KNOWLEDGE ECONOMY: A NEW PARADIGM FOR PRODUCTIVITY

Knowledge economy which is otherwise known as ”new economy” among other names has come to stay. This is an economy which is powered by production, distribution and use of knowledge for creation of wealth, economic growth and employment generation in all industries. It is an economy that relies on intangible resources and application of information and communication technology. The intangibility of knowledge may make it difficult to quantify its impact in productivity. Studies have shown that if knowledge is well used, it leads to high productivity. Nigeria can be among the players in the fast moving global economy if the necessary steps are taken and measures are put in place.