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DEVELOPING A

KNOWLEDGE –
DRIVEN
ECONOMY IN
ST
THE 21
CENTURY.
(THE NIGERIA
PERSPECTIVE)
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TABLE OF CONTENT

Front Cover - - - - - - - - - - -1

Content Page - - - - - - - - - -2

Introduction - - - - - - - - - - -3

The main body - - - - - - - - - -3 - 22

Conclusion - - - - - - - - - - -22 - 23

References - - - - - - - - - - -23

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INTRODUCTION:

Exciting trends are weeping across the world. In the advanced economies
“knowledge” is fast becoming a strategic asset for economic development.
Technological advances and globalization is gathering pace. Advances in
information and communication technology are occurring on a tremendous
scale. For countries tapping into the new ideas, innovations and
technologies that proliferate in a knowledge-driven economy, there is a
definite abundance of wealth and opportunities for its entire people.

THE CONCEPT OF KNOWLEDGE – DRIVEN ECONOMY IN NIGERIA.


The concept of the “knowledge driven economy” (KDE) or “the new
economy” is used to describe an economy in which the generation and the
exploitation of knowledge have come to play the predominant part in the
creation of wealth. It is about the more effective use of all types of
knowledge and creativity in all manner of economic activity.

Nigeria has probably taken care of the greatest political hurdle facing it since
independence by putting in place a democratically elected government.
However, the time is now ripe to shift emphasis onto something equally
important. To bring lasting peace, economic freedom and prosperity to its
people and help tackle the long term problems posed by ethnic rivalry and
tribal clashes, Nigeria needs a change of direction. But not only that. The
forces of change outside Nigeria are driving the need for change within it.
Therefore, to maintain itself on a par with the rest of the world, and to be

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able to complete successfully in the fast moving world economy, Nigeria has
to radically reform itself.

Most of Nigeria’s wealth and power comes from the control of physical
assets – land, oil, iron and steel, coal. But in the 21st century, this cannot
continue to happen. The main source of value and competitive advantage in
the new economy is human and intellectual capital. With a population of 120
million people, Nigeria, in theory has the capacity to make a successful
transaction into a truly knowledge driven economy.

THE CONCEPT OF KNOWLEDGE – DRIVEN ECONOMY IN THE


ADVANCED WORLD.

To use both the US and the UK as our examples of economies that are
knowledge driven, it is necessary to assess the growing importance of
knowledge in both countries. This exists in the progress made in information
and communication technology (ICT) that has made it possible for
information to become more easily available, to travel faster, in greater
quantities and much more cheaply. Entirely new products like digital TV,
mobile video phones and services like e-commerce have been created and
more sophisticated production processes have been developed.

There is increased global competition facilitated in part by reduced


communication costs, which have opened up markets that never existed.
The costs of international transports have fallen while goods and services
can be delivered via a telephone line. Of course the size of the market

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available to such business has correspondingly increased. It also means that
products and services become quickly out-of-date which then means that a
business needs to innovate more quickly and make more use of its
“knowledge” and creativity in order to survive.

Another driver is the increased speed of scientific and technological


advancement. Increases in basic scientific research and business R & D
have led to acceleration in the growth of the stock of scientific and
technological knowledge. At the same time, the potential scope and
productivity of R & D has increased as equipment have improved, and better
communication technology has facilitated the widespread diffusion of
research findings. The fundamental advances made in the field of genetical
engineering and the recent claims of a cure for aids and various forms of
cancer are manifestations of this.

Knowledge is also transforming other sectors, both in the processes and the
nature of the final product. Branding and design accounts for an ever higher
proportion of the value of the goods and services consumed in both the US
and the UK. It is not surprising then that about 70 percent of the production
cost of a new car can be attributed to knowledge-based elements such as
styling, design and software.

There is change in demand brought about by rising income and the changes
in tastes and attitudes that come with greater prosperity. This is not
surprising. The booming US high-technology sector has created more than 1
million high-paying jobs over the past five years alone. Increasingly, well

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paid, sophisticated and demanding consumers are driving changes in
traditional corporate values and behaviour due to their demand of more
innovative and better-quality products.

KNOWLEDGE IS UNIVERSAL
The fact of the matter however is that knowledge is not exclusive to those
countries of the advanced economies. Neither is the concept of a knowledge
driven economy. Other emerging markets like South Africa and Singapore
have developed their own frameworks for catapulting their countries into a
knowledge driven economy. Just like the Us and the UK, it is also possible
for Nigeria to become a successful knowledge rich economy. However, this
can only happen if the Nigerian government is seriously committed to
making it a reality. Essentially, it has a role in establishing the right
environment and encouraging the cultural changes that stimulate a
knowledge driven economy.

