Absa sees economic growth opportunity in Nigeria’s 5G policy

PAN-African corporate and investment bank, Absa, has fully aligned with the Federal Government’s aspiration of economic growth and development opportunity associated with the launch of 5G technology in Nigeria.

Absa said there are impressive, transformative economic growth opportunities inherent in the adoption of 5G technology as underlined by the Nigerian government’s approval of the National Policy on 5G Networks on September 8, 2021.

Following this approval, the Federal Government officially launched the policy as the driver of its digital economy agenda in Abuja on January 25, 2022.

FG sees the adoption of 5G networks as an opening to create jobs in the economy, improve operational transparency, drive sectoral productivity and expand the fight against insecurity.

This is coming after a series of trials and exhaustive stakeholders’ engagements eliminating the perceived health risks associated with the 5G technology.

According to Absa, 5G holds great for the economy. In a statement yesterday, the Chief Executive Officer, Absa Nigeria, Sadiq Abu, said the policy would fast track the growth 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 key driver of innovation. Innovation heralds changes that foster improved standard of living on a larger scale. The introduction of the 5G technology is poised to change sectoral operations, create new jobs in the digital space while impacting operations across every line of human endeavours.

5G technology is an advanced upgrade of previously existing wireless interconnectivity infrastructure such as the 2G, 3G and 4G. It is generally tagged as the fifth generation of wireless technology. The technology offers a high-speed, low-latency virtual reality world, as well as ultra-high-speed streaming which will greatly impact society in terms of how people commute, communicate, shop, bank, and produce the goods they consume.

A report by PwC projected that advanced tech infrastructure will likely contribute $13.2 trillion worth of goods and services to the global economy by 2035. According to the report, the tech infrastructure has the potential to create or transform up to 16 million jobs across all sectors of the economy, which includes full-time, part-time, and temporary jobs. It will also lead to the creation of industries not yet imagined leading to the emergence of extensive opportunities for the local population.