ABSA, a pan-African corporate and investment bank, has completely endorsed the Federal Government’s goal of economic growth and development through the introduction of 5G technology in Nigeria.
According to Absa, the deployment of 5G technology offers amazing, transformative economic growth potential, as evidenced by the Nigerian government’s approval of the National Policy on 5G Networks on September 8, 2021.
Following this approval, on January 25, 2022, the Federal Government officially introduced the program as the centerpiece of its digital economy plan in Abuja.
The introduction of 5G networks, according to FG, is an opportunity to boost economic growth, promote operational transparency, boost sectoral productivity, and expand the fight against insecurity.
After a series of trials and extensive stakeholder engagements, the perceived health hazards linked with 5G technology have been eliminated.
According to Absa, 5G has a positive impact on the economy. Sadiq Abu, the Chief Executive Officer of Absa Nigeria, said in a statement yesterday that the policy will accelerate the expansion of the country’s digital economy.
“The race to keep pace with the rest of the globe demands urgent policy actions. Therefore, the launch of the national policy on 5G networks is laudable as it provides a fitting platform to drive the rollout of the 5G network on a national scale. Of course, this policy effort will make a difference in how sectors such as education, retail, health, manufacturing, and banking sectors are run with great implications on productivity, job creation, and revenue levels across sectors”, he explained.
He added, “Absa as a growth partner will leverage its global experience and robust investment network in the sector and beyond to support investors in maximising market opportunities with the potential to drive growth in the economy.”
Technology is a major catalyst for innovation. Changes brought about by innovation result in a higher level of living on a greater scale. The arrival of 5G technology is expected to transform sectoral operations, create new jobs in the digital space, and have an impact on operations across all human endeavors.
The technology allows for a high-speed, low-latency virtual reality environment as well as ultra-high-speed streaming, which will have a significant impact on how people commute, communicate, shop, bank, and produce the products they consume.
PwC estimates, advanced technology infrastructure is expected to provide $13.2 trillion in products and services to the global economy by 2035.
According to the analysis, technology infrastructure has the potential to create or change up to 16 million employment across the economy, including full-time, part-time, and temporary work. It will also result in the rise of previously unimagined industries, resulting in a plethora of opportunities for the local population.
