ICT Usage and Economic Growth of Nigeria
Keywords:
ICT Usage; Cloud Accounting; Economic growth; NigeriaAbstract
This study explores the relationship between the usage of Information and Communication Technology (ICT) and the economic growth of Nigeria. The data used for this study was obtained from the World Bank, Central Bank of Nigeria (CBN) Statistical Bulletin, and other internet sources. The primary objective of this study is to evaluate the impact of the import and export of ICT on Nigeria's economic growth. The findings demonstrate that the use of ICT is mainly prevalent in cloud accounting and ICT facilities in the oil and gas industry and banking sector. At the same time, ICT imports and exports in Nigeria's entrepreneurship businesses are relatively insignificant. The study concludes that Nigerian entrepreneurs use inadequate ICT facilities mainly due to the need for more information technology knowledge, especially cloud accounting systems, which are relatively new and unfamiliar to most Nigerian entrepreneurs. Based on these findings and conclusions, this study recommends that the government should use relevant agencies to create greater ICT awareness and capacity building among Nigerian entrepreneurs, particularly the youth, by providing massive ICT practical training and retraining to acquaint and arm them with adequate and innovative knowledge and skills of what cloud accounting and other ICT facilities are all about, their benefits and challenges. Moreover, the agency should encourage entrepreneurs to use locally made ICT tools and facilities and improve their capacity to acquire and export them to boost foreign exchange earnings for more significant economic growth.
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