Technext Technext
  • Home
  • Stories
    • You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      2 hours ago 0
      41
    • Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      4 hours ago 0
      31
    • Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria
      Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria
      6 hours ago 0
      64
    • With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      18 hours ago 0
      63
    • Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin
      Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin
      20 hours ago 0
      86
    • 84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near
      84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near
      21 hours ago 0
      65
    • Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      23 hours ago 0
      143
    • App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      1 day ago 0
      59
    • Sim Shagaya’s uLesson Raises $7.5M Series A Funding, Set to Launch iOS App
      Sim Shagaya’s uLesson Raises $7.5M Series A Funding, Set to Launch iOS App
      1 day ago 0
      111
  • Features
    • 5 Tips to Make Your Business More Popular on Social Media
      5 Tips to Make Your Business More Popular on Social Media
      7 days ago 0
      173
    • Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      Analysts Forecast Bitcoin to Hit $100k in 2021, But is This Really a Good Time to Start Buying?
      1 week ago 0
      334
    • Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      Top 5 Most In-Demand Tech Jobs for 2021 — and Skills Required for them
      2 weeks ago 0
      393
    • Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      Financial Strategies for Surviving 2021 with Ayo Akinmade, Vice Chairman, Regus
      2 weeks ago 0
      361
    • ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      ‘Expect Aggressive Expansion in 2021’- PlentyWaka’s Johnny Enagwolor on Surviving 2020 and What the Future Holds
      3 weeks ago 0
      410
    • After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      After a Poor 2020, Here are the Top Cinema Trends to Watch Out for in 2021
      3 weeks ago 0
      359
    • “How we survived 2020” with Fehintolu Olaogun, CEO, CredPal
      “How we survived 2020” with Fehintolu Olaogun, CEO, CredPal
      3 weeks ago 0
      392
  • Reviews
    • You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      2 hours ago 0
      41
    • Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      4 hours ago 0
      31
    • With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      18 hours ago 0
      63
    • Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      Kenya Overtakes Nigeria as Africa’s Favorite Investment Destination
      23 hours ago 0
      143
    • App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      App Review: Omomi Gives Mothers and Guardians Access to Excellent Child Healthcare
      1 day ago 0
      59
    • Women Entrepreneurs Fare Better in Ghana, South Africa, Botswana than Nigeria – Mastercard Report
      Women Entrepreneurs Fare Better in Ghana, South Africa, Botswana than Nigeria – Mastercard Report
      1 day ago 0
      69
    • Nigerians Spent Over $60 Million on Mobile Apps in 2020 – APP ANNIE
      Nigerians Spent Over $60 Million on Mobile Apps in 2020 – APP ANNIE
      2 days ago 0
      138
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    Less Dependence on Crude and More Focus on Tech Could Save Millions of Jobs in Peril Due to N185Bn Monthly Oil Revenue Loss

    Tomiwa OnaleyeTomiwa Onaleye
    7 months ago
    Less Dependence on Crude and More Focus on Tech Could Save Millions of Jobs in Peril Due to N185Bn Monthly Oil Revenue Loss

    Millions of Nigerians run the risk of losing their jobs this year following the Economic Sustainability Committee (ESC) report that predicts a monthly loss of about N185 billion in oil revenue.

    The committee which was chaired by Vice President Yemi Osinbajo projected that unemployment may rise 33.6% to about 39.4 million by December. This is due to the harsh economic impact the loss of oil revenue will have on the country.

    Less Dependence on Crude and More Focus on Tech Could Save Millions of Jobs in Peril Due to N185 Bn Monthly Oil Revenue Loss
    Yemi Osinbajo, Vice President of Nigeria

    Nigeria’s oil dependence

    Following the oil boom of the 1970s with the OPEC crisis and the subsequent Iran-Iraq war of the 1980’s, price of crude oil rose from about $3 per barrel to $35 in 1981.

    This boom sparked the federal government’s policy to depend on oil resources as a source of foreign exchange earnings. However, the country soon felt the severe consequences of the decision. The oil crash in 1986, which crashed stocks and caused massive unemployment soon revealed that dependence on oil made the economy highly susceptible to oil price volatility.

    Since then the country’s economy has continued to hang on the rope of rising and falling prices. From the oil crash in 2014 to that of 2015 and 2018, the Nigerian government keeps finding itself in a struggle to save the economy.

