The Tech Craze: A Bubble, Not A Solution For Unemployment In Nigeria.

In recent years, the world has witnessed an unprecedented surge in technology, with innovative startups and tech giants captivating global markets and imaginations. This tech frenzy has sparked hope for many developing economies, like Nigeria, seeking solutions to their unemployment woes. However, beneath the façade of success, it becomes clear that the entire tech boom is more of a bubble than a long-term solution to unemployment in these areas.

Without question, technology has revolutionized sectors and created various job opportunities around the world. Yet, the notion that technology alone can sustainably solve unemployment in developing economies like Nigeria is fundamentally flawed. Several things contribute to this challenging situation

Limited Inclusivity

The tech industry, particularly in Nigeria, favours a chosen few with specialized skills, leaving the majority of the workforce out. The demand for a highly educated and competent workforce creates a huge hurdle for people who lack access to decent education, aggravating inequality and unemployment rates.

Automation Threat

Rapid advances in artificial intelligence and automation technology may streamline business operations while also displacing traditional jobs. In nations like Nigeria, where many people rely on labour-intensive jobs, the automation wave could result in massive job losses due to a lack of alternative employment opportunities.

Infrastructure Gaps

While technology has enormous potential, it is primarily reliant on sturdy infrastructure and a consistent power supply, both of which are frequently missing in many emerging economies. Nigeria's IT sector confronts problems such as inconsistent internet connectivity, frequent power outages, and inadequate digital infrastructure, limiting its ability to have a long-term influence on unemployment.

Vulnerability to Market Fluctuations

The tech industry is no stranger to market fluctuations, and developing economies like Nigeria may find themselves exposed to the volatility of the global tech market. Dependence on this industry as a primary solution to unemployment leaves these countries prone to economic shocks when the tech bubble inevitably bursts.

As a response to these factors, developing economies must adopt a more comprehensive and diverse approach to address unemployment sustainably.

This includes investing in education and vocational training to equip the workforce with a broader set of skills and ensuring that these skills are relevant to the local job market. Additionally, governmental policies that nurture traditional industries and encourage entrepreneurship in non-tech sectors can provide much-needed stability and opportunities for job creation.

In conclusion, while the tech craze has indeed shown its potential to generate employment opportunities, it cannot be the sole solution to the deep-rooted unemployment challenges faced by developing economies like Nigeria. A more nuanced and multi-faceted approach is imperative to build a resilient and diverse economy, ensuring that the benefits of technological advancements are accessible to all and not just a select few. Only then can these nations safeguard themselves against the bursting bubble of the tech craze and build a more sustainable future for their citizens.