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Changing patterns in global economic system continue to define new ways of improving the production of goods and provision of services. These changes in global economic architecture have given birth to a ‘new economy’, which depends largely on the creation and management of information. Contemporary economics has recognized that manpower resource is not just a part of production but a determinant catalyst. This position can be further buoyed by accessibility of human resource to wholesome and timely information. Interestingly, human capital unlike physical or natural resources does not depreciate. Renowned social scientists has observed that there is no fixed stock of either intellectual or social capital, but that both must be continually stimulated afresh, and that only if each feeds the other will they contribute to economic dynamism and social renewal. Indeed, the ‘new economy’ is making mockery of the established laws of economics that has traversed the age of Man.
Over the years, increasing challenges of development has remained daunting for most developing countries, particularly as the world moves towards a global information society. Over the last century in particular, developing countries, most of which fall within Africa, have had to grapple with the overwhelming need for effective political leadership and simultaneously attempt to reverse declining economic fortunes. Furthermore, political crisis in varying manifestations greatly undermined economic reforms and social restructuring aimed at raising the standards of living of the people. New discoveries in information and communication technologies have been found to have a high potential in advancing human development and equally accelerate restructuring processes. The gains accruable from an IT-led economy are immediate and could serve as a platform for spontaneous growth. Increased production of goods and services; flexibility of production processes and increased labour efficiency are some of its immediate rewards. An effective knowledge-management system would, no doubt, be highly beneficial to a growing economy like Nigeria. Increasingly, the value of knowledge has grown over decades relative to other factors of production. Knowledge, today, has become a veritable denominator for economic growth and prosperity. For most developing countries, some of which has survived the misfortunes of war, profound ethnic conflicts or economic alienation for that matter, the process of moving from ‘economies in transition’ into ‘knowledge economies’ has been difficult. The high cost of providing structures for information creation and management has further accentuated this position. The concept of economic dynamism states that more knowledge creates more wealth, not only does knowledge help in generating economic wealth, it also stimulate social growth and, to a reasonable degree, social cohesion. Social capital therefore, would be a product of sound social structure.Evidently, scientific and technological innovation through genetic engineering and biotechnology have helped developed countries to expand, for instance, food production through improved seedling, discovery of environmental-friendly fertilizers, production of high breeding species of livestock etc. Since opportunities offered by globalization and information technology are apparently unequally distributed, the task of socio-economic reconstruction and growth in a country like Nigeria has become even more intimidating. The liberalization of the political space through the enthronement of a fledging democracy is expected to induce a high level of economic activity which should exploit the prevalence of economic freedom. It is worthy to stress that poverty is not limited to economic misfortunes alone but is also a function of stunted social evolution and obvious dearth of knowledge or its inadequacy. The poverty of knowledge in itself is more devastating and can frustrate meaningful reforms. To this end, the effort of Nigerian government to alleviate the poverty situation of the people could be sustained if encapsulated within a profound and comprehensive ideology using information and communication technologies (ICTs) as a springboard.
Equally, to meet the challenges of a growing economy like Nigeria, the imperative of wholesome education cannot be sufficiently stressed. Government must invest heavily in qualitative education for the youths, who are the successor generation. This is with a view of building a pool of successive, highly-skill and dynamic workforce. Since institutional and cultural changes occur more quickly, the system must be entrenched in an enduring relationship between knowledge creation and socio-economic paradigms that will identify generational relevance. It is also important for government to develop favourable policy outline to protect and nurture research institutions which has been in the doldrums since independence. Government should put in place vibrant policies that will enhance their status and relevance while equally drawing from their documented and well-researched findings.
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Femi Johnson
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