Unlocking Nigeria’s Technological Potentials: Key to Economic Recovery

Date:

Unlocking Nigeria’s Technological Potentials: Key to Economic Recovery

According to Engineer Folajimi Buraimoh, the founder and Chief Executive Officer of Folbemos Limited, unlocking Nigeria’s technological potentials is crucial for the country’s economic recovery. Buraimoh believes that harnessing the power of technologies such as 5G Networking, Artificial Intelligence (AI) and Augmented Analytics, Cloud and Edge Computing, Digital Economies, Cybersecurity and Resilience, Blockchain Technology, and Transportation can drive diversification and spur economic growth.

Buraimoh also highlights several challenges that Nigeria faces, including high levels of hardship, a high poverty rate, a high unemployment rate, inaccurate and incomplete databases, and restricted access to the Internet of Things (IoT). He emphasizes the need to address these issues in order to create a favorable environment for economic recovery.

During President Muhammadu Buhari’s administration, Buraimoh submitted a report titled Individual Systematic Identification (ISI), which aimed to rebuild trust between citizens and the governing body. Although the report was not implemented at that time, Buraimoh now urges President Tinubu to revisit it and utilize its recommendations to help Nigerians, especially during these trying times.

One of the major problems facing the country is the inability of many Nigerians to attain the minimum wage, resulting in them living below the poverty line. This not only poses a threat to the economy but also prevents citizens from affording basic necessities. Moreover, a significant portion of the population is unemployed, further contributing to the high poverty rate. As a result, many individuals have resorted to counterfeiting to make ends meet.

Another challenge highlighted by Buraimoh is the lack of comprehensive and accurate databases. Nigeria lacks a proper census database, resulting in many citizens being undocumented. Additionally, the country lags behind in terms of technology and networking, with restricted access to the internet and underutilized digital resources. The absence of a functional digital or networking system that meets citizens’ needs further exacerbates the existing challenges.

See also  Generative AI: A Game-Changer in Workplaces with Surprising Adoption and Varied Usage

To address these issues, the ISI report proposes the data-basing of the masses, the development of a functional job system, and the revitalization of Nigeria as a leading country in the digital era. The report also aims to revolutionize mindsets by emphasizing the importance of better work ethics, merging traditional and current mindsets, and creating an everlasting solution for Nigeria’s recovery.

The ISI system proposed in the report seeks to register and document the unemployed population and place them in suitable workspaces based on their skills. Additionally, it introduces a viable tax system to inject money back into Nigeria’s economy, creating new jobs, advancing technology, and penetrating mainstream sectors such as transportation, trading, and communication.

Buraimoh believes that the ISI system will favor the lower class, particularly the majority who are unemployed. Nigeria possesses a range of skilled and unskilled labor, but due to a lack of visibility and data for investors, the country has experienced a brain drain. Implementation of the ISI system will ensure a basic standard of living for all Nigerians.

Furthermore, implementing a tax system for the masses will require tax payment, which will gradually inject money into the country’s economy. The Federal Inland Revenue Service (FIRS) has been seeking scalable methods and partners to bring more people and businesses into its tax bracket.

In conclusion, unlocking Nigeria’s technological potentials is the key to its economic recovery, according to Buraimoh. By leveraging advanced technologies and addressing challenges such as high poverty and unemployment rates, incomplete databases, and restricted access to digital resources, Nigeria can pave the way for diversification and sustainable growth. The implementation of the ISI system and the establishment of a functional job system and viable tax system are crucial steps toward revitalizing the nation and improving the standard of living for all Nigerians.

See also  Bill Ackman Invests Big in AI Stock, Alphabet, Shifting Strategy Toward Technology

Frequently Asked Questions (FAQs) Related to the Above News

What are some of the technologies that Engineer Folajimi Buraimoh believes Nigeria should unlock to drive economic recovery?

Engineer Folajimi Buraimoh believes that technologies such as 5G Networking, Artificial Intelligence (AI) and Augmented Analytics, Cloud and Edge Computing, Digital Economies, Cybersecurity and Resilience, Blockchain Technology, and Transportation can drive diversification and spur economic growth in Nigeria.

What challenges does Nigeria currently face according to Engineer Folajimi Buraimoh?

According to Buraimoh, Nigeria faces challenges such as high levels of hardship, a high poverty rate, a high unemployment rate, inaccurate and incomplete databases, and restricted access to the Internet of Things (IoT).

What report did Buraimoh submit to President Muhammadu Buhari's administration?

Buraimoh submitted a report titled Individual Systematic Identification (ISI), which aimed to rebuild trust between citizens and the governing body, to President Muhammadu Buhari's administration.

Was the ISI report implemented during President Muhammadu Buhari's administration?

No, the ISI report was not implemented during President Muhammadu Buhari's administration.

What does Buraimoh urge President Tinubu to do regarding the ISI report?

Buraimoh urges President Tinubu to revisit the ISI report and utilize its recommendations to help Nigerians, especially during these trying times.

What are some of the problems that Nigeria currently faces regarding poverty and unemployment?

Nigeria faces the problem of many citizens living below the poverty line and being unable to attain the minimum wage, which poses a threat to the economy. Additionally, a significant portion of the population is unemployed, further contributing to the high poverty rate.

What is one of the challenges highlighted by Buraimoh regarding Nigeria's databases?

Nigeria lacks a comprehensive and accurate census database, resulting in many citizens being undocumented.

How does Buraimoh propose addressing Nigeria's challenges?

Buraimoh proposes addressing Nigeria's challenges through the data-basing of the masses, the development of a functional job system, and the revitalization of Nigeria as a leading country in the digital era.

What does the ISI system aim to achieve according to the report?

The ISI system aims to register and document the unemployed population, place them in suitable workspaces based on their skills, introduce a viable tax system to inject money back into Nigeria's economy, and revolutionize mindsets by emphasizing the importance of better work ethics.

How does Buraimoh believe the ISI system will favor the lower class?

Buraimoh believes that the ISI system will favor the lower class, particularly the majority who are unemployed, by ensuring a basic standard of living for all Nigerians.

What is the role of a tax system in Nigeria's economic recovery according to Buraimoh?

Buraimoh believes that implementing a tax system for the masses will require tax payment, which will gradually inject money into the country's economy and contribute to its recovery. The Federal Inland Revenue Service (FIRS) has been seeking scalable methods and partners to bring more people and businesses into its tax bracket.

What is the conclusion regarding unlocking Nigeria's technological potentials for economic recovery?

According to Buraimoh, unlocking Nigeria's technological potentials is the key to its economic recovery. By leveraging advanced technologies, addressing challenges, and implementing the ISI system, Nigeria can pave the way for diversification and sustainable growth, improving the standard of living for all Nigerians.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Global Edge Data Centers Market to Reach $46.4 Billion by 2030

Global edge data centers market set to hit $46.4 billion by 2030. Asia-Pacific leads growth with focus on IoT, cloud, and real-time analytics.

Baidu Inc Faces Profit Decline, Boosts Revenue with AI Advertising Sales

Baidu Inc faces profit decline but boosts revenue with AI advertising sales. Find out more about the company's challenges and successes here.

Alexander & Baldwin Holdings Tops FFO Estimates, What’s Next for the REIT?

Alexander & Baldwin Holdings surpasses FFO estimates, investors await future outlook in the REIT industry. Watch for potential growth.

Salesforce Stock Dips Despite New Dividend & Buyback

Despite introducing a new dividend & buyback, Salesforce's stock dipped after strong quarterly results. Investors cautious about future guidance.