4th Industrial Revolution: Stakeholders list strategies to raise Nigeria’s potential

Some economic stakeholders have urged the Federal Government to invest in research and development, among other strategies, to raise Nigeria’s potential in the Fourth Industrial Revolution.

The stakeholders spoke on Wednesday at the Worldstage Economic Summit with the theme: ”Getting Nigeria Ready for Challenges of the Fourth Industrial Revolution” held at the Nigerian Stock Exchange Auditorium in Lagos.

Presenting a paper on the theme, Dr Babatope Ogunniyi of the Department of Economics, University of Lagos,  said that the Fourth Industrial Revolution had the potential to raise income level and improve quality of life for populations globally.

Ogunniyi said that although the revolution would disrupt the labour market, as automated substitutes for labour would increase globally, Nigeria needed to partake because it missed out in the first, second and third revolutions.

“The fourth industrial revolution, otherwise known as Industry 4.0, has its roots in new technological phenomenon (digitalization) rather than in the emergence of a new type of energy. The digitalization enables us to build a new virtual world from which we can steer the physical world.

“These new technologies and the disruption that comes with it are not beyond our control. Essentially, all of us are responsible for guiding its evolution in the decisions we make on a daily basis as citizens.

“The Nigerian government needs to invest in research and development; policy innovations and reforms; strategies and guidelines; political leadership, among others,’’ he said

Ogunniyi said that government should leverage on opportunities brought by the Industry 4.0 because it was a task that must be done.

Meanwhile, in his welcome address, the President and Chief Executive Officer, Worldstage Limited, Mr Segun Adeleye, said that the summit, the third in its series, was conceived to address economic challenges through diagnosis and application of practicable solutions.

“The Worldstage Economic Summit was conceived to address economic challenges through application of practicable solutions with public and private sector engagement in a research and innovation-driven platforms to inspire new thinking in business initiative, policy formulation and implementation, economic reform and development.

“The summit believes that urgent preparation for and exploration of the unlimited opportunities in new technologies will make a lot difference and put Nigeria at the driver seat of its destiny,’’ he said.

The stakeholders also called for proper inclusion of those living with disability in the processes of the Industry 4.0.

The News Agency of Nigeria (NAN) reports that the summit had in attendance stakeholders from the Federal Institute of Industrial Research Organisation (FIIRO); National Identity Management Commission (NIMC) and some private sector bodies. (NAN)