How Digital Economy Enhance Growth

As you know, a digital economy refers to an economy where most of the economic activities use digitized information and knowledge as key factors of production. To be a digital and data economy, three keys things have to be in place; first, you need to have a digital core.

This includes supply and support of physical technologies such as semiconductors, processors, data infrastructure, or simply every technology that enables and gives access to the internet and makes human life easy. Secondly, you need the digital product and service providers.

These are our online vendors, fintech and mobile payments, e-commerce, social media among others. Lastly, there are digital applications. Businesses and individuals use products and services of digital providers to carry out their business activities.

These, in turn, produce data, a vast meaningful amount of data, which then leads to improvement of services and better business inferences. Nigeria has all these 3 layers in place, we saw a 50% increase of mobile internet users from 2015 to 2020 (42.84 to 99.05 million users).

Credit: Tekedia

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