As Nigeria continues to work towards a better 4G LTE experience, a study on the Value of Connectivity study done by Deloitte suggests that access to Internet access could lift 130 million people out of extreme poverty.
This will translate to much more people starting their own private businesses via Small and Medium Enterprises (SMEs), using the power of internet provided by broadband.
According to the report, access to the Internet would means people having unlimited access to empowering information via the net.
Besides, there is another angle of indirect benefits which stem from the enhanced speed and time savings for SMEs. Because of reduced transaction costs and productivity gains, SMEs are able to deliver more value. All these drive growth, which SMEs would need more human-resource to maintain. The top-level increase in Internet access delivers value that culminates in job creation.
Globally, SMEs are responsible for 40 per cent of industrial employment in Nigeria. With improved access, that number can begin to edge closer to the 70 per cent that is obtainable in advanced markets.
Value creation and robust access to the internet sets off a vicious circle of sorts: the more problem SMEs solve quickly, the more creative they get at solving the problems, the more market they are able to access, and the more talent they need to maintain their processes.
