The sub-Saharan country of Nigeria shows massive strides towards growth and stabilization. The government-backed economic and social growth has one major factor at its center – The Internet. The internet revolution in Nigeria has brought great success to electronics platforms.
Electronic Commerce (eCommerce), which is the bedrock for online shopping, has opened up various opportunities for the people. E-payment platforms like FAZRemit help the 2 million diasporas in the US with remittances from USA to Nigeria.
The Way Forward For Commerce
The internet penetration rates in 2018 showed 112 million Nigerians being connected to the cloud. This represented a healthy 56 percent of the population accounting for 14.32 percent from 2017. The increase of 1.4% in smartphone users meant that over 36 million Nigerians had mobile internet available to them.
Online shopping and trading bring with it various economic gains for the citizens of the country. It helps to connect remote areas with the rest of the nation. Health services, education and overall quality of life increase with this inclusion.
Today Nigerians sit at the comfort of their homes and shop online for essential goods. They pay using online platforms and track the delivery through the web. The internet has made it convenient, safe, and time-saving for them to shop for products.
A Common ground
Basic internet services have helped to fast-track services like remittances from USA to Nigeria. It forms 6 % of the countries GDP and has seen stable growth year by year. Quality of life has increased all around during the internet revolution in Nigeria.
Basic internet infrastructure can help all facets of the society including farmers, labors and businesses. The time saved by making use of internet services is seen to help the economy create new avenues of income.
The Other side of the coin
The revolution has not just brought with it good times. There have been various cases of fraud and illicit activities through the use of the internet. The cases of online dating fraud have increased in the years since the widespread internet came to Nigeria.
There is also another growing problem in Nigerian Gambling. Around 60 million Nigerians aged between 18 and 40 make use of online betting sites to make a quick buck. Whether they succeed or succumb is another story. But the worrying stats show that Smartphone ownership and online gambling had an absolute correlation. It showed 20% of smartphone owners buying the same just for gambling to make quick money. This is one of the ways the revolution has failed the country.
The internet revolution in Nigeria cannot be blamed for any progress or disruption it brings to society. The Internet has created paths for either consequence but the steering rests with the people who make use of it.
Internet media has the ability to educate and engage citizens. It also brings a rise in living standards and feelings of inclusion with the world society.
The remittances from USA to Nigeria specifically amounted to 7.2 Billion in 2018. This contributes favorably to the rising economy and social growth. The Internet has enabled services like FAZRemit to provide safe, affordable and fast transactions straight to the end-users. It has led to an increase in online money transfer for the benefit of the citizens.
Join the revolution with FAZRemit, simply register on FAZRemit today to be a part.