Effect of Digital Economy on Nigerian Economy in the 21st Centuary

Abstract

The Digital economy in the Nigerian economic development was a transformation from the traditional economic activities to more sophisticated electronic model in the process of economic development where ICT technologies becomevc integrated into more verticals and bedrock of the digital economic development. The features of digital economy include: the digital infrastructure, platforms, digital financial services, entrepreneurship and digital skills. This development has benefited the Nigerian economy in terms of development in digital infrastructure, digital finances, accessibility and affordability as well as creation of a competitive environment for the players, this was not without challenges in the process, such as infrastructural inadequacy, human capital development, lack of defined policy instrument by the government, electricity challenges, and lack of affordable data access due to its cost. The paper recommended that more digital infrastructure should be provided, government should define the rules of the game and digital skills should be enhancing as well as development in the socioeconomic activities of the citizens.