South Korean professor, Prof. Hung Park encouraged Nigeria on Wednesday to keep diversifying its economy in order to raise and stabilize its Gross National Income (GNI) per capita.
Speaking in an interview with journalists in Abuja, Hung, who is a professor of computer science from Sangmyung University in South Korea, gave the advice After a two-day workshop on e-Govt master plan with the topic, "Building Foundations Towards Digital Governance in Nigeria,"
According to the university professor who specializes in digital economy, ", during the dictatorship period In South Korea which was referred to as developmental dictatorship, one of South Korea’s presidents changed its industry structure from just an agricultural economy to a diversified one by investing in education and entertainment, among other things. The professor, therefore, charged Nigeria to follow suit, as he noted that Nigeria is currently moving in the correct direction.
Hung noted that depending primarily on one aspect of the economy is detrimental, therefore, there should be a diversification from the oil industry alone structure, with the country looking to other industries such as natural gas, Information and Communication Technology (ICT), agriculture, limestone, arable land, iron ore, coal, tin, among others, as it uses the e-government project to become a major player in the global digital market. This, according to Hung, is the key to growing and resolving Nigeria’s GNI.
The total amount of money that a country's citizens and businesses make is known as its gross national income. It is used to gauge and chart a country's wealth through time.
The total includes both the country's Gross Domestic Product (GDP) and its foreign-source revenue.
Gross national income (GNI), a substitute for the gross domestic product (GDP), is regarded by certain countries as being a more reliable estimate of a country's wealth and according to Hung, Nigeria's GNI was the 23rd highest among the 47 sub-Saharan African nations, and its overall rating was higher than the average for the area but lower than the global average.
The Manager, Government Website and Domain at the National Information Technology and Development Agency (NITDA), Mr. Folayan Oluwasegun, stated that Nigeria is ready to diversify its economy. He claims that the e-government project between the two nations, which got underway eight years ago, amply demonstrates Nigeria's desire to grow its economy, starting with ICT, in line with the general trend.
While applauding the South Korean government for extending an olive branch to aid in the country’s expansion in a number of areas, particularly in information technology, he also went on to give the reassurance that every ministry, department, and organization in Nigeria is working tirelessly to advance and guarantee that every area of the economy in which they play significant roles is properly utilized.
