ICT-Driven Growth and Diversification: The Case of Nigeria’s Entertainment Industry

Abstract

The paper explores the nexus between information and communications technology (ICT)-driven entertainment industry and the growth and diversification of the Nigerian economy, using available quarterly data for the period 2010Q1-2013Q4. Deploying a matrix of four models implemented through the ordinary least squares, and the fully modified OLS regressions, the empirical evidence is in favour of enhanced growth and diversification, driven by the adoption of information and communications technology in the entertainment industry. A comprehensive policy framework is recommended to enhance productivity in the entertainment industry and exploit the gains from the country's integration into the information-driven global economy.

Do Information and Communications Technology (ICT) and financial development contribute to economic diversification? Evidence from sub-Saharan Africa

“…However, internet use while found as the only ICT variable to contribute to economic diversification in SSA across the GMM estimations was insignificant suggesting the need for adjustments as regards utilizing internet to promote economic diversification. The findings of this present study contrasts with the popular argument by studies that ICT plays a positive role in economic progress in general (such as Ukwuoma 2019;Edo et al 2019;Alshubiri et al 2019;Andrianaivo and Kpodar 2012) in line with the leap-frogging hypothesis of Steinmueller (2001), as well as in economic diversification in particular as argued by Al-Roubaier et al (2020), Iyoboyi and Na-Allah (2014) and US Department of Commerce (2000). However, with reference to the findings of Asongu and Nwachukwu (2019) who find an adverse effect of ICT on financial activity in a sample of African countries and given arguments in the finance-growth literature of positive correlation between growth and financial development, it may be argued in the present context that ICT variables-fixed telephone subscriptions per 100 people and ICT good imports adversely affect economic diversification in SSA countries as a result of their adverse effect on financial activity amongst a host of economic variables.…”

“…Previous studies relating ICT and financial development to economic diversification are limited amongst which are Adeola and Evans (2017) and Iyoboyi and Na-Allah (2014). However, the studies focused on a smaller set of countries relative to the panel of SSA countries that this study intends to examine, and also often utilized one measure of financial development without focusing on other measures of financial development.…”

Millennials empowerment: youth entrepreneurship for sustainable development

“…These sectors are less explored and are argued to possess the highest potential for creating employment and generating high returns on investment. They are also very much viable to diversifying the economy of Nigeria away from the oil and gas sector (Iyoboyi and Na-Allah, 2014; Anyaehie and Areji, 2015; Nwafor and Udensi, 2015). This is promising because the needs of the huge population of Nigeria are currently met by relying on importation.…”

TecHedonism as metaverse in the future of Nigerian netizens’ sociopolitics

“…The ICT sector is fast becoming the mainstay of the Nigerian economy, contributing almost 18 per cent of the country's GDP during the third quarter of 2022 (NBS 2021). Driven by technology, the Nigerian media and entertainment industry has become increasingly relevant in its sociopolitical life as an emerging driver of its economy, especially with the need to diversify the oil-based mono-economy that has been subjected to pricing volatility (see Iyoboyi and Na-Allah 2014). The digitalisation of production in Nollywood started with the production of Video Compact Discs (VCDs) in the 1990s, and has since given it a competitive edge in the global entertainment industry with improved picture clarity and quality (Ebelebe 2017).…”