    The current pandemic is no different, the huge drop in the price of crude oil has had several analysts screaming about an impending recession. The president, in response, instituted the Osinbajo-led Economic Sustainability Committee (ESC) to come up with an economic sustainability plan.

    The committees’ discovery like the previous times of oil crash, revealed a looming disaster. In the report tagged “Bouncing Back: The Nigerian Economic Sustainability Plan,”, the vice president broke the sad news that even if the price of crude oil in the international market stabilised at $30 per barrel throughout the year, Nigeria would still lose billions monthly.

    Millions of Nigeria to become poor by December 2020

    He added that millions will become poor with a possibility that the country’s GDP could fall to as low as – 8.91%.

    “Millions of Nigerians will slide into extreme poverty by the time the COVID-19 pandemic ends while the gross domestic product (GDP) rate may fall to as low as -4.40% and -8.91%, depending on the duration of the lockdown as well as the strength of the country’s economic response.”

    With 82.9 Million Nigerians Living in Extreme Poverty, Here are 5 Ways Nigeria Could Turn Things Around

    Tech could save Nigeria

    The looming crisis caused by the oil crash shows once again that Nigeria needs alternatives to oil as its sources of foreign earnings. Technology could be that salvation.

    Over the last few years, the contribution of ICT to the countries GDP has increased steadily with the sector contributing more than 13% in 2019. Over the last two-quarters, ICT has even contributed more to the GDP than Oil.

    In Q4 2019, the sector contributed N2.57 trillion, about 13.12% of the real GDP of the country. This is significantly higher than 7.32% the oil sector contributed in the same quarter.

    Similarly, in the first quarter of 2020, the ICT sector contributed a higher margin to the GDP when compared to crude oil, the country’s pride industry. The ICT sector contributed N1.28 trillion about 14.07% while oil sector contributed just 9.50%.

    This high growth shows that technology could generate more revenue than oil with the right kind of system in place. Below are some factors that need to be addressed.

    Infrastructure

    Investing in infrastructure will drive economic growth, provide jobs, and deliver fundamental resources that help businesses thrive in the country. Infrastructure like power and increased broadband is a major requirement if the tech sector is to expand in Nigeria.

    Nigerian Prepaid Meter Distributor Develops Smart Metering Solution for Electricity Consumers
    Electricity is a major infrastructure need in the tech sector

    Given the current realities and cash shortage of the Nigerian government, developing infrastructure will require significant private sector funding, strong collaborations between government and the private sector.

    With good infrastructure spreadout, tech entreprenuers that are congested in Lagos will be tempted to move or expand to new markets across the country.

    Ready infrastructure translates to opportunities for startups and investors. This in the long term will benefit and economic returns on investments to the country.

    Loans & Grants

    For tech startups to grow and expand they need funding. The federal government needs to take the front seat in investing in the tech space. With the government leading the way, more local and foreign investors will be inclined to invest in the sector.

    This is essentially important with technology expanding into other sectors of the Nigerian market. The rise of Agrotech, Wealth tech among other solution could sprout growth but they need the support of the government for its effect to be felt across the board in Nigeria.

    In conclusion, the fastest way to create jobs for the unemployed is to save the Nigerian economy and a feasible way to do that is the government abandoning its blind reliance on oil and focus on the growth of sectors like tech and agriculture.


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Tomiwa Onaleye

    Tomiwa Onaleye

    Tomiwa Onaleye is a content writer that mines emotion bred from words. He is an avid lover of gadgets and Tech World. He graduated with B.Sc Mechanical from the prestigious University of Ibadan.

    Social Media Roundup: HushPuppi Arrest, SugaBelly, #IsYourManYourMan and Other Trending Topics
    Next article
    Social Media Roundup: HushPuppi Arrest, SugaBelly, #IsYourManYourMan and Other Trending Topics
    History of Technology Adoption in Nigerian Elections and Why the Nation Still Can’t Get it Right Since June 12, 1993
    Previous article
    History of Technology Adoption in Nigerian Elections and Why the Nation Still Can’t Get it Right Since June 12, 1993

    Related Posts

    • Reviews, Stories 2 hours ago

      You Can't Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it

      You Can’t Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it
      Reviews, Stories 4 hours ago

      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing

      Netflix Surpasses 200 Million Subscribers, Says It no Longer Needs External Financing
      Stories 6 hours ago

      Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria

      Tech4Dev Partners UK Govt to Promote Basic Digital Literacy Training in Northern Nigeria
    • Reviews, Stories 18 hours ago

