Business News

3G coverage has reduced poverty by 4.3% in Nigeria- World Bank

The World bank has revealed that 3G coverage has been linked to poverty reduction in Nigeria and Senegal commenting on the impact of digital connectivity on employment and sustainable wealth generation especially in low income and developing countries.

This is according to the World Bank “Digital Progress and Trends Report 2023” where it emphasized the need to increase internet access and bridge the digital divide across gender and between developing and developed countries.

According to the report, availability of faster internet increased the pace of employment by 13.2% while total employment increased by 22% as a result of fast internet.

There was a fourfold increase in exports due to fast internet in countries.

It stated,

Furthermore, the report noted that digital technologies can reduce greenhouse gases (GhGs) emissions by 20% across sectors such as energy, materials and mobility.

The report also stated that most countries of the world experienced robust growth in the IT sector with employment rising from 8million at the turn of the century to 32 million in 2022.

Among the countries with the fastest employment growth were Nigeria, Vietnam, China, countries in Eastern and Central Europe among others.

It attributed the growth in IT employment to the bourgeoning local IT sector mainly propelled by increased VC funding since the pandemic in 2020.

Nigeria also stood out among the countries with the with the most time spent on business apps and with one of the most downloads globally with the global figure reaching 300million as of May 2020.