Technological Innovation And Socio-Economic Development In Nigeria: Issues And Perspectives
Keywords:
Technological innovation, Socio-economic development, unemployment, productivity, investment, research and developmentAbstract
Nigerian economy has been experiencing low real gross domestic product (RGDP) over the years, resulting in increasing unemployment and poor standard of living of the people. This is further exacerbated by poor technological innovation in the productive sector of the economy. Thus, the paper examined the impact of technological innovation on the socio-economic well-being of the citizenry. The study adopted the qualitative approach. This has to do with the content analysis of secondary. The paper revealed that Nigeria has made noticeable achievements in technological innovations, especially in the area of Information and Communication Technology (ICT) and financial technology. However, the study concludes that these innovations are not far-reaching enough in the wider spectrum of the economy to enhance the socio-economic conditions and well-being of the people. Thus, government/policy makers must necessarily invest in research and development (R and D) to engender massive technological innovation to cover a wider spectrum of the productive sector.References
Afolabi, A. B. (2008) Repositioning the Nigerian Economy through Scientific and Technological Innovations. Africa; Journal of Contemporary Issues, 6: 1-8.
Archibugi, D. & Coco, A. (2005). Measuring technological capabilities at the country level: A survey and a menu for choice. Research Policy, 34, 175-194.
Audrey, P. N. & Jaraji K. (2016). The Impact of Technology and Innovation (Technovation) in Developing Countries: A Review of Empirical Evidence: Journal of Business and Management Sciences, 4 (1), 7-11.
Bingqin, L. & David, P. (2018). Technological innovations and social development in Asia: Journal of Asian Public Policy, DOI: 10.1080/17516234.2018.1546419.
Burgelman, R. A., Christensen, C. M., & Wheelwright, S. C. (2004). Strategic management of technology and innovation (4th ed.). New York, NY: McGraw Hill/Irwin.
Baker, W. (2002). Energize Others to Drive the Innovation Process, San Francisco: Berrett-Koehler.
David, O. K., (2004). The Impact of Information Technology on the Nigerian Economy: A Study of Manufacturing and Services Sectors in the South Western and South Eastern Zones of Nigeria: Published by the African Technology Policy Studies Network, P.O. Box 10081, 00100 General Post Office, Nairobi, Kenya.
Enemuo, A. U. (2011). Entrepreneurship strategies: Theory and Application, Onitsha Abbot Books.
Eme, E. (2014). Social and Economic Development in Nigeria: Port Harcourt, Hoi Printing and Plication Service.
Elo, E. (2020). What Nigeria's tech sector can learn from India: https://www.weforum.org/agenda/2020/11/nigeria-tech-information-data-india/.
Federal Ministry of Science and Technology (FMST). (2010). The National Policy for Innovation in Nigeria. A Paper presented at the National Workshop on Strengthening Innovation and Capacity Building in the Nigerian Manufacturing Sector. July 20-21, 2010.
Guellec, D., & van Pottelsberghe, B. (2001). R & D and Productivity growth: Panel Data Analysis of 16 OECD countries. OÉCD Economic Studies No. 33. http://dx.doi.org/10.1787/652870318341.
Internet World Stats. (2019). Internet Usage Statistics Africa. Retrieved from Internet World Stats: https://www.internetworldstats.com/stats1.htm.
Kalu, P., (2018). Matrixes of Development, Aba: Cheedal Global Print Ltd.
Kayode, J. O. (2010). Technology Development in Nigeria: The Nigerian Machine Tools Industry Experience.
Kotler, P. (2003). Marketing management. Upper Saddle River; New Jersey: Pearson Education.
Kalagbor, S. B. (2017). Development Theories, Strategies and Administration: Port Harcourt, Horizon concept.
Mihaela, D., (2011). Technological Innovation: Concept, Process, Typology and Implications in the Economy: Theoretical and Applied Economics Volume, 18 (10), 127-144.
Nigerian Communications Commission. (2019). Industry Statistics. Retrieved from Nigerian Communications Commission.
OC & C Consulting. (2018). Tech entrepreneurship ecosystem in Nigeria. OCC Consulting.
Omosulu, R. (2013). A Critique of Walter Rodney’s concept of development: International Journal of Education and Research, 1 (5).
Organisation for Economic Co-operation and Development (2012). Innovation for development: OECD Publishing, Paris.
Rogers, E. M. (1995). Diffusion of innovations (4th edition). The Free Press. New York.
Romer, P. (2008), ’Economic Growth’, Library of Economics and Liberty, http:/www.econlib.org.library/Enc/Economic Growth.html.
Rodney, W. (1972). How Europe Underdevelop Africa, London; Bogle-ventures
Schumpeter, J. (1934). The Theory of Economic Development, Harvard University Press.
Siyanbola, W. O. (2008). Progress Report on Nigeria’s National Science, Technology and Innovation Policy. (PowerPoint slides). A paper presented at the Experts’ meeting on Science, Technology and Innovation Policy Review. Nigeria.
Stephen, K. D, Chukwunonso, S. E & Emilia, M. M. (2016). Creativity, Innovation and Competitiveness in Nigeria: An Economic Exploration: International Journal of Academic Research in Economics and Management Sciences, 5 (3), 2226-3624.
Sen, A. K. (1999) Development as Freedom, New York: Alfred A. Knopf.Google Scholar.
Stanley, I. (2012). How Africa under develop Africa, Port Harcourt: African society for social Pathology Publication.
United Nations Conference on Trade and Development (2015). Fostering Innovation Policies for Industrial Development.
Usman, Z., Choi, J., & Dutz, M. (2019). The Future of Work in Africa. World Bank Group.
Uwaifo, V. O. & Uddin P. S. O. (2009). Technology and Development in Nigeria: The Missing Link.
Vincent, A. A., (2018). Role of E-Commerce in the Economic Development of Nigeria (Konga a case study): Texila International Journal of Management, 4, (1).
Walsh, S., & Linton, J. D. (2002). The measurement of technical competencies. The Journal of High Technical Management Research, 13, 63-86.
World Bank Group (2019). Nigeria Digital Economy Diagnostic Report.
Yam, R. C. M., Guan, J. C., Pun, K. F., & Tang, E. P.Y. (2004). An audit of technological innovation capabilities in Chinese firms: Some empirical findings in Beijing, China. Research Policy, 33, 1123-1140.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 PORT HARCOURT POLYTECHNIC ACADEMIC RESEARCH JOURNAL
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.