ECONOMIC GROWTH AND DEVELOPMENT


The term “economic development and economic growth are two different
things and as such will be consider and treated differently.
GROWTH: Growth is ordinarily defined as persistent rise in the real per
capital income of a country over a fairly long period of time. It is measured
through income growth. Economic growth can occur by making effective use
of existing resources and by increasing the productive capacity of a nation.

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The following factors can contribute to economic growth.
 INCREASED LABOUR FORCE:- An economy’s capacity to produce
increases when the number of people in the labour force grows. For
example, the increases participation of women and children in the labour
force has added to the nation ability to produce.
 IMPROVED WORKER PRODUCTIVITY:- When for whatever reason,
workers are able to produce more, the nation productive capacity will
increase, when for example workers are given incentives to motivate
them, it could increase productivity.
 ADVANCE IN TECHNOLOGY:- The use of more efficient equipment and
machinery is essential to increasing productivity. But the development of
improved equipment is possible only through increased research.
Research and equipment form an important aspect of the development
strategies in most developing countries. This could explain in part why the
growing process in these less develop countries are slow.
 CAPITAL ACCUMULATION:- capital in form of efficient machinery, tool
factories etc, in a given country is bound to record higher rate of
economic growth.
 INCREASED BUSINESS INVESTMENT:- Business can choose to spend
more on their resource on new and better equipment, research and
development, employee training and other things that will improve
productivity spending money luxurious consumption could decelerate
economic growth.

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 IN ADDITION:- Government can encourage business to invest in new
plant and equipment by changing the tax laws, reducing interest rates or
reducing the threat of inflation.

ECONOMIC DEVELOPMENT
There is no single definition of economic development that is universally
acceptable as good enough. Several definitions are found in the literature. It
could only be defined as growth plus change. That is to say that economic
development implies that there is development plus changes in the entire
social, economic political and cultural spheres of our endeavour. It could be
said to increase in ‘basic needs’. That when the stock of basic needs
increases over the period, then the country be regarded as developing. The
basic needs often sited are food, shelter, clothing, educational facilities,
health care and transportation.

THE OBJECTIVES OF ECONOMIC DEVELOPMENT: The purpose of


economic elopement is to lay a solid foundation upon which a sustainable
rise in the general welfare of the country is built. Thus the following factors
could be said to influence all the sector of the economic development of a
given country.
 To improve all the sector of the economy. A country is only sure of
sustained growth if all major economic areas or at least a good number
of them are developed.
 To provide solid infrastructure in the form of good road, railways,
telecommunications, hospitals, water and electricity.

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 To raise the standard of general level of education of the people.
 To improve the people’s health. This can be done by building enough
hospital ad training of doctors.
 To ensure that the people are adequately fed. This is to be achieved by
taking good care of he agriculture the countries of the EEC pay subsidy to
farmers just for this purpose.
 To ensure that the people are properly housed and adequately clothed.
 To ensure there is a high level of employment.
 To ensure that the people are enlightened and kept informed of the
happenings in the outside world.
 To ensure that the disabled and the aged are provided for.

STRATEGY FOR DEVELOPING A KNOWLEDGE-DRIVEN ECONOMY IN


THE 21ST CENTURY (THE NIGERIA PERSPECTIVE)
This is no disguising in the phenomenal scale of work, commitment and
seriousness that needs to be inputted before Nigeria can lay claim to being
knowledge driven. It demands a complete change of culture and attitude. Not
only that, then is the needs for a new wave of collaboration and joint working
between different agencies and different sectors of the economy to make it a
reality. For this reason, it is equally unrealistic to expect things to change
within a short timescale. The first step then is for the government to put in
place a cohesive and coherent long-term strategy to help make the idea a
reality.

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There are a number of varying and different issues such a strategy should
concentrate on. However, for the purpose of this paper, we shall concentrate
on three main issues which I think are crucial for the development of a
knowledge economy.

