With the creation of the fifth-generation technology network, standard for broadband cellular networks, which is a new global wireless standard after the 1G, 2G, 3G, 4G, networks, the 5G network will no doubt transform so many sectors in the world.
It is currently one of the fastest and most robust technologies the world has ever seen. What this means is that there will be greater speed in transmission, remote execution and more adjusted connectivity to concrete needs.
A lot of countries are not slacking in the use of the 5G network due to it’s transformative capabilities. As of October 2021, commercial 5G networks have been deployed in 176 countries around the globe, serving more than 500 million subscribers.
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Countries that have adopted the use of the 5G network are attesting to the fact that it has provided a considerable upgrade in mobile experience for consumers, and it is already empowering different industries around the globe.
No doubt, the deployment of the 5G network in countries will transform life and businesses. Let’s look at the possible impact of the 5G network on the Nigerian economy.
Possible Impact Of The 5G Network On The Nigerian Economy
After the federal government handed over the spectrum allocation for 5G deployment in the country, to the Nigerian Communications Commission (NCC), the commission disclosed that the 5G network will provide a lot of benefits and opportunities that will accelerate growth and smart living in the country.
The network known for its high connection speed, low-latency capabilities will no doubt bring about substantial network improvements. The e-commerce platforms and fintechs in Nigeria would benefit immensely from the 5G network, because even before the deployment of the 5G network these industries have recorded some groundbreaking achievements.
Deploying the 5G network in Nigeria will definitely contribute to the transformation of the economy into a digital economy through investments in digital infrastructure, particularly broadband which is a key driver for digital economy growth.
The digital industry in the country is one sector that has been performing well regardless of the myriad of problems that the country is faced with. The deployment of the technology will therefore improve and strengthen the already thriving digital economy.
The ICT sector in the country has continued to maintain its position as the sector with the highest growth rate out of all major sectors of the Nigerian economy. The digital economy is said to have a direct impact on almost every sector in the country .
The 5G network has been predicted to tackle insecurity, which is a serious issue in Nigeria currently. For example through the use of the 5G network, it can be used to operate drones that will survey dangerous areas in the country which will then send a signal to security operatives about the hideout of armed bandits and terrorist. This will no doubt aid the security operatives to easily defeat these armed men that have been causing chaos in the country.
Countries are currently evolving, using the advancement of technology to improve their economy, and also improving the standard of living of it’s citizens. The race to keep pace with the rest of the globe demands urgent policy actions.
It is no doubt a laudable achievement for the deployment of the 5G network by the federal government, after it handed over the spectrum allocation to the Nigerian communications commission (NCC), as this high technology network will improve almost every sector in the country.
The tech infrastructure according to the report has the potential to create millions of jobs across all sectors, which will also lead to the creation of industries. What this implies is that the deployment of the 5G network will reduce the high rate of unemployment in the country.