Digital Economy and Job Sustainability in Nigeria: Challenges and Solutions

Abstract

This study explores the dynamic interplay between Nigeria's burgeoning digital economy and the nation's job sustainability amidst a transitioning economic landscape characterised by declining petroleum sales and the ongoing global impacts of the COVID-19 pandemic. It addresses critical questions about the sustainability of Nigeria's digital economy, the effects of entrepreneurship on managing a mono-economy during the pandemic, and the necessary social reforms and economic policies to bolster the digital economy during and post-pandemic. Key issues identified include significant unemployment rates, gender disparities in digital access and entrepreneurship, and the challenges posed by an open yet restrictive data protection environment which limits digital economic growth. This paper examines the role of various CSR drivers in enhancing job sustainability within Nigeria's digital sectors, such as e-commerce and fintech, influenced by global trends and internal policy frameworks. The research highlights the urgent need for skilling, upskilling, and reskilling the Nigerian workforce, integrating formal, non-formal, and informal educational pathways to equip them for digital economy jobs. It also suggests enhancing microeconomic sectors and fostering innovation and technology adoption as pivotal strategies. Furthermore, developing technological hubs akin to models in Singapore is recommended to synergise efforts between universities and private entities to drive digital transformation. Ultimately, the study posits that a holistic approach involving targeted educational reforms, robust government policies, and active stakeholder engagement is crucial for cultivating a resilient digital economy in Nigeria that can sustain employment and withstand global economic pressures.