1) ENCOURAGING THE DEVELOPMENT AND GROWTH OF


EDUCATION AND TRAINING
Success in the knowledge driven economics of both the UK and US has
been due largely to the skilled workforce. Workers everywhere are more
highly educated. In most hi-tech companies like computer software the
value of a company or its intangible assets resides almost entirely in the
knowledge and creativity embodied in its patents and its staff. It is not
surprising therefore that in most countries, even in Nigeria; graduates
earn twice as much on average as those with no qualifications. In an
increasing knowledge important Nigerian economy, the average salary of
those highly educated and highly skilled is bound to grow even faster.
Unfortunately, for those with no qualifications and no skills, the chance of
getting proper job will be non-existent. This might lead to a new
generation of haves and have-nots, depriving some of the benefits that
come with a knowledge driven economy. How these people will be
integrated into the new economy will also be a key role for government.

In the next century therefore, investing in knowledge, skills and learning


for all should be a priority. In this wise, the government will have to ensure
that the right policy is put together so that its entire people can have
access to good quality education. The introduction of Universal

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Compulsory Education (UCE) is a right step in the right direction, although
much more still needs to be done. At present, there is a serious problem
posed by cultism, the perpetual strikes by teachers and university
lecturers due in part to the non-regular payment or underpayment of
salaries and a lack of adequate funding. In this regards, a complete
overhaul of higher education system and a serious injection of resources
is necessary to ensure Nigerian universities can produce high quality and
well trained graduates who are able to stand head-to-head with their
counterparts in other parts of the world.

Such top quality graduates should be knowledgeable, highly skilled, IT


literate, innovative and entrepreneurial. Graduate who are able to raise their
sights, to collaborators, to compete, to solve complex problems, to generate
ideas and to take risks. Such people should be in charge of the small
businesses and public administration system of the future since they have
the capability to move Nigeria Forward.

It therefore goes without saying that further collaboration between business


and education, especially our universities, will need to be seriously
encouraged .businesses should have more direct role to play in education
since the bulk of their workforce will need to have the necessary skills and
knowledge to make the business more competitive and more prosperous.
Again, exposing young people to the world of business at an early age will
help to foster and develop the enterprise culture making more and more
young people go into business. With the right business support, good macro-

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economic condition and good quality education behind them, the potential for
success is phenomenal.

2) FOSTERING THE GROWTH OF SCIENCE, INFORMATION AND


COMMUNICATION TECHNOLOGY (ICT)
With knowledge able workforce and well-supported businesses also come
the development of basic science and technology and ICT infrastructure to
help the growth of the new economy. Again there is a key role for the
government in this, in establishing the right environment and setting
technical standards. In ensuring that Nigerians becomes a producer of high
technology, not just an importer of it. In fostering the growth of the science
and technology sector. For instance, the local technology clusters that
abound in the Eastern part of the country should be directly and financially
encouraged by the central government in order to foster its growth and
development. Again, our universities need to be encouraged and adequately
financed so that they can be become the true abode of scientific research
and development – just like other Universities in other part of the world.

In the area of communication technology, the competitiveness of the country


in today’s information rich world will depend on its ability to access and
exchange information both locally and globally. Through appropriate
government regulations and private and international funding,
telecommunications networks can be designed and implemented to suit the
needs of the country. An announcement to provide seven million new
telephone lines by the end of year 2003 was a good step in the right
direction. But of course, this is not enough. More important is for the

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government to ensure that access to a working telephone and fax line for the
average individual and business does not remain a privilege but it is seen as
a necessity. At present, Nigeria is the most expensive place on earth to
make an international phone call. Access to communication in a knowledge
economy however cannot be a privilege. It is a great necessity.

Which then leads to the next point about the growth and exploitation of
Information Technology in Nigeria. All over the world, the growth of the
internet is gathering pace. At present, it is estimated that there are about 150
million regular users world-wide, and this figure is expected to double within
the next 3 years. How many of these are Nigerians? Not a lot, by the look of
things.

There is no point in preaching the benefits of the internet since you are likely
to be reading this article on the internet. Suffice it to say, however, that for
the individual, business and government, the sheer scale and potential of it
is absolutely phenomenal. It is therefore easy to see what role the further
encouragement and exploitation of the internet can play in developing a
knowledge economy.

More important however is the need to catapult from an IT end-user country


into a serious producer of high technology. Just like in Bangalore, India and
din Barbados in the Carribean where off-shore information processing is
thriving, the building of information industries will in no small way help
Nigeria participate in the information economy. With a population of over 120
million people in Nigeria and another 622 million in the rest of Africa, there is

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an already-made market and potential workforce for this. Not only that, there
are enough Nigerians in the field of computer technology, both outside and
within the country, to collaborate and develop a customized system that will
open up the use of computers to all Nigerians-both young and old, both
educated and illiterate. At present, the biggest Black-owned software
company in the UK-open link Software-is owned by Nigerian brothers
Kingsley and Kevin Idehen. In Scotland Godwin Osigwe and his software
company Sigtronics, are also making waves. Efforts should be made to
encourage such highly successful Nigerian owned high-technology
companies to transfer their skills back to the country to help the growth and
development of the industry.

