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March 28, 2024

Research, innovation key to digital economy – Don

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By Ijeoma Olorunfemi

Prof. Sola Aderounmu, former Dean, Faculty of Technology, Obafemi Awolowo University (OAU), Ile-Ife, on Thursday said that digital economy cannot be achieved in the country without focusing on research and innovation.

Aderounmu, in an interview with the News Agency of Nigeria(NAN) in Abuja, said that research findings based on knowledge had a huge role to play in ensuring that any clime’s economy was digitised.

He recalled the definition of Digital Economy by World Bank Digital Economy report as part of economic output derived solely from digital technologies (ICT) with a business model based on digital goods and services.

According to the report, digital economy comprises emerging technologies, including a platform economy, a gig economy, an industry, a digital economy, data analytics, robotics and Artificial Intelligence, among others.

“The digital economy as it is today encompasses wide-range economic activities that leverage digitised information and knowledge as fundamental dynamics of production.

“Diverse innovative digital technologies are deployed to gather data, store, analyse and then share the same data digitally to facilitate more effective interactions and efficient transactions in modern society.

“The role of research in digital economy is that it enables innovation.

“There can be no progress without innovation and also there is no innovation without research.

“Innovative technologies are products of research and in a digital economy era, research is even more organically indispensable because innovations are what drive, grow and sustain economic digitalisation,’’ Aderounmu said.

The don said that research could help in creating design options for the optimum utilisation of the immense latent possibilities of economic digitalisation.

According to him, investing in research projects helps discover new products, ways of improving on existing products and processes, hence facilitating innovations that stimulate digital economy.

Aderounmu said that discoveries toward digital economy could be derived from institutions of learning which always formed the bedrock of research.

He recommended that nations, governments, should pay priority attention and provide massive funding for Research and Development (R&D) activities and projects in the academia and tech industry.

The don said that more innovation hubs and technology parks must be established and well-funded to expand research capabilities.

“There is a critical need to deepen strategic partnerships between the academia and entrepreneurial industry, so to ensure that research efforts yield rewarding outcomes that benefit society and advance the digital economy.

“The collaboration between the academia and industry can also explore curriculum planning for institutions of higher learning in order to evolve the right ICT programmes that will help realise the skills requirements of the future.

“Above all, the implementation of a digital economy strategy must be a deliberate government policy that is well thought out and structured.

“Governments of developing economies such as in Africa need to take the right steps toward the actualisation of a modern digital economy strategy.

“Developing countries can also build a robust digital economy by promoting digital skills uptake among citizens, minimising capacity constraints, investing in wholesome ICT ecosystems,’’ Aderounmu said.

He advised that up-to-date digital infrastructure should be provided, easier digital access facilitated, regulatory frameworks that nurture and protect competition strengthened and policies for stimulating sustainable innovation implemented.

The don added that technology hubs and incubation centres also contribute to the research ecosystem towards a digital economy and should be given attention too.

Aderounmu mentioned that OAU has an ICT-Driven Knowledge Park known to have initiated innovations and produced entrepreneurial start-ups had suffered some set back like other ICT parks toward digital economy goal.

“Lack of reliable data and of data-backed evidence of positive impact can be a challenge for innovation hubs,’’ he said.

Aderounmu said that digital economy is about global competitiveness and countries like Singapore, UAE, China, Estonia, USA, South Korea are leveraging on the digital economy.

According to him, other countries are also trying to advance their digital capabilities due to the disruptive pressures of the current COVID-19 pandemic that has afflicted the global economy with contraction and recession.

“It is projected that the race to greater digitalisation of world economies will get more frenetic, with the second wave of the pandemic forcing most nations to intensify e-commerce, virtual schooling and remote work.

“This is more imminent as they re-impose national lockdowns and closures of businesses and institutions of learning,’’ Aderounmu said.

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