DIGITAL ECONOMY: HARNESSING THE BENEFITS AND TACKLING THE CHALLENGES FOR SUSTAINABLE DEVELOPMENT IN NIGERIA

Abstract

This paper titled “Digital Economy: Harnessing the Benefits and Tackling the Challenges for Sustainable Development in Nigeria” focused on the core concept of digital economy, x-rayed its benefits and suggested ways to tackle the inevitable challenges posed by digital economy itself. Historical antecedents of various nations revealed that business economies of different countries were reshaped and restructured from time to time through the application of revolutionary inventions, beginning from the inventions of ABACUS, the first mechanised calculating apparatus in Asia Minor, 5000 years ago which was mostly used for the accounting of business transactions. However, in this 21^st century, the application of Information and Communication Technology (ICT) to business transactions and economic activities stimulated the emergence of e-commerce which brought about buying and selling of products over the Internet between sellers and buyers. Digital Economy is thus defined as the use of ICT to interact and communicate in a globalised, high-tech economy. The benefits of digital economy cannot be overemphasised as it provides a global market platform upon which people and organisations worldwide interact, communicate, collaborate, search and share information on various topics. This economy as well, enhances rapid business turnover through easy, cheap and direct advertisement of goods on social media - this benefits thus prompts rapid business opportunities as it synergises companies and individuals to quickly adapt to the Internet which offers them business opportunities. Harnessing this benefits and tackling inevitable challenges of digital economy is therefore a necessity for a developing country like Nigeria in this 21^st century.