Equally important is the further expansion of other physical and social


infrastructure. The provision of constant, non-stop electricity, good transport
system, including good network of roads linking the different parts of the
country, a functioning, efficient and effective railway system and developed
and trustworthy air transport service should be pursued vigorously. This will
encourage the easy transportation of goods and services and the movement
of labour to and fro one part of the country to another.

IMPACT OF TECHNOLOGY
Information and communication technologies (ICT) refer to several forms of
information exchange between two or more computers through any of the
several methods of interconnection. These technologies provide speedy,
inexpensive and convenient means of communication.

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The adoption of these technologies in many countries by different sectors of
the economy have been found to have direct positive impact on the
organization’s efficiency and have led to more rapid acceleration of
development in these countries.
In Nigeria, however, preliminary investigations showed that only a few
organizations in the economy have adopted the ICTs, but there has not been
formal study to determine the level of adoption and impact on the efficiency
of the organizations and the consequent effect on the nation’s economy.
This study, is therefore, designed to determine the level of adoption in the
Nigeria organizations, and the impact on the operations of these
organizations as well as investigating the factors responsible for the present
level of adoption of these technologies in the organizations.

Nigeria is faced with enormous problems of information access. These


problems, especially that of low level telephone penetration and uneven
access, appear to be insurmountable. The penetration rate in Nigeria in the
Twentieth Century was less than one line per 1000 population. In spite of the
efforts made by successive governments in Nigeria to improve on the
penetration rate, the country had continued to nose dive as a result of fresh
challenges in terms of building information and communication technology
(ICT) related management and communication infrastructure. This has
resulted in almost negative benefit, both to the economy and the society as a
whole. It is quit evident that Nigeria at present lacks innovation, capacities
and capabilities in information technology (IT) management and hardware
maintenance.

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This notwithstanding, the country has been and will continue to import and
use a wide range of durable consumer electronics, computers and
telecommunication equipment. It must therefore begin to accumulate the
capabilities to repair and maintain these vintages. Indeed, if Africa is not to
be left behind in global trade and development, it must be able to master
certain basic capabilities in ICT. In addition, the rate of technical
obsolescence is likely to be much faster with ICT, compared with the natural
technologies (such as steel, textiles and petrochemicals). The technological
followers in Africa may therefore face the difficulty of sourcing for parts,
components and peripherals, unless they begin to accumulate the capacity
for component manufacture.

Available technology is largely obsolete – electro-mechanical switching


system. Presently, some countries are engaged in massive modernization
efforts; Nigeria for instance, has at present, about 500,000 lines with about
160,000 lines just added through the on-going digitalization programme.

Technology absorption and mastery takes more than importation of


technology; learning which demands explicit investment is a prerequisite for
building the technical and managerial capabilities.
Given the foregoing, the diffusion of ICT will have widespread, albeit
differentiated impact on all countries, industries and sectors. Policy must
therefore begin to look at variables such as:

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THE IMPACT OF INFORMATION TECHNOLOGY ON THE NIGERIAN
ECONOMY
 Change in the structure of industry and services;
 Employment structure, training and manpower;
 Industrial organization and management;
 Production processes and products;
 Telecommunication infrastructure and revolution of service delivery of
existing infrastructure especially power systems;
 Information technology supply and
 How the acceleration growth impacts on trade and long-term
competitiveness and maturation fop African industry.
Card holder’s bank account or in return for cash. Value is then
removed from the card as purchases are made, using special point of sale
terminals.

Bank of America issued credit for cars thus Bank of America Cards are
useful almost in the major areas of the world. Bank of America Card Services
are not limited to some general type of credit cards but it offers it services in
almost all major type of credit cards including Visa and American Express
Credit Cards as well.

Discover Cards payments are transacted by a network which is called


discover network payment.
Discover Credit Card is one of the major credit cards and it is used in
America and in some regions of the world like Canada as well. But its usage

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on other region of the world is not as wide as in America for example in
Canada it is normally acceptable to those stores, which provide the catering
to American tourist.
Discover card credit is famous because of its lower interest rate as
compared to others and the period of repayment has also long duration as
compared to other cards. Discover cards are also notable because they are
only cards acceptable by U.S custom service.
Each type of discovers card has discovered card logo, which is simple, and
“discover” is a prominent word on every card. It is notable that discover cards
are not only offering discover debit cards and now they are available to use.
Another great thing about discover cards is that almost all types of discover
cards are available online and one can make a discover card application
online easily. No matters for which card discover credit cards or discover
student cards online. After you discover credit card application or discover
student card application has been approved you’d get the card and you’ll be
able to use discover cards.

