He says that the digital age offers greater income-generating potential.
The Executive Vice President / Executive Director of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta, says that economic diversification and ethical leadership are needed at all levels of government as a panacea for the current economic winds in Nigeria.
Danbatta affirmed this when he presented a paper titled: “Ethical Leadership as an Instrument for National Sustainability in the Post-Oil Nigerian Economy: A Public Sector Perspective” at a two-day Annual Directors Conference (ADC) online and at the site organized by the Institute. of Directors (IoD), Nigeria in Abuja.
While underlining the centrality of economic diversification and ethical standards, he added that the fourth industrial revolution (4IR) promises greater income-generating potential for the nation.
Danbatta, who took a path of memory to discuss Nigeria’s economic shift to oil revenues following the discovery of oil in the 1970s, leading to the relegation of agriculture, which until now was the source of the profits. Nigerian currency exchange said that the Federal Government has realized that Nigeria can no longer solely depend on oil profits, hence the government’s decision to explore ways to diversify the economy.
Economic diversification is the process of moving an economy away from a single source of income to multiple sources in a growing range of sectors and markets.
The idea is to increase productivity, create jobs and lay the foundations for sustained economic growth.
However, the EVC said that the federal government has made several attempts at economic diversification, such attempts have had little impact as most of them have failed, while others are struggling to survive, just when it pointed out that the situation has worsened. even more. due to the recent economic recession and the COVID-19 pandemic, which negatively affected the global economy, including Nigeria.
Danbatta claimed that countries and societies have evolved by finding new ways of doing things to ensure economic sustainability, leading to the first, second and third industrial revolutions.
“Currently, countries are exploiting the 4IR to diversify their economies. The fourth industrial revolution, also known as 4IR or Industry 4.0, describes the age of intelligence and encompasses technologies such as high-speed mobile internet, Artificial Intelligence (AI), automation, the use of big data analytics, and cloud computing. ” he said.
He highlighted the main constraints Nigeria faces regarding the fourth industrial revolution, including insufficient digital skills, infrastructure deficit, and an enabling environment.
“This is because, although natural resources such as oil, gas, etc., are finite, the data and information are infinite.
“Furthermore, the possibilities offered by the 4IR are limitless and can generate employment for the young population of Nigeria. Therefore, achieving economic growth using the 4IR requires ethical leadership, ”he said.
Focusing on the centrality of ethical leadership in the public sector, Danbatta said that achieving national sustainability in the post-oil Nigerian economy requires the highest standard of ethical leadership from all leaders, especially in the public sector.
“Ethical leadership is essential for the sustainable development of a country. Fostering a culture of ethical leadership is fundamental and this will determine the transformation and integral development of the Country.
“Nigeria is on the threshold of history and would definitely need ethical leaders to ensure sustainability in the post-oil era as the government takes positive steps to diversify the economy,” he added.
The IoD Nigeria Annual Directors Conference is the Institute’s flagship event, attended by captains of industry and directors from the public and private sectors of the Nigerian economy.
It is a forum where contemporary issues affecting the leadership and corporate governance of Nigerian companies are global best practice solutions and x-rays provided by professionals and practitioners in corporate governance.