The Impact of ICT on the Nigerian Economic Growth and Development
CHAPTER ONE
OBJECTIVES OF THE STUDY
The general objective of this study is to analyze the impact of ICT on the Nigerian economic growth and development and the following are the specific objectives:
- To examine the impact of ICT on the Nigerian economic growth and development.
- To identify ways by which ICT can contribute to economic growth and development.
- To determine the factor limiting the use of ICT in all sectors of the Nigerian economy.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
INTRODUCTION
The importance or impact of information communication technology (ICT) may have to a very large extent influenced proceedings and happenings in this dispensation. The Nigerian economy has over the years witnessed its fair share of inconsistencies and they may have been as a result of several factors. In addressing and maintaining economic growth in Nigeria, one of the aspects that one has to study with critical attention is the impact of the information communication technology on the Nigerian economic growth and development. The ICT sector is a critical sector not just for economic growth alone but for educational and social development of any nation Nigeria inclusive.
THEORITICAL FRAMEWORK
In appreciating the impact of ICT on the economic growth and development of Nigeria, certain theories has to be studied about different models of economic growth and development in the world.
LINEAR STAGES OF ECONOMIC GROWTH MODEL
In the 1950s and the early 1960s, the process of development was viewed as a series of successive stages through which all countries must pass.
With the right mix of savings, investment and foreign aid – these countries could be put on the path to development, thereby making development synonymous with aggregate economic growth.
Walt Rostow became the most influential advocate of the stages of growth model of development- he argued that the advanced countries had all passed through a series of steps leading to development and growth.
The developing countries were still in either the traditional society or the preconditions stage and had to follow a set of rules to take-off into self-sustaining economic growth.
The principal strategy to help this takeoff was the mobilization of domestic and foreign savings in order to generate sufficient investment to accelerate economic growth.
The economic mechanism through which more investment leads to more growth can be described by the Harrod- Domar Model.
In simple words the Harrod Domar theory of economic growth states that the rate of growth of GNP is determined jointly by the national savings ratio and the national capital-output ratio.
Thus the most fundamental strategies to grow for economies is to save and invest a certain proportion of their GNP – but the actual rate at which they can grow for any level of saving and investment, depends on how much additional output can be had from an additional unit of investment.
According to this theory the major obstacle to growth is the capital constraint, which became the reason for transfer of capital and technical assistance to the developing countries.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
This chapter describes the techniques and procedures used by the researcher in conducting the study and accumulating the data for the study. It comprises of the description of the population of the study, sampling techniques, sample size, sources of data, method of data collection and method of data analysis and testing hypothesis. The area of the study is United Bank of Africa Mogadishu located near the Central Market.
POPULATION OF STUDY
The population of the study consist of 25 staff of United Bank of Africa, Magadisu branch Abuja and the first 50 customers that were issued ATM cards. As such the population consists of 75 persons.
20 staff as well as 34 customers was drawn from the total population of 75 persons using the stratified random sampling technique in form of Hatdrawn. The sample is considered appropriate using Ndagi population and sampling table which is a modification of Kregcie and Morgan sampling chart that indicates that small population less than 100 persons or object should adopt more than half of the population as it sample size (Ndogi, 2006).
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND INTERPRETATION
This chapter is devoted to the presentation, analysis and interpretation of the data gathered in the course of this study. The data are based on the number of copies of the questionnaire completed and returned by the respondents. The data are presented in tables and the analysis is done using the chi-square test.
CHAPTER FIVE
FINDINGS, CONCLUSION AND RECOMMENDATION
Findings
The objective of the study was to
- To examine the impact of ICT on the Nigerian economic growth and development.
- To identify ways by which ICT can contribute to economic growth and development.
- To determine the factor limiting the use of ICT in all sectors of the Nigerian economy.
- Findings made from the study revealed the following:
- ICT is important to Nigeria economy.
- ICT influences economic growth and development.
- ICT has contributed to Nigeria’s economic growth and development.
- The level of ICT awareness in Nigeria in high
- ICT is useful in all aspects of Nigeria’s economy.
REFERENCES
- Ajayi, G.O. (2003). e-Government in Nigeria’s e-Strategy; The Fifth Annual African Computing and Telecommunications Summit, Abuja, Nigeria (2001) The National Information Technology Policy (2002). Licensing of the Second National Operator (SNO) http://www.ncc.gov.ng/ (2003) Projects of Nitda www.nitda.org.
- Emmanuel, O.S and Adebayo, A.A (2011). ICT’s, Service Delivery and Operational Performance in Nigerian Banks: A Survey of Empirical Research. An International Multidisciplinary Journal, Ethiopia. Vol.5 (4). 44-49
- Fuss, M. and Waverman, L. (2005). The Networked Computer: The Contribution of Computing and Telecommunications to Economic Growth Productivity OR Why Is There No New Economy in Old Europe. A Production Function Approach, London Business School, Digital Transformations Working Paper NO. 1.
- Harchaoui, G. (2002). ICT Diffusion and Potential Output Growth. Banque de France. (Online) Available at http://www.banque.com
