• The Impact Of Information And Communication Technology On The Economic Growth In Nigeria

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    • CHAPTER ONE
      2.0    INTRODUCTION   
      This is the chapter on introduction.It states the background to the study, statement of problem, research question and objectives. It covers the project hypothesis and justification as well the outline of the study.
      1.1    BACKGROUND TO THE STUDY
      Information has always played a very important part in human life. However, in the mid-20th century, the role of information increased immeasurably as a result of social progress and the vigorous development in science and technology. Similarly, Trostnikov (1970) noted that, rapid expansion of a mass of diversified information is occurring, which has received the name “information explosion”. As a result, the need has arisen for a scientific approach to information and for elucidation of its most characteristic properties which has led to two principal changes in interpretation of the concept of information. The pace of change brought by new technologies has had a significant effect on the way people live, work, and play worldwide.
      The world has become a global village with telecommunication being an indispensabletool in the entire process of globalization. However, it is not in dispute that Telecommunicationsand Information technology (IT) play essential roles in this process. This is obviously whydevelopment in this vital sector over the years has been phenomenal all over the world. In fact,this is why emerging trends in socio - economic growth shows high premium being placed onInformation and Communication Technology (ICT), by nations, organizations and homes.
      Nigeria, fortunately, has not been left out of this race for rapid development in the telecommunication industry. Unlike in the past, governments consider telecommunications service to be so vital tonational interest and economic development that it was placed directly under their control in mostcountries until recently, when deregulation and competition were introduced (Lee, 2003).
      The existing literatures on growth and development studies have shown that Information and communication technology (ICT) plays considerable role in the economy of a country. Put differently, one of the major drivers of economic growth and development is information and communication technology. Singh (2006) noted that ICT is a powerful tool when used in the right way as part of overall development strategy. In the same vein, Boating (2007) opined that ICT may not be a panacea to the world’s problems but it can be a powerful tool to facilitate and enable affordable solutions to basic human developmental problems. It is widely accepted by intellectuals that ICT has become an integral part of the social, economic and political paraphernalia of social interactions; hence countries all over the world are taking to ICT for various developmental initiatives (Moghaddamand Khatoon-Abadi 2013; Gnaniah et.al 2004).
      As such, it can be argued that in the 21 century, the role of ICT in transforming the world into a better place for all (or at least for many) cannot be overemphasized.In fact, ICT has become the buzz word in academia, government, business, economy and many other social purview of human society, especially in the areas of sustainable development. ICT has over the last decade grown and became the driving force responsible for monumental changes and innovative development in the world.
      Posu (2006) stated that the industrial revolution in Europe and America have been anchored on the technological breakthroughs. Similarly, during the late 1999s, Harchaoui (2002) noted that ICT was the largest contributor to the growth within capital services for both Canada and the United States of America. Nigeria is the largest economy in Africa after South Africa and Egypt. Nigeria is also a top oil producer with population of about 170 million people.
      According to the World Bank, Nigeria’s GDP is 568.51 billion US dollars in 2014 which represents 0.92% of the world economy. With the return to civil rule in 1999, the Obasanjo led People Democratic Party government initiated and implemented liberalization policy particularly of the telecommunication sector of the Nigeria economy.The policies resulted in the establishments of National Telecommunication policy in December 2001. The mission statement of the government was to use ICT for education, creation of wealth, poverty eradication, job creation and global competitiveness (Posu 2006). The implementation of this policy brought about the adoption of Global System for Mobile-Communication (GSM) and its related components in Nigeria. The federal government issued a Global System for Mobile Communications (GSM) operating license. The telecommunication companies that got the operating license were: Zain (Econet) wireless and MTN communications, M-Tel, the NITEL counterpart was given an automatic license while in 2003 Globacom was granted operating license.
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    • ABSRACT - [ Total Page(s): 1 ]AbstractIn recent years, progress in information and communication technology (ICT) has caused many structural changes such as reorganizing of economics, globalization, and trade extension, which leads to capital flows and enhancing information availability. Moreover, ICT plays a significant role in development of each economic sector, especially during liberalization process. Growth economists predict that economic growth is driven by investments in ICT. This paper examines the impact of Inform ... Continue reading---