THE ROLE OF THE DIGITAL ECONOMY IN PROMOTING NIGERIAN’S ECONOMIC GROWTH

The digital economy represents a transformation from traditional economic activities to a more sophisticated electronic model of economic development in which Information and Communication Technologies (ICT) are integrated into various sectors. It refers to an economic system that relies on digital technologies and internet-based platforms to facilitate economic transactions and interactions through devices such as computers, mobile phones, and data networks. The study aimed at identifying the contribution and challenges of the Nigerian digital economic development. The threat of digital economy in Nigeria include infrastructural deficiencies, inadequate human capital development, limited policy frameworks, high cost of data services, and unreliable electricity supply. However, the Nigerian digital economy has created new opportunities for economic development through e-commerce, digital platforms, digital identity systems, online marketing, and global retail networks. In Nigeria, the digital economy has contributed significantly to the development of digital infrastructure, digital financial services, improved accessibility and affordability of internet services, and the creation of a competitive telecommunications environment. The methodology adopted in this study was a descriptive and analytical research design which examine the impact of the digital economy on Nigeria’s economic development. The study recommends that governments should implement strong digital policy frameworks, invest in digital infrastructure, enhance digital skills development, strengthen domestic internet capabilities, and create an enabling regulatory environment to ensure inclusive digital transformation and sustainable economic development.