ICTEL Expo 2019: Innovation Through Entrepreneurship Is A Key In The Fourth Industrial Revolution

ICTEL Expo 2019 - cfamedia

Tuesay, July 16, 2019, Lagos, Nigeria, all road led to the Landmark event centre, for the ICTEL Expo 2019 edition hosted by the Lagos Chamber of Commerce (LCCI).

The theme of this year’s edition is “The Fourth Industrial Revolution: The Nigerian Story”, The event saw a convergence of stakeholders from the Nigerian Communications Commission (NCC), Federal Ministry of Science and Technology and the Federal Ministry of Communications.

Credit: techeconomy

In his welcome address, Babatunde Ruwase, President, LCCI, affirmed that the industrial revolution connotes the fourth major industrial era since the industrial revolution of the 18th century.

“The fourth industrial revolution is characterized by a fusion of tech among the physical, digital and biological sphere which is collectively referred to as the cyberspace physical system. To be actively involved and benefit from the fourth industrial revolution, Nigeria must narrow the gap between the technology potential and the required policy framework needed.”

“It has become more pertinent than ever for us as a nation to focus on finding an innovative approach to explore the benefit of the technological landscape”

Babatunde re-emphasized the urgent engagement of key stakeholders in the fourth industrial revolution, “Life gets affected by technology in different ways, unless we are aware and proactive about it, we might be found wanting and at a disadvantage”

“Reaping the benefit of the new technology while maintaining trust requires collaboration from government and other stakeholders”

Delivering his keynote speech, on day one of ICTEL Expo 2019, Uwem Uwemakpan, Project Manager, Tony Elumelu Foundation on the theme, started by going memory lane on the evolution of the industrial revolution and mentioned that the essence of the fourth industrial revolution is all about interconnectivity.

“The industry of today and that of tomorrow aims to connect all factors of production in a way that it uses technology such as the Internet of things (IoT) and big data analytics,. The application of this technology is becoming enormous in predictive maintenance, improved decision making, and anticipating inventory”

Credit: techeconomy

According to Uwem, Nigeria is tending to miss out from all these applications of technology because the country is unfortunately focused on resource control, a major reminiscent of the first industrial revolution.

“When compared to the other revolution, the fourth industrial revolution is moving at an exponential rate, which means that we have to catch up. Africa would remain socially backward if we don’t catch up with the fourth revolution.”

The fourth industrial revolution comes with its benefit which includes; Interconnecting billions of people through mobile phones, quantum computing, unlimited storage capacity through the cloud and access to knowledge. These possibilities are made possible by the emergence of technologies such as 3D printing, robotics and energy storage.

As a stakeholder in the entrepreneurial ecosystem in Nigeria, Uwem stated that innovation through entrepreneurship is a key factor in setting the pace for the industrial revolution.

“We have to adapt the fourth industrial revolution because the world is fast becoming a global classroom and global trade boundaries are decreasing”

In the words of Uwem, the greatest promise of the fourth industrial revolution is its potential to increase the quality of life and reduce income inequality.

“We need to imbibe entrepreneurship across all level of education, a result that would make the younger generation independent thinkers, problem solver, less government dependent and increase their prospects upon graduation”

“Innovation is the key to economic development, and it is majorly through entrepreneurship that we can attain this “

Without entrepreneurs creating values, social wealth and pushing the limit, Nigeria would remain economically and socially backward.

Featured Image: Techeconomy

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