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How businesses can take advantage of Nigeria’s projected $8.79 billion economic expansion

December 03, 2020 · 3 min read
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The Nigerian economy is projected to grow by $8.79 billion in the next three years to 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the BusinessDay Research and Intelligence Unit (BRIU).

More than half of the projected growth will come from the ICT sector, as companies continue to create innovative products and services leveraging ICT and telecoms. To take advantage of this growth, however, businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

The research comes off the back of the Covid-19 pandemic, which has laid bare the digital divide, with those businesses having invested sufficiently in their digital capabilities overtaking those firms who failed to do so. 

However, this trend of digitally forward businesses outperforming their technology-inferior counterparts isn’t new, the study reveals. Analysis of the data, which went back as far as 1992, showed that the major companies outperforming others in Nigeria are those that spend more on upskilling, research and development, and technology acquisition.

New technology driving business change 

New digital technologies have the potential to transform any business, in any sector. But it’s not as simple as to just identify which technology will provide the greatest commercial and operational impact.

The appropriate digital skills and expertise need to be adopted into the business along with any technology solution.

BRIU consulted with experts in different sectors to reveal which technology will be driving digital transformation efforts in Nigeria.

In survey responses, software and applications emerged as particular areas of focus for the future, with one respondent noting that company demand for software was expected to grow by 30 percent.

As companies adopt new technologies to remain competitive, there will be a shift in recruitment priority. Already attention is moving to data analysts, artificial intelligence specialists, data engineers, app developers and customer acquisition specialists.

The study also suggests digital product management, data visualization, deep learning and machine learning skills, in particular, will be in high demand in the future.

Where digital leaders are made

Global training provider elev8 offers training programs focused on the latest technologies, and is uniquely placed to help businesses and the Nigerian government connect to opportunities as highlighted in the report.

Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, depending on what’s best for the organization and its learners.

Taking a holistic approach, power skills like communication, collaboration and analytical thinking are embedded into elev8’s technical training in order to develop well-rounded digital experts who can bring the most value to their employers.

Training methods are practical and action-based – built around projects, tackling real business challenges – enabling learners to put theory into practice from the day one.

No matter the technical need, elev8 can design and implement bespoke solutions tailored to a company’s individual requirements.

elev8’s global academy equips business leaders, teams and organizations with the skills they need to leverage the technologies of the future and transform Nigeria into a knowledge-based economy.

To read the report in full, or to discover more about the elev8 training academy, go to www.elev8me.com/en-us/africa.

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