Digital Economy Is A Must During Covid Lockdown – Nigeria Has To Take An Example From Canada 

Digital Economy Is A Must During Covid Lockdown – Nigeria Has To Take An Example From Canada 

Nigeria is taking a step ahead of the digital economy. During the covid outbreak, the world has stopped and traditional (offline) business space is in bad luck. In the last interview, Bill Gates noted that covid could be the start of other pandemics. American billionaire predicted that covid-like lockdowns may happen in every 10 years from now on. It means that the digital world is more attractive to business owners than before. Only the digital business world is working currently and Amazon (biggest e-commerce platform) is getting all the attention. 

Canada is a true success when it comes to digital business. Since 2016, Canada made big changes in the digital industry. iBanking, iGaming, and other industries took the advantage and have seen a massive rise in yearly revenue. For instance, iBanking space has contributed up to 60 billion CA dollars to the economy. Online banks have helped Canada’s economy to grow by 3.3% in 2019. It’s not a surprise that Canada’s economy returned to the top ten economies. Along with online banks, iGaming space has seen a massive rise. Online casinos were popular on a local scale but since big changes, those companies went on top charts of the worldwide market. Canadian online casinos that pay real money were allowed to use BItcoin payments. Implementing Bitcoin and crypto payments, in general, had a positive impact on the industry. Online casino platforms have seen massive growth in the EU and the US market. Alongside the implementation of Bitcoin payments, iGaming companies were allowed to create mobile applications. It was another green light for iGaming space as their contribution to the economy has grown since 2016. Online banks, online gaming platforms, e-commerce companies – these are just little list of driving forces in the digital economy. That’s why Trudeau’s team has created a roadmap for Canadians – digital charter. If Nigeria wants to adapt easily to the digital world, then they have to replicate the blueprint of the Canadian charter. 

A New Digital Revolution (from the standpoint of Canada)

Canadians use digital technologies in every sphere of their everyday lives: communication, online banking, working, GPS, shopping, and even socialization is now being done through digital technologies. Every sector of the economy is using digital technologies. People create an enormous amount of data, which can be used as a base for further advancement in service delivery and generally digital technologies. However, this is a challenging situation and multiple factors must be taken into consideration. Many people are worried about how the gig economy and sharing economy, that gives some options to people to control their own work, will affect the labor market in the long run. Adopting data-driven and digital technologies provides a wider space for the growth of the economy and the improvement of market space. This means that Canada will have a better ecosystem for new businesses, will be a stronger global leader and the lifestyle of the country will improve greatly. To manage the digital future Canada needs a good plan based on the strengths of the country, welcoming, safe space for innovation. To execute such a plan, Canada needs highly qualified professionals who can deal with the challenges that will arise along the way. But the most important thing is to ensure that there will be a role to play and benefits to share for all Canadians.

A Plan for Canadians by Canadians fulfilled by Justin Trudeau

The Innovation and Skills Plan announced in 2016, was a sophisticated plan aimed to create the right environment for economic growth and help Canadians acquire skills to meet the demands of the growing economy. According to the plan, the government supports the firms at every stage of development and Canadians at all phases of their lives. The plan was created to be long-lasting. For that reason, it is flexible and adapts to the ever-evolving and growing world of the economy. Conversation enables progress and this is why the government collaborates with Canadians. Six Economic Strategy Tables gave recommendations health/bio-sciences, clean technology, digital industries, agri-food, and resources of the future. In 2018 the government addressed Canadians again to contribute their ideas to another sphere of the innovation plan – digital and data-driven technologies. Minister Bains started the National Digital and Data Consultations On June 19, 2018. The project was aimed to determine what kind of preparation Canadians need for the digital technologies of the future, and how to create the environment where the Canadians feel safe about how their personal information is being used. The next four months was a phase of an intensive conversation during which Canadians shared their views on what could be done to develop an all-inclusive, safe environment. More than 1,950 written answers were submitted. Minister Bains and six Digital Innovation Leaders arranged 30 meetings with Canadians from June through September to discuss those matters. People from different fields and backgrounds took part in the discussions.

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