THE BENEFITS OF E-PAYMENT SYSTEM TRANSACTION IF


IMPLEMENTED IN NIGERIA
(a) Transaction costs. There are three cost areas that are significantly
reduced through the conduct of e-commence.
i There is the search costs, as buyers need not go through multiple
intermediates to search for information about suppliers, product and
prices as in a traditional supply chain. In terms of effort, time and
money spent, the Internet is a more efficient information channel than
its traditional counterpart. In e-commerce buyers and sellers are

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gathered together into a single online trading community, reducing
search costs even further.
ii There is the reduction in the costs of processing transaction (e.g.
invoice, purchase orders and payment schemes), as e-commerce
allows for the automation of transaction processes and therefore, the
quick implementation of the same compared to others channels (such
as the telephone and fax).
iii Thirdly efficiency in trading process and transaction processes and
transaction is also enhanced through the e-commerce or e-market’s
ability to process sales through online auctions.
iv Fourthly, online processing improves inventory management and
logistics.
(b) DISINTERMEDIATION. Through e-commerce or e-markets, suppliers
are able to interact and transact directly with buyers, thereby eliminating
intermediaries and distributors. However, new forms of intermediaries
are merging. For instance, e-markets themselves can be considered as
intermediaries because they come between supplies and customers in
the supply chain.
(c) TRANSPARENCY IN PRICING. Among the more evident benefits of e-
markets is the increase in price transparency. The gathering of large
number of buyers and sellers in a single e-market reveals market price
information and transaction processing to participants.
i) Internet allows for the publication of information on a single purchase or
transaction, making the information readily accessible and available to
all members of the e-market.

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ii) There is increased price transparency has the effect or pulling down
price differentials in the market. In this context, buyers are provided
much more time to compare and make better buying decision.
iii) Thirdly, e-commerce expands borders for dynamic and negotiated pricing
wherein multiple buyers and sellers collectively participate in price-
setting and two-way auctions. In such environments, price can be set
through automatic matching of bids and offers. In the e-market place,
the requirements of both buyers and sellers are thus aggregate to reach
competitive prices, which are lower than those resulting from individual
actions.
(d) ECONOMIES OF SCALE AND NETWORK EFFECTS. The rapid
growth of e-commerce creates tradition supply-side cost-based
economies of scale.
Furthermore, the bringing together of a significant number of buyers and
sellers provides the demand-side economies of scale or network effects.
Each additional incremental participant in the e-market creates value for
all participants in the demand side. More participants from a critical
mass, which is key in attracting more users to an e-market.
(e) IT PROVIDES FINANCIAL SERVICES, such as mobile banking (when
customers user their handheld devices to access their accounts and pay
their bills), as well as brokerage service (in which stock quotes can be
displayed and trading conducted from the same handheld device).
(f) IT SUPPORT TELECOMMUNICATIONS, In which case, service
changes, bill payment and account reviews can be conducted from the
same handheld device.

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(g) IT PROVIDES SERVICE/RETAIL, as customers are given the ability to
place and pay for orders and deliveries.
(h) IT PROVIDES OTHER SERVICE, which include the delivery of
entertainment, financial news, sports figures and traffic updates to a
single mobile device.
(i) MARKET FORCES. Corporations are encouraged to use e-commerce
in marketing and promotion to capture international markets, both big
and small. The Internet is likewise used as a medium for enhanced
customer service and support. It is a lot easier for companies to provide
their target customers with more detailed product and service
information using the Internet.

3) FOSTERING THE SPIRIT OF ENTERPRISE


All over the world, they private sector is at the forefront of wealth
creation and employment generation. So will it be in the new economy.
At present, so is it in Nigeria where 97 percent of all employment is
generated by small businesses. As Nigeria’s main wealth creator and
job generator, small business will form the bedrock of a knowledge
driven economy. It is therefore the government’s paramount role and
responsibility to enable they right macro-economic conditions to make
them prosper. This then negates the current practice in the country
where the government attempts do everything by itself, including the
recent announcement to create 1 million jobs. Apart from the negative
effect of this on entrepreneurship and innovation, there is a stifling
effect on the growth of knowledge as there is no place for a welfarist
government in a knowledge driven economy.

