Information and Communications Technology (ICT): A Panacea to the Nigerian Economic Growth and Development Up to 2022

Abstract

Several countries including Nigeria see the utilization of Information and Communications Technology (ICT) as source of economic development and tools that facilitate communication, processing and transmission of information by electronic means. ICT is a driver of economic development and an indispensable tool for global development. Among the interests and vision of Nigeria for 2020 is to make the country become one of the leading 20 global economies. This can only be realized through the transfusion of innovation in modern technology and industrialization into virtually all sectors of the country’s economy. Thus, this paper exploits the growth benefits of ICT and its contributions to the Nigerian economy, as well as other developing countries of the world. The growth rate of ICT among other factors has been seen as the engine that drives the economic development of Nigeria. ICT services are helping in various sectors such as health, education, communication, agriculture and power. This paper also discusses the major constraints and challenges facing the effective utilization of ICT in the development of various sectors which among others include incessant power failure and poor exploitation of ICT resources in educating the masses on health and economic issues. Recommendations are made on the improvement of the application of ICT.