Vice President of Nigeria, Professor Yemi Osinbajo has stated that youths in businesses that employ digital skills contribute significantly to driving investment to Nigeria.
Osinbajo spoke on Thursday at the sixth edition of the Kaduna investment summit (KADINVEST 6.0), themed: ‘Towards a Sustainable Knowledge-based Economy’, which held in Kaduna.
Osinbajo stated that Nigeria needs to focus on the development of a knowledge-based economy to enhance growth.
He explained that a knowledge-based economy focuses on how human capital, education, and knowledge can become productive assets or business products to be sold for profit.
He also added that such an economy also depends on intellectual capital.
Citing instances of how digital businesses improve investment opportunities, the vice-president said programmers developing software and health workers using digital data to improve treatment are aspects of a knowledge-based economy.
“It is simply the commercialisation of intellectual capacity, rather than natural resources or physical efforts or physical labour,” he said.
“By the sheer versatility of technology today, it is possible to leapfrog from where we are to the knowledge economy. Knowledge economy can enhance our performance and all the benefits we can derive from agriculture, manufacturing and services.
“In Nigeria today, our youths who are running digital businesses, and services are making great strides. Given these strides, Nigeria is surely becoming a technology investment destination in Sub-Sahara Africa.
“So, the knowledge-based economy is entirely dependent on intellectual capital in the workforce and in the talent pool that is educated and dynamic and adaptable.”