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The focus then should be on helping to foster the spirit of enterprise and
creativity among the people by encouraging business start-up and growth.
For the man and woman on the street, this translates into the positive
encouragement to turn good ideas into successful business ventures, via the
provision of good business support and the enabling of the right macro-
economic conditions. An important strategy will be to set up a Small
Business Office (SBO), which will have responsibility for the nation-wide
provision of business support activities for small businesses.
Just like Small Business administration in the US and the Small Business
Service in the UK, the SBO will have local offices (one-stop-shops) in all
states and local government areas where business can have direct to the
help and support they need.

The menu of services provided by SBOs should include advice on starting


up in business, exporting, use of ICT for business growth, business research
and development, information on government regulations, training for
business managers, organizing conferences and other fora to help
collaboration and create awareness among small business, and taxation.

Yet another important role which the SBO should take on board is the
vigorous pursuit of the development of more sophisticated forms of funding,
including venture capital, business angels, corporate venturing, and hire
purchase and leasing. In a knowledge economy, the role of the private
sector is indispensable. The provision of government grants can only do so
much to help a business grow (again government trying ot do everything).

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However, with the injection of equity finance into a business, the potential for
success is unlimited. In the US, the venture capital market has been
responsible for the growth of a number of very successful and well known
businesses like Oracle, Cisco, Compaq, and in the UK, nearly a quarter of
the 1998 Fast Track 100 companies have used venture capital at some point
during their development.

The role of banks also need re-evaluating. At present, banks are he highest
providers of external finance for small businesses. The government will
however need to re-evaluate their role to fit in with the new agenda. The
current practice whereby banks charge too high interest rates for business
debts does not augur well for business success and is in the best interest of
a knowledge economy. Not only that, banks will need to seriously consider
how they can help Nigerian small business take more part in the global
market, and in particular make the best use of e-commerce to boost their
sales by the introduction of business credit cards and similar finance
products acceptable in other countries of he world.

Other strategies to encourage business start up and growth can and should
include the introduction of economic instruments like tax breaks for new
(registered) business. In the US, business start-ups are exempted from
paying taxes for the first five years. This is to encourage more people to go
into business and also to help conserve the all-important capital for business
growth. Another strategy for growth should be the discouragement of
imported products, which are produced locally via high taxation.

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In particular also will be the key role that research and evaluation can play in
informing small business policy development. At present very little is done in
this area. In a knowledge driven economy, research and evaluation of
government activities will play a predominant part in determining the
effectiveness of government action to help business succeed.

THE NIGERIAN’S MOST IMPORTANT NEED


Perhaps the most important change that needs to occur if Nigeria is to
partake in the new global economy is the cultivation of a spirit of openness
and transparency. Without doubt, corruption has become the bane of all
aspects of Nigerian life, and according to Transparency International, Nigeria
sits top of the scale as the second most corrupt country in the world.
However, no country, no matter the amount of knowledge embodied in its
people can prosper if corruption rules as king.

So Nigerian should as a matter of urgency turn a new leaf in this regard,


emulate the Drivers of knowledge in the advanced Economies, and
implement the afforementiond strategies already discussed in this paper.

CONCLUSION
Knowledge holds the key to modernization the Nigerian economy. However,
to achieve this, the government needs to put in place a proper economic
framework to help drive the country forward. Essentially this must involve
tapping into the wealth of knowledge embodied in its 120 + million people,
encouraging enterprise, private sector involvement, innovation and creativity,
putting the necessary business support programmes in place to help the

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growth of its small businesses and the development of both its physical and
social infrastructures. It involves a change of culture and attitude, and in
particular in fostering a new spirit of transparency and openness in all
aspects pf Nigerian life. It also involves collaboration – between the
government itself, the private sector, the education sector and the Nigerian
populace as a whole, both at home and abroad. Only then can Nigeria aim to
successfully complete in the fast moving global economy.

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REFERENCES
1) Debbie Ariyo (2000) Developing a Knowledge Driven Nigerian
Economy: An Economic Framework for the 21st Century.

2) Mr. Joseph Ekpo (2006) Lecture Note on Principles of Economics II


(Unpublished)

3) Mr. Joseph Ekpo (2008) Lecture Note on Small Business Management


(Unpublished).

4) C.C.S. Okeke (1994) Senior Secondary Economics.

5) E.N. Bassey (2007) Step-by-Step Method of Writing A Term Paper.

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