in lower
prices for finished goods.

“With ICT they will get accurate and up-to-date information
about best practices worldwide in their fields of business to improve the value
of their output.

“For example, a number of companies in developing countries
are using the Global Technology Network provided by USAID to find comparable
small and medium-sized US companies to share business solutions that satisfy
their existing technological needs,” he said.

Onoh said ICT could facilitate global connectivity resulting
in new ways of creating and delivering products and services on a global scale.

“This will provide developing countries like Nigeria with
access to new markets and new sources of competitive advantage from which to
drive income and economic growth,” he said.

Onoh said ICT could also contribute to better employment
opportunities in Nigeria through improved labour market facilitation and direct
employment, as well as the enhancement of the rural communities and farmers’
productivity.

“Using electronic job market places, employers and employees
can match labour skills and availability to satisfy their demands,” he said.

“It enables solution sharing between local people and
communities, providing access to practical information on small business
accounting, weather trends and farming best practices.

“For example, timely access to market information via
communications networks also helps farmers make astute decisions about what
crops to plant and where to sell their produce and buy inputs,” Onoh said.