Investing In Knowledge-Based Economy Business

Filed in Business Idea, Business Innovation by on January 27, 2023 0 Comments

Knowledge-Based Economy/Resource :It has been said repeatedly that the era of natural resource-based economy is long gone.

Yes, it is arguable and like a top ICT expert puts it,

there is nothing we can do to change a long established traditional industry,

such as oil and gas.

As factual as this may sound,

the reality is that the world is rapidly moving on to a knowledge-based economy.

Last week’s piece focused on artificial intelligence,

and how it is re-shaping our world.

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 knowledge-based economy Resource

Human Resource Development in a … amazon.com

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Knowledge-Based Economy/Resource

I have received a lot of positive feedback following that piece.

But the big question is, would it be possible to play in the disruptive technology space,

without massive investments in building a knowledge-based economy?

The countries taking the lead in today’s advanced technology game are,

the US, China, South Korea, India, Japan, Taiwan, etc..

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They are countries working tirelessly to ensure that their economies become knowledge-based first.

All of these countries have long started to reap the benefits,

having successfully applied this strategy.

They have been able to process convergence,

aimed at integrating conventional strategies and leveraging ICT,

to mass produce and ‘commodify’ information,

and their cultures for sale to local and foreign consumers, at a profit.

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Knowledge-Based Economy/Resource

Now, turning the spotlight on Nigeria; if, as an expert,

you have developed the required proficiency in any field over the years,

it is imperative that you start making yourself available on different platforms.

This is a collective responsibility.

Experts in various fields are essential,

if Nigeria must adopt the knowledge-based economy.

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According to Ogbonnaya Onu, the Minister of Science and Technology,

it has become clear that nations that desire to develop,

modernize their economies and remain competitive,

must embrace knowledge, especially, scientific and technological knowledge.

Scholars of various schools of thought agree with several political leaders in recognition of learning,

as an important instrument necessary to unlock the doors of development.

The minister concludes,

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Knowledge-Based Economy/Resource

“The need to move from resource-based economy to knowledge-based economy is necessary now,

more than ever before, considering the recent near collapse in crude oil prices,

that has exposed the vulnerability of the Nigerian economy.

This has underlined the urgent need for Nigeria to diversify her economy,

to enable her to withstand any future shocks arising from the decline in commodity prices in the international market.”

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Nigeria needs to use its oil proceeds to develop other sectors of the economy,

while also building a knowledge-based economy.

This was the submission of the former Vice- President & Treasurer of the World Bank,

Arunma Oteh, in an interview with the CNBC.

Studies have shown that the success in the knowledge-driven economies of both the UK and the US has been due,

in large part, to the skilled workforce and human resources.

Virtually across all the sectors of their economies,

all of their workers are more highly educated than any other country.

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In such economies, people are daily seeking the right sources of information to make critical, and informed decisions.

We have also seen many websites in developed countries,

where experienced professionals and entrepreneurs identify themselves,

and are ready to render their services to the public and private sectors.

I commend a number of start-ups that are working tirelessly to enthrone the knowledge economy.

In a recent chat with the Founder of Askanexpert,

Felix Rwang-Dung, he passionately shared how his app’s helping to fuel the digital economy in the country.

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Felix posited that “we are, however, not there yet in Nigeria,

because of some issues that we are currently facing”.

One of the issues he stated was our outdated educational curriculum from the basic schools,

through the secondary and tertiary institutions,

compared to what we have in more advanced countries,

thus, making us churn out many graduates that are unemployable,

and unable to compete favourably with their colleagues globally.

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Knowledge-Based Economy/Resource

They are also unable to meet up with the challenges of moving in the direction of knowledge-based economy.

Other issues, he stated, were our religious beliefs,

which tend to make us rationalize issues in spiritually terms,

rather than adopting scientific approach,

and our cultural values that frown on questioning the status quo.

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All of these put Nigeria at the back seat of knowledge economy, globally.

“We all have to get involved in making the Nigeria we desire,

by also rendering our support.

That’s why the areas of leadership, mentoring, etc.,

are very popular topics today in our society.

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Knowledge-Based Economy/Resource

This is because it’s what’s lacking, as a lot of people need help to understand and navigate life,

since everyone desires to succeed and it’s their right to want this”, he stated.

The concept of knowledge sharing,

which is enabled by technology, means that people pay for services,

insights and support, once that trust is built and confidence gained for both parties.

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“We need to allow our young ones access to local insights,

and knowledge from experts that have achieved some form of success in this local terrain,

as all that our youths have access to are foreign materials which make it more challenging to apply here locally”, Felix said.

“The “Ask an expert” initiative is solely focused on enhancing knowledge sharing among Africans,

with a view to driving value-driven productivity starting in Nigeria ,

where all experts in diverse fields could register and conveniently share their insights,

knowledge and expertise to discerning members of the general public,

the government or private institutions.

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Knowledge-Based Economy/Resource

This type of platform has been able to successfully combine current successful global technology trends,

like on-demand and private messaging services,

as well as micro-blogging and expert network directory to give more value,

to people via real-time mobile or web live chat sessions,” he explained.

Just like other developed countries, it is very easy for Nigerians to connect using technology,

to start knowledge sharing among communities of novices to experts,

experts to experts, people to institutions and breaking geographical boundaries of accessibility,

nationally, to help people solve everyday issues, like most experts in developed nations.

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Knowledge-Based Economy/Resource

Knowledge propelled by technological platforms remains,

a veritable tool towards eliminating the impediments associated with underdevelopment.

All government agencies and private citizens must seek,

and promote knowledge and experts in different fields must make themselves,

available to support others to also succeed.

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