The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has emphasized that the fourth industrial revolution (4IR) or digital age, promises greater revenue-earning potential to the nation.
Danbatta stated this when he delivered a paper titled: “Ethical Leadership as an Instrument for National Sustainability in the Post-Oil Nigerian Economy. A Public Sector Perspective” at a two-day hybrid (online and onsite) Annual Directors Conference (ADC) organized by the Institute of Directors (IoD).
Danbatta disclosed that countries are exploiting the Fourth Industrial Revolution in order to diversify their economies.
” The fourth industrial revolution, which has also been referred to as 4IR or Industry 4.0, describes the age of intelligence and encompasses technologies like high-speed mobile Internet, Artificial Intelligence (AI), automation, the use of big data analytics and cloud computing”.
“The major constraints facing Nigeria with regard to fourth industrial revolution include inadequacy of digital skills, infrastructure deficit and enabling environment. If properly enhanced and exploited, it can unleash a new phase of massive revenue generation and wealth creation for Nigeria in the post-oil era.”
According to Danbatta, the Federal Government has realised that Nigeria cannot be solely dependent on oil earnings anymore, hence the decision of the FG to explore ways of diversifying the economy. “Economic diversification, is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. This is with a view to increasing productivity, creating jobs and providing the basis for sustained economic growth.”
He underscored the centrality of economic diversification and ethical leadership at all levels of government as panacea to the current economic headwinds in Nigeria.
The Executive Vice Chairman added that ethical leadership is essential for sustainable development of a Country. “Nurturing an ethical leadership culture is essential and this will determine the transformation and overall development of the Country. Nigeria stands at the threshold of history and would definitely need ethical leaders to ensure sustainability in the post-oil era as government takes positive steps to diversify the economy”.
The IoD Nigeria Annual Directors’ Conference is the Institute’s flagship event, which is attended by captains of industry and directors in both private and public sectors of the Nigerian economy.