The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms Wofai Samuel, has emphasised the critical importance of reliable power supply for the growth of Nigeria’s technology sector. In a recent interview with the News Agency of Nigeria (NAN), Samuel highlighted the deep interconnection between power and technology, asserting that Nigeria cannot move forward in the tech space without addressing its power challenges.
Power and Technology: A Symbiotic Relationship
Samuel explained that power supply is fundamental to driving technological growth, stating, “Without power, how do we even drive technology?” This assertion underscores the essential role that a stable and reliable energy infrastructure plays in fostering technological innovation and progress in any country.
The Nigerian-American Chamber of Commerce (NACC) acting director also pointed out that power challenges in Nigeria pose significant barriers to the full potential of the country’s tech sector. She highlighted that developed countries worldwide are leveraging power and technology to stimulate growth and innovation, making it even more crucial for Nigeria to address its energy issues to compete globally.
The Role of Technology in Economic Diversification
Ms Samuel also emphasised the importance of technology as a key avenue for diversification, especially in light of changing global trade dynamics. She noted the challenges posed by tariffs imposed by the United States on various countries and the limitations of the African Growth and Opportunities Act (AGOA) on African exports.
For West Africa, the technology sector stands as one of the easiest and most promising avenues for economic diversification. Samuel urged African countries, including Nigeria, to seize the opportunity to integrate technology into their growth strategies. She pointed to the rapid global advancement of technology driven by internet access and data as proof of the sector’s transformative power.
Global Collaboration in Technology
In a globalised economy, Ms Samuel called for more robust collaboration between African nations and global powers. Drawing inspiration from the $600 billion investment by Saudi Arabia’s Crown Prince in the U.S. tech sector, she urged African nations, including Nigeria, to emulate such collaborative efforts to boost their own technological capabilities.
Samuel questioned why African nations, especially Nigeria, would not follow the lead of global giants like the U.S., which has continually embraced cross-border collaboration in advancing its tech sector. She noted the dominance of American tech giants such as Meta, Google, Tesla, and X, as well as cutting-edge innovations like Artificial Intelligence (AI), exemplified by platforms like ChatGPT and Meta AI.
The Nigerian Banking Sector: A Tech Success Story
Using Nigeria’s banking sector as a case study, Samuel illustrated how technology has already played a pivotal role in driving growth and efficiency. The banking and fintech sectors, she stated, have been at the forefront of digital transformation in Nigeria. Innovations such as mobile banking and online financial services have reshaped the way Nigerians access and use banking services.
The World Bank’s recent projections indicate that banking and fintech will continue to be among Nigeria’s fastest-growing sectors by 2025. This growth is largely attributed to technological advancements that have revolutionised financial services in the country, making them more accessible and efficient.
Call for Policy Support and Strategic Partnerships
In her concluding remarks, Samuel called on African tech platforms to leverage international technology-focused conferences and partnerships to enhance visibility and strategic collaboration. She also urged government actors, especially ministers of communications and commissioners of science and technology, to become more involved in policy formulation and leadership within the tech sector to ensure sustainable development.
In summary, for Nigeria to realise its full potential in the technology sector, it is crucial that the country addresses its power supply challenges. As Ms Wofai Samuel stated, power and technology are inextricably linked, and without stable energy infrastructure, Nigeria will struggle to develop a robust tech ecosystem. By emulating successful global models of collaboration and innovation and focusing on strategic policy development, Nigeria can position itself as a competitive player in the rapidly evolving global tech landscape.
