Entrepreneurship and Digital skill in Nigeria

Entrepreneurship and Digital skill in Nigeria
Photo by Shahadat Rahman- Ask Nigeria

Digital literacy and digital revolution are changing workplace dynamics.

With the advent of the internet and digital revolution, business models and workplace dynamics are being changed by digital literacy. It determines how work is performed and managed, and the kind of skill needed in the workplace. It is also rapidly changing the expectations that people (employees and clients) have of business owners’ traditional leadership skills and business models, which are no longer sufficient to engineer market-leading innovations and bring satisfactory entrepreneurial returns. The digital economy is expanding across the globe, though at an uneven rate in different countries. Nonetheless, in most countries, it is constantly being developed and efforts are being made to migrate traditional business models to the digital economy as much as it can accommodate.

According to a 2016 report by the Oxford Economics, the global digital economy is valued at $11.5 trillion or approximately 16% of the global economy. The global digital economy is also estimated to account for a quarter (25%) of the global economy in the next ten years. While Nigeria does not currently have a large share of the global digital economy, effort is being made to position the country to contribute immensely to the economy. The World Economic Forum (WEF) predicts that over 60% of global gross domestic product (GDP) will be digitized by 2022 and that in the next ten years, digital platforms will be used to create over 70% of new value. Also, according to a report by Ericsson titled, “How Important Are Mobile Broadband Networks for Global Economic Development,” a 10% increase in mobile broadband penetration results in approximately 0.6% to 2.8% rise in GDP.

The digital economy is the way technology has revolutionized information.

We presently live in an information age, where people must manage more information, Google has an overload of information on practically any subject one can think of. The processing of this information requires technological support, which in turn demands and creates more information. These developments have affected everyone’s life. We use digital devices, such as smartphones, digital cameras, and especially computers. Computers are used for almost every aspect of life, such as in banking, mass media, publishing, communications, music production, photography, marketing, film making, etc.

Digital skill (or digital literacy) is a set of skills that enables an individual to operate effectively in information processing and usage in a technology-oriented environment. Digital literacy is critical for a nation’s workforce in today’s digital world. According to UNESCO (2011), digital literacy is defined as the ability to access, use, and disseminate information in the digital age. It is about understanding information which is presented in different formats, and figuring how to use it in secure and productive ways. For example, digital technology can be used to sell goods or offer services (e.g., e-commerce, mobile and computer apps), manage finances and employees, source materials, and market businesses online for entrepreneurial yields, which are the returns or benefits derived by business owners as a result of investing their time, money, and education into their business. These benefits could be measured in terms of more customers, expansion, and more profit.

Businesses have adopted digital literacy in developed countries.

Research has shown that both large and small businesses in developed countries have successfully adopted digital literacy or skills to have a competitive edge, transform business models, and improve their relationship with customers and suppliers. These skills are essential factors for many successful small business owners (SBOs). However, digital literacy continues to be one of the challenges faced by developing countries, one of which is Nigeria. The Minister of Communications and Digital Economy, Mallam Isa Pantami, emphasized the significance of digital literacy to the successful implementation of Nigeria’s digital economy at the one-day virtual workshop organized by the Nigerian Software Testing Qualifications Board (NGSTQB), with the theme, “Role of Software Testing in Nigeria’s Digital Economy.”

The minister noted that for Nigeria to achieve its target of 95% digital literacy level by 2030, “we will need to build the literacy of citizens in order for them to understand and consume digital services.” Numerous studies have been conducted on SBOs, and most findings maintained that despite their significant importance and contribution to economic growth, SBOs around the world—particularly in Nigeria—are faced with numerous challenges that inhibit entrepreneurial growth. These challenges include: lack of funds, low entrepreneurial and managerial capabilities, poor and unreliable infrastructure, harsh business environment, poor service delivery, and lack of access to modern technology.

Agencies were created to stimulate the development of small businesses.

Despite the efforts of the government in creating small business development agencies in Nigeria, small businesses continue to face challenges that threaten their survival. However, several interventions have been launched in Africa (particularly in Nigeria) to assist entrepreneurs to grow sustainable businesses and help them become more digitally literate. These agencies include the Small and Medium Enterprises Development Agency (SMEDAN), the National Directorate of Employment (NDE), Peoples Bank of Nigeria (PBN), Microfinance banks, National Economic Reconstruction Fund (NERFUND), and National Bank of Commerce and Industry.


