Nigeria should take a cue from South Korea’s development through ICT

As Nigeria grapples with the reality of falling oil prices and rising unemployment, some lessons may be learned from South Korea.

In 50 years, South Korea has moved from a country ravaged by war and poverty to a world class, high technology OECD economy and the world’s 14^th largest economy.

As if not satisfied with the breakthroughs by its Chaebols (conglomerates) in putting the country on the map of emerging economies, the president in 2013 created a Ministry of Science, ICT and

Future Planning and announced the plan to move the country towards a more creative economy, driven by a new growth model based on innovation and entrepreneurship, targeting investments in alternative energy, green technologies and biotechnology.

According to a report published by Martin Prosperity Institute, University of Toronto, Canada on Global Creativity Index, South Korea ranked number 1 in global technology, followed closely by Japan and Israel. This did not come as a surprise as South Korea invests heavily on its human capital, attaining educational goal of 100% tertiary enrolment ratio. Its youth consistently top the OECD PISA test in creativity problem solving skills.

In Bloomberg Global Innovative Index, South Korea ranked first among all nations, by comparing a group of indicators including Research and Development (R&D), productivity, technology density and patent activity. According to Forbes, a new start up powerhouse is on the horizon.

The International Telecommunication Union (ITU) has repeatedly ranked South Korea as being ahead of other countries globally on their level of ICT access, use and skill. In addition, it has the highest broadband penetration in the world and is a leader in broadband speed.

South Koreans, reported the Forbes, are avid consumers of digital media and apply lion-share of their bandwidth resources to online gaming. Small wonder, South Korea is home to the world’s largest video game competition, with three television channels fully dedicated to eSports.

Seoul, its capital, has become the benchmark for many cities worldwide in terms of digital governance. Since 2003, the city has topped the municipal e-governance international survey for five consecutive times during the last ten years.

Hinged on these successes, there is a growing interest in South Korea Venture Capital ecosystem from overseas to boost its technological development and the creative economy as envisaged by the president and vigorously implemented. In 2014, the government budgeted more than $12 billion for ICT development. Progress in this domain has elevated South Korea from the backwaters of being one of the poorest countries in Asia to becoming one of the leading countries in today’s global economy.

It is not too late for Nigeria. With focused leadership and political will, Nigeria would become a success story like South Korea, a small country, not rich in oil or other natural resources but a country determined to promote technology as an economic policy.