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Tech Innovation Key Driver Of Productivity,Says Osinbajo




Vice President Yemi Osinbajo, said technological changes and innovation were major drivers of increasing productivity and economic growth.

He made this known at the TechMoney and Innovation Summit Africa held in Lagos. Representing the vice president, Ambassador Adeyemi Dipeolu, said in the very near future, digital technologies would be deployed across Africa to provide solutions in agriculture, education and healthcare delivery.

According to him, it would be deployed in logistics and transport, the provision of smart housing solutions and smart power grids.  It would be used to tackle environmental challenges and would contribute positively to growing actions against climate change.  In short, it would change the way people live and enable a better quality of life in every sector.

Dipeolu however said the potential digital technology offers is not without some potential drawbacks, saying that the most notable is its impact on jobs. 

He added the key thing is that Nigeria and other African countries must position their economies to take advantage of the huge opportunities that exist in digital technology and to mitigate the challenges that would most certainly arise, saying that this was why the topic: “Macroeconomic Drivers and Enabling Ecosystems for Technological Development in Africa,” was particularly relevant.

He also stated that the government’s policy can further support the digital economy through budgetary spending and investment incentives, adding that another critical area of support for the technology sector was financing. 

He stated that it was essential to ensure that there was adequate and affordable finance for the digital sector especially for start-ups. 

Dipeolu added that the federal government was currently holding discussions with the African Development Bank on the establishment of a $500 million Innovation Fund to support innovation and entrepreneurship especially in technology- focused small and medium enterprises.

While, the chairman of Unicorn Group, Mr. Kola Abiola, said that TechMoney and Innovation summit Africa is where the entire technology ecosystem meets with investment and capital to solve Africa’s biggest challenges. 

He pointed out that this event would  inspire, educate and connect leaders from government, private sector, academia and entrepreneurs on the latest innovation and disruptive technologies, saying that it would showcase the best and brightest Africa Tech start-ups and entrepreneurs and support tech talent and start-ups to secure investment and become more bankable.

He also noted that “These points are very important to Uncorn Group, for we believe this to be a significant social security priority.

“With a Nigerian youth population of 72 per cent, median age of 18.4 per cent and an urban population estimated at 51.9 per cent with similar percentages continent wide, this initiative will provide much needed hope by creating world class solutions to African problems and in turn unlock the entrepreneurial potential of Africa’s youth.”

Abiola stressed that this would create the jobs of the future while ushering the continent into the fourth industrial revolution.



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