Digital technology crucial for economic diversification – Pantami

Isa Pantami

Prof. Isah Pantami, the Minister of Communication and Digital Economy, says technology, especially digital is deployed globally for economic diversification.

Pantami said this at the 1st Economic Confidential Public Lecture and Book presentation on Tuesday in Abuja.

The theme of the Pantami’s lecture is “Economic Diversification in an Evolving Cashless Society”.

According to him,  countries that  excel in technology are leading globally in economic growth.

He said  that such countries had diversified their economies through knowledge based economy.

” The economy of the world today does not depend on natural resources; countries are leveraging on their natural resources to build their knowledge based economy.

“Digital technology and  digital economy are both knowledge based, particularly the trajectory of the first, third and fourth  industrial revolutions,” Pantami said.

Earlier, the Chaiman of the occassion Mr Muhammadu Shehu, said that diversification was eminent in economic growth and advised that the nation  should   “diversify or sink”.

Shehu, who is also the Chairman Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said that the  Gross Domestic Product (GDP) of the country does not come  from natural resources but  through taxes from the FIRS , amongst others.

He said that diversification was key in  achieving economic growth, while calling for diversification in all levels of government for sustainable economic  development.

Speaking on eNiara, Mr Muhammed Musa, Deputy Director ICT in Central Bank of Nigeria ( CBN)  described the eNiara as a legal tender to help deal  with the challenges of cash transactions.

According to him, cash can facilitate   illicit activities such as kidnapping, robbery, amongst others.

He said  that it was in this regard that the CBN came out with the eNaira initiative.

“The eNiara, which is digital, was  not meant to replace the Niara but to help in day to day activities and to also achieve financial inclusion,” he said.