The Acting Director-General of the Nigerian-American Chamber of Commerce (NACC), Ms. Wofai Samuel, has stated that Nigeria has yet to fully tap into its technological potential despite the vast opportunities within the sector.
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In an interview with the News Men, Samuel emphasized that stable electricity and technological infrastructure key drivers of economic growth and diversification remain inadequate in the country.
She warned that without reliable power supply and technological development, Nigeria’s progress would continue to be stunted.
Highlighting the interconnected nature of today’s global advancements driven largely by the internet and data Samuel stressed the importance of both local and international collaborations. She pointed to the United States as a prime example, noting that even as the world’s largest tech hub, it continues to partner with other regions and nations to further strengthen its technology sector.
“An example of America’s collaborative efforts is the recent investment of approximately $600 billion by Saudi Arabia’s Crown Prince in the U.S. technology sector to advance its technological capabilities.
“If America is collaborating with other regions and countries on advancing the tech sector, whereas America is the biggest tech sector, then who are we in Africa not to follow suit?” she queried.
Samuel underscored the global influence of U.S. tech giants such as Meta, Google, Tesla, and X, along with innovations in Artificial Intelligence like ChatGPT and Meta AI, as clear examples of technology’s transformative impact.
Drawing a strong link between power and technology, she stressed that a stable and consistent electricity supply is essential for technological advancement particularly as Nigeria looks to diversify its economy beyond oil.
“Without power, how can we drive technology? Power and technology are directly interconnected,” she noted.
‘’Given the current global trade landscape, particularly with tariffs imposed by America on various countries and the potential limitations of the African Growth and Opportunities Act (AGOA) for African exports, technology is a key avenue for diversification.
“One of the easiest ways, one of the easiest platforms West Africa can diversify into is the technology sector,” she said.
The Acting Director-General highlighted the banking sector as a prime example of how technology has fueled growth and innovation, noting that online and mobile banking have significantly improved financial transactions.
She cited the World Bank’s projection that the banking and fintech sectors will be among the fastest-growing industries in Nigeria by 2025 a trend she attributed to the impact of technological advancements.
Samuel urged tech-driven platforms across Africa to take advantage of both local and international conferences to accelerate their development. She also emphasized the critical role of government, calling on ministers of communication and commissioners of science and technology to actively shape policies that support and sustain the sector’s growth.
Oluchi