Effects of technological innovations on the economy growth in Nigeria

This paper explores the effects of technological innovations on economic growth in Nigeria, a country marked by a complex interplay of traditional practices and modern technological advancements. As Nigeria seeks to diversify its economy and reduce its dependence on oil, understanding the role of technology becomes crucial. The simple regression analysis will be used to do the ordinary least squares econometric analysis in this study to analyze and uncover the relationship between the topic variables, particularly information and communication technology, educational technology innovation, and banking technology innovation. Findings indicate that technological innovations positively and significantly contribute to Nigeria’s economic growth. However, challenges such as inadequate infrastructure, limited access to funding, and a skill gap among the workforce hinder the full potential of these innovations. The paper concludes with policy recommendations to foster an environment conducive to technological growth, including investment in education and infrastructure, and promote public-private partnerships. Ultimately, this study underscores the critical need for Nigeria to harness technological innovations to stimulate sustainable economic growth and development.