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ARTICLE SUMMARY
Title: Digital Investment and Economic Development in Nigeria
Author(s): AMADI Chukwuemeka Robert, COOKEY Ibeinmo Friday & IGENEWARI Emughkuidia Joy
Abstract: This study empirically analyses the effect of digital investment on economic development in Nigeria. The study covered a period of twelve years from 2012Q1 to 2023Q4. The study particularly quantified the impact of digital investment indicators—total broadband subscriptions, overall internet penetration, overall digital R&D expenditure, ratio of information technology to Gross Domestic Product, and overall telephone lines—on Nigeria's Gross Domestic Product and Human Development Index. The research utilized quarterly data derived from the Central Bank of Nigeria (CBN) Statistical Bulletin, National Bureau of Statistics (NBS) report, and World Bank Development Index/Indicators. The research utilized many econometric methods, such as the ADF unit root test, limits co-integration test, and the Autoregressive Distributed Lag (ARDL) method. The study revealed that total digital research and development expenditure, total penetration of the internet, and total broadband subscriptions have a positive and significant impact on the human development index in Nigeria in both the short and long terms. and the number of telephone lines has a positive though negligible impact on HDI in Nigeria, both short-term and long-term. The research indicates that digital investment is essential for generating, strengthening, and maintaining economic growth in Nigeria. The study recommends that Nigerian government should prioritise expanding total broadband subscriptions by investing in nationwide fiber-optic networks and 5G technology, particularly in underserved rural areas. The government improve broadband penetration can enhance productivity across sectors, from agriculture (via digital extension services) to fintech (through mobile banking). Public-private partnerships (PPPs) with telecom firms can also accelerate deployment, while subsidies for low-income users that can ensure inclusivity should be encouraged.
Keywords: digital investment, economic development, total broadband subscriptions
Journal: Journal of Economic Research and Development Studies Vol 2 No 1
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