Empowering Digital Skills in Nigeria-A Vital Path to Boosting Dollar Generation
Empowering Digital Skills in Nigeria: A Vital Path to Boosting Dollar Generation
In today’s rapidly evolving world, digital skills have become paramount for increased income for individuals and nations alike.
Research from Amazon Web Services (AWS) disclosed that investing in digital skills benefits individuals and could raise the gross domestic product (GDP) of nations.
For Nigeria, a country with vast potential and a large youth population, empowering these young people with relevant digital skills will not only enable them to participate in the digital economy and earn in foreign currency but will also provide a vital pathway to boosting dollar generation in the country thereby driving economic growth.
It is understood that the Nigerian economy is susceptible to fluctuations in the foreign exchange market, which has led to instability in the value of Naira. The Naira has continued to fall significantly against the dollar in the exchange market. This comes despite the efforts by the Central Bank of Nigeria (CBN) to bring stability to the foreign exchange (FX) market.
This decline in the value of the Naira, has plagued the nation with far-reaching consequences which include rising inflation, reduced purchasing power, and increased economic uncertainty.
It has spurred the CBN to roll out different measures to mitigate the forex crisis which include the introduction of a singular foreign currency (FCY) gateway bank, to centralize all correspondent banking activities and facilitate international trade and economic activities. Also, the apex bank has announced a plan to streamline the number of BDC operators in Nigeria to improve the inflow of forex and stabilize the naira.
The prevailing forex backlog, coupled with external challenges amidst global economic uncertainties, no doubt casts a shadow of uncertainty over Nigeria's economic horizon.
With all these, it is clear that relying solely on Naira-denominated income exposes a lot of Nigerians to currency risk and economic uncertainties. Therefore, diversifying income streams to include dollar-denominated sources will not only provide stability and resilience against domestic economic downturns but will also safeguard financial well-being in the long run.
Apart from buying and eating made in Nigeria to reduce pressure on the currency, the biggest avenue to raise the dollar is for Nigeria to embrace digital skills development for the youths.
Imagine if Nigeria trains 5 million youths in the next three years and they receive only $1000 per month, multiplied by a year, this will not only improve their income but will also spur economic growth. Therefore, in other to achieve this, government-approved Educational Technology platform GetBundi is positioned to significantly do this at scale.
The startup is designed to deliver high-quality, engaging, and accessible Science, Technology, Engineering, and Mathematics (STEM) subjects for post-primary school education and Digital Skills Courses for youths across Africa.
GetBundi's projection is to support and upskill ten million Africans in the next ten years through STEM and STI digital skills acquisition, a strategy it tagged as “The GetBundi Vision 2032”.
Its investment in digital skills for Nigerian youths is a critical step towards transforming the economy and achieving sustainable growth and development. This can help build a skilled and innovative workforce, increase productivity, and enhance digital infrastructure, all of which are essential ingredients for economic success in the current digital age.
Below are several advantages Nigeria and its youths stand to gain with GetBundi digital upskilling, as well as strategies for boosting dollar generation;
● Tech Innovation and Startups: By fostering a culture of innovation and entrepreneurship through digital skills training, Nigeria can nurture homegrown tech startups that have the potential to attract foreign investment and venture capital. These startups can develop innovative solutions for local and global challenges, thereby generating revenue in dollars through product sales and investments.
● National Development and Economic Resilience: Ultimately, a workforce earning in dollars contributes to national development and economic resilience by bolstering foreign exchange reserves, reducing reliance on oil exports, and promoting sustainable economic diversification.
● Access to Global Markets: With digital skills, Nigerian youths and businesses can tap into global markets with ease. Through e-commerce platforms, freelancing websites, and digital marketing channels, Nigerian products and services can reach international customers, thereby increasing foreign exchange earnings in dollars.
● Remote Work Opportunities: Digital skills enable Nigerians to participate in the global gig economy by offering remote services such as software development, graphic design, digital marketing, and content creation. This opens up avenues for earning income in dollars without geographical constraints.
● Digital Export of Services: Beyond physical goods, Nigeria can export digital services such as software development, digital marketing, cybersecurity, and data analysis to clients worldwide. This not only diversifies the country's expenses but also creates opportunities for earning foreign exchange in dollars.
In conclusion, empowering Nigerian youths with digital skills is not just about technological proficiency, but also about unlocking economic potential and driving dollar generation in an increasingly digital world.
Notably, digital literacy among these youths can see them navigate the challenges of a depreciating Naira and thrive in an increasingly interconnected and competitive global economy