Prof. Isah Pantami, the Minister of Communication and Digital Economy, says technology, especially digital technology was 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 was “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 have 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 eNaira, 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.