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Ask Nigeria
1 month ago

Digital skill and entrepreneurship in NigeriaDigital literacy and digital revolution are changing how workplace dynamics.Express your point of view.

Mercy unisex saloon
Member
1 month ago

Businesses abroad are heavily invested in the digital world. Businesses in Nigeria are not invested as such or never before. There are many factors around it, are Nigerian businesses ready to train staffs in the digital economy and ready to spend the money? Are small businesses in Nigeria able to get loans? This are just some of the issues facing businesses in Nigeria today affecting their growth!

Adeolastan
Member
1 month ago

Digital marketing or digital skill has really change the dynamic of entrepreneurship scope in Nigeria and general all over the world.

DimOla
Member
1 month ago

90% of the business done today is on the internet. Digital literacy and digital revolution are changing workplace dynamics.We need to keep ourselves abreast of the necessary tools and information to enable us keep up the pace of global digital literacy.

SarahDiv
Member
1 month ago

The world is going digital enhance digital literacy becomes imperative to be able to fit in to our ever advancing world.

Iyanu12345ogg
Member
1 month ago

Digital literacy and revolution is important.
Our youths will benefit from entrepreneurship and digital skills acquisition. With this we can discuss youth empowerment.

Bola12
Member
1 month ago

A person can efficiently process information and use it in a technologically advanced world by having a certain set of abilities known as digital literacy. In today’s digital age, having a literate workforce is essential.

theApr
Member
1 month ago

The future has always been tech. The government need to endeavor to make the country technologically inclined, because technology advances by the day.

Hassan Isa
Member
1 month ago

Stakeholders and government officials need to take decisive measures to increase citizens’ digital literacy so that the economy as a whole can benefit.

Nwachukwu Kingsley
Member
1 month ago

Digital skill matters a lot nowadays, it will help people be able to work and carry out their duties in any where they find themselves in the world.

Adesanyaj72
Member
1 month ago

The world is becoming more technologically advanced on a daily basis, and having a workforce that is proficient in digital literacy is essential in the digital world of today.

Remi1
Member
1 month ago

The government ought to make an effort to position the nation in such a way that it can make a significant contribution to the economy through the promotion of digital literacy and entrepreneurialism.

Chibuzor
Member
1 month ago

We need to advance in step with the rest of the world, which is why it’s imperative that we learn as much as possible about digital technology and adapt as many of our business practises to the online world as possible.

Taiwoo
Member
1 month ago

Traditional leadership abilities and business approaches are no longer adequate to develop market-leading breakthroughs and generate appropriate entrepreneurial returns, and these expectations are fast shifting as digital literacy spreads.

Godsewill Ifeanyi
Member
1 month ago

In today’s current times, having a solid level of digital literacy is particularly beneficial because it influences how work is performed and handled, as well as the type of talent that is required in the job.

Kazeem1
Member
1 month ago

The rise of the internet and the subsequent digital revolution have brought about changes in the ways that businesses are structured and the dynamics of the workplace.

Haykaylyon26
Member
1 month ago

Entrepreneur and digital skill improve a lot in youth life help them to get empowered and start business. Technology help people alot this way so more technology skill will help people improve in their digital skill

Abusi
Member
1 month ago

It is actually for a fact that entrepreneurship and especially digital skills is one of the ways the youths have been empowered. It has helped to also form a lot of small and medium enterprises. The leverage of the internet and technology has helped to increase productivity in the digital space

Tonerol10
Member
1 month ago

The World is changing to digital every day. Countries are striving more to get it Weldone in technologies.

Ultra0711
Member
1 month ago

Nowadays, it is of no doubt that the whole world is becoming digitized even at the least sector. But some developing countries are still behind, Nigeria for instance, our government needs to invest more in digital and technology world to literate more people and help them develop digital skills.

Christiana
Member
1 month ago

Right now I’d just everyone to get more knowledge in the technology area, this is what will give you an edge in years to come

Tolaniiii
Member
1 month ago

The world is gradually becoming a tech world, offices don’t operate manually anymore. This digital skill is one thing people need to acquire because that is what is paramount this days.

jdpumping
Member
1 month ago

Digital literacr and revolution needs to be of upmost importance because it has taken over all spheres, citizenry needs to build their literacy level digitally because it will help boost all forms of business and stake holders needs to take drastic measures for this to be successful.