The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms Wofai Samuel, says that despite the sector’s vast opportunities, Nigeria has yet to fully explore its potential in technology.
In an interview with the News Agency of Nigeria (NAN) on Monday, Samuel said that stable power and technology, which are crucial drivers of Nigeria’s economic growth and diversification, were still lacking.
She noted that Nigeria’s growth would be hindered as long as it could not ensure stable power and technology.
The NACC boss said that the rapid global pace of technological advancement, with everything interconnected, was due to the Internet and data.
Emphasising the role of collaborations, both local and international, she cited U.S. collaborations with other regions and countries to advance its tech sector. However, it was the biggest tech sector in the world.
“An example of America’s collaborative efforts is the recent investment of approximately $600 billion by Saudi Arabia’s Crown Prince in the U.S. technology sector to advance its technological capabilities.
“If America is collaborating with other regions and countries on advancing the tech sector, whereas America is the biggest tech sector, then who are we in Africa not to follow suit?” she queried.
Samuel highlighted the global dominance of U.S. tech giants like Meta, Google, Tesla, and X, along with advancements in Artificial Intelligence like ChatGPT and Meta AI, as evidence of technology’s transformative power.
Connecting technology and power, Samuel emphasised that consistent power supply was fundamental for technological progress, especially as Nigeria sought to diversify its revenue away from oil.
“Without power, how do we even drive technology? So, power is correlated to technology. Technology is correlated to power.
“Given the current global trade landscape, particularly with tariffs imposed by America on various countries and the potential limitations of the African Growth and Opportunities Act (AGOA) for African exports, technology is a key avenue for diversification.
“One of the easiest ways, one of the easiest platforms West Africa can diversify into is the technology sector,” she said.
The acting director general noted further that the banking sector was an example of how technology had driven growth and improvement, with online banking and mobile banking methods enhancing financial transactions.
Samuel referenced the World Bank’s projection that the banking and financial technology sectors will be among Nigeria’s fastest-growing in 2025.
She attributed the growth to technological innovations that enable online and mobile banking.
Samuel called on technology-focused platforms in Africa to leverage conferences within and outside the country to drive their growth.
She also stressed the importance of government involvement, particularly ministers of communication and commissioners of science and technology, in shaping policies that supported the sector’s growth.
