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Using ICT Policy Framework as a Panacea for Economic Recession and Instability in Nigeria

Author

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  • Otuonye Anthony I
  • Emeka Chinedu

Abstract

In this research article, we have developed an ICT-based strategic model for Nigeria as a panacea for her current fight against economic recession. Research has shown that Nigeria is currently in a recession with her GDP growth rate for the first quarter of 2016 at -1.5% and that of the second quarter of 2016 at -0.36%. The reduced economic activities in Nigeria clearly show in lower gross domestic product (GDP), and high inflation rate. The model developed in this work shows the correlation among the various elements of the framework including Integration, Incentives, Challenges, and Direct Positive Effects, to ensure economic benefits to Nigeria as a nation via the following channels: ICT policy, an entrepreneurial roadmap, a broadband policy, and an deployment of ICT component policy in all educational disciplines across the nation. This paper recommends a full implementation of the model for a quick recovery of the Nigerian economy and for her economic growth. The government of Nigeria should encourage the dispersal of ICT into the socio-economic life of the people by an adoption and implementation of ICT policies, including adequate investment in IT infrastructure. We have equally proved that ICT plays a complementary role in industrial development, trade, farming, education, housing, health and financial institutions. We strongly recommend that government should link ICT planning to her national economic and social planning, and the best time to do that is now.

Suggested Citation

  • Otuonye Anthony I & Emeka Chinedu, 2017. "Using ICT Policy Framework as a Panacea for Economic Recession and Instability in Nigeria," Journal of Future Internet, Conscientia Beam, vol. 2(1), pages 1-9.
    • Handle: RePEc:pkp:jofint:v:2:y:2017:i:1:p:1-9:id:2500
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