      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria

      With Growing Interest in Forex Trading, Here are 5 Best Forex Brokers in Nairaland, Nigeria
      Stories 20 hours ago

      Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin

      Bitcoin Meets Football: Ex-Real Madrid Striker Becomes the First-ever Footballer Bought with Bitcoin
      Stories 21 hours ago

      84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near

      84% of Mobile Subscribers Still at Risk of Sim Blocking as NIMC Deadline Draws Near

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • Facebook Commits $130 Million to a Content Oversight Board to Ensure that it Stays Accountable
      Facebook Commits $130 Million to a Content Oversight Board to Ensure that it Stays Accountable
      December 13, 2019 0
    • Global Tech Roundup: Phones Can Tell if You are Drunk, SpaceX Rakes in $1.9 Billion Funding
      Global Tech Roundup: Phones Can Tell if You are Drunk, SpaceX Rakes in $1.9 Billion Funding
      5 months ago 0
    • More Nigerian Men Shop Online than Women – Picodi eCommerce Stats
      More Nigerian Men Shop Online than Women - Picodi eCommerce Stats
      March 21, 2019 0
    • BOI, VATEBRA Partners for Bayelsa Tech Hub and the UAT Incubation Center
      BOI, VATEBRA Partners for Bayelsa Tech Hub and the UAT Incubation Center
      November 7, 2019 0
    • MTN’s Ayoba Messaging Platform Hits Milestone of 1 Million Active Users in Just 4 Months
      MTN’s Ayoba Messaging Platform Hits Milestone of 1 Million Active Users in Just 4 Months
      November 12, 2019 0

    Follow Us

    Latest Tweets

    • technextdotng RT @Gbemileke_B: @nimc_ng said its mobile app would let users generate, download and print an ATM card-like improved NIN slip. But while us…
      about 8 minutes ago
    • technextdotng Do you work in tech? Explain what you do in 4 words without mentioning the exact role and let us guess... https://t.co/Awl0CsGB4k
      about 27 minutes ago
    • technextdotng New post: You Can't Get Your NIN Slip Through the NIMC App but Here are 3 Things You Can Do With it https://t.co/9zC706P3ax
      about an hour ago
    • technextdotng #EndSARS https://t.co/5iWgYi0qpG
      about an hour ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    Top App Downloads in Africa (2020) 1. Egypt - 2.3 Top App Downloads in Africa (2020)
1. Egypt - 2.3 billion
2. S/Africa - 680 million
3. Nigeria - 640 million

Read more at technext.ng
#Payments #Africa #Fintech #Finance #Innovation #Technology #Nigeria #SouthAfrica #Egypt #Consumer #Kenya #Report #Gaming #Gamers
    Highest In-app Spending in Africa (2020) 1. S/Afri Highest In-app Spending in Africa (2020)
1. S/Africa - $210 million
2. Egypt - $120 million
3. Nigeria - $60 million

Read more at technext.ng
#Payments #Africa #Fintech #Finance #Innovation #Technology #Nigeria #SouthAfrica #Egypt #Consumer #Kenya #MobileApp #App
    According to our latest poll results, the ride hai According to our latest poll results, the ride hailing battle in Nigeria is still between Uber and Bolt, with both clinching 77.8% of the votes.

#RideHailing #Nigeria #Polls
    Happy birthday to the in-house "techie", @Tommy_bl Happy birthday to the in-house "techie", @Tommy_blanc.
Best wishes from all of us at Technext. @te

#WeAreTechnext #HappyBirthday
    RIP David Ntekim. Our thoughts are with your famil RIP David Ntekim.
Our thoughts are with your family.

#Tribute #RIP
    A dream is your creative vision for your life in t A dream is your creative vision for your life in the future.
You must break out of your current comfort zone and become comfortable with the unfamiliar and the unknown.

#WeAreTechnext #MondayMotivation
    Load More... Follow on Instagram

    Random News

    • Top Tech Events This Week: Find Your Tribe at TC Townhall, Nigeria Internet Governance Forum, Cyber Security Meetup and more
      Top Tech Events This Week: Find Your Tribe at TC Townhall, Nigeria Internet Governance Forum, Cyber Security Meetup and more
      July 8, 2019 0

      It’s a new week and yes another opportunity to meet up with likeminded people, learn new insights and become better ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy