By Elizabeth Adegbesan
Alliance Law Firm has said that leveraging on technology will boost the country’s noting that the strength of the economy is grossly understated.
The Managing Partner, Uche Val Obi, a Senior Advocate of Nigeria, disclosed this at a media parley announcing the 2nd Edition of its Public Lecture titled: “Leveraging Technology to develop and rebrand Nigeria”, in Lagos.
According to Obi, “This public lecture which is to hold on 26th November 2019 will bring together key stakeholders from across the world to discuss critical topical themes central to the socio-economic development and industrial growth of Nigeria. It is part of the firm’s social responsibility aimed at giving back to society.”
He stated: “For this year’s edition, the theme of the lecture is leveraging technology to develop and rebrand Nigeria.
“With technology, you can plan the economy. Every person is captured. Information gathering and retrieval become very seamless and with information, we can do a lot of things. We can know the unbanked in the segment of the population and the banked segment of the population. That helps you plan and resolve financial inclusion and without that, you cannot plan the economy.
Obi, however, noted that the present state of country’s economy is not impressive due to the absence of verified data and that if the technology is adopted it will yield in more growth of the economy.
He said: “Most of the things you see happening and the information are guessed works. In fact, the strength of the Nigerian economy is grossly understated. That is why after all these shocks you will see the economy still growing. It is understated because we do not have the indices. There are quite a number of people doing things or using things that government never recognized. They are not in the net for economic planning. They are not captured. Even the World Bank has not captured them. So there is a lot of productivity that is not recorded and it is also because we do not have the data. If we do have that you will find out that the size of the Nigerian economy could be several times larger than what it is today. That it is why it is important that we invest technology.”