Economist Harps On ICT Compliance

An economist, Mr Antai Onoh, warned on Monday that Nigeria’s
economy would be pushed to the periphery of global growth if the country failed
to become Information and Communication Technology (ICT) compliant

Onoh, a risk Analyst with Diamond Bank, spoke with The Tide
on Monday in Lagos.

According to him, recent studies in economic development
suggest that a country’s Gross Domestic Product (GDP) is closely related with
the level of development of its infrastructure.

He stressed that the infrastructure must be right to achieve
economic growth.

“International research suggests that a 10 per cent increase
in ICT infrastructure can lead to 0.59 per cent increase in GDP in a typical
developing economy,” he said.

Onoh said that the government and the private sector must
therefore invest in, and encourage the intense use of technology to promote
development and economic growth.

“Both government and business will benefit from the
technology boom which has transformed other economies as well as improve the
lives of the citizens in the West and in Asia.

“With proper encouragement and enlightenment, we can catch
up with technological advancement in ICT and surpass leading African nations
like South Africa,” he said.

Onoh noted that nobody talked ICT these days without the broadband
to boost inter-connectivity.

“So, it means that our telecom operators have to become
efficient,” he said.

Onoh pointed out that e-payment had become a vehicle for
economic development worldwide, adding: “This shows how the world has become
technology intensive.”