THE IMPACT OF INFORMATION COMMUNICATION TECHNOLOGY (ICT) ON ECONOMIC GROWTH: EVIDENCE FROM NIGERIA
1Olawepo, G.T. and 2Joseph, A.I.
1Department of Business Administration, Ajayi Crowther University, Oyo, Oyo State.
2Department of Economics, Ajayi Crowther University, Oyo, Oyo State.
E-mail: tejuolawepo@yahoo.com, toy4kuns@yahoo.com
Abstract: Information and Communication Technologies (ICT) has become a major tool for gaining competitive advantage in the corporate world and as such it has become integrated into the operations of most high performing organizations in every economy. This paper examined the impact of ICT on economic development in Nigeria. Time series data for the period of 1970 to 2010 was employed. The study employs the use of Ordinary Least Square techniques in estimating the impact on economic growth. Result reveals that ICT has not only created an avenue for economic growth in the country but also stand as an important factor that determines economic growth in Nigeria. The paper therefore recommends that if the country must have to compete with other developed countries of the world, government should provide more funds for the development of ICT, diversification of the productive structure of the economy away from oil/natural resources to ICT in a bid to increase employment and technical know-how.