Nigeria to Transform Economically with Adoption of 5G Technology – Expert

Folalumi Alaran in Abuja

Nigeria’s economy is set for a significant transformation with the adoption of blockchain and 5G technologies, according to industry expert Micheal Uyi Agbontean.

In a statement, Agbontean noted that the finance sector is projected to experience increased financial inclusion, particularly for the unbanked population, while e-commerce is expected to break down traditional barriers, enabling businesses to scale quickly and reach broader markets.

He highlighted that blockchain technology, in particular, will bring transparency and security to industries like finance and supply chain, streamlining services and increasing trust.

Agbontean explained that the technology has already made waves in the financial sector, enabling faster and more secure transactions.

He further stated that the rollout of 5G networks will have a profound impact, facilitating the expansion of IoT (Internet of Things) and revolutionizing industries like agriculture and education.

However, he stressed that challenges persist, including regulatory uncertainty, infrastructure limitations, and cybersecurity concerns.

Agbontean also noted that inconsistent electricity and internet access hinder the seamless scaling of operations.

To overcome these challenges, he advocated for collaboration between the government and the private sector.

He said, “Collaboration is key. The government can provide the necessary infrastructure and create policies that support innovation—things like tax breaks for startups, funding for research, and STEM-focused educational reforms. If both sectors come together, Nigeria can create a thriving tech ecosystem, one that encourages innovation and positions us as a leader on the continent.

“Nigeria’s fintech space has done wonders in driving financial inclusion, especially for the unbanked population. E-commerce has broken down traditional barriers, allowing more businesses to scale quickly and reach broader markets. However, regulatory uncertainty and infrastructure limitations—like inconsistent electricity and internet access—make it hard to scale operations seamlessly. Cybersecurity is another pressing issue, especially as we deal with sensitive financial data.

“Blockchain is already making waves in the financial sector. It brings a level of transparency and security that’s essential for industries like finance and supply chain. Looking ahead, I believe blockchain will play a huge role in sectors like healthcare and government, helping to streamline services and increase transparency. As for 5G, the potential is massive. Faster internet speeds will be a game-changer, especially for fintech and e-commerce.

“With 5G, we’ll see the expansion of IoT, which can revolutionize industries like agriculture and education. These technologies are laying the groundwork for Nigeria to not just catch up but leapfrog in the global tech race.”