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Role of Technology in an Uncertain Economy

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As instability continues to ripple through the global economy, it’s clear that no one is immune to the effects of tighter credit and slower consumer and business spending.
But while it’s impossible to predict how long the current uncertainty will last or what the final impact will be on jobs and growth, I am optimistic about long-term economic prospects, here and around the world. The trends that have made the last decade so dynamic for businesses in every corner of the globe haven’t changed. Technology continues to improve. Productivity continues to rise. New business opportunities continue to emerge.
At the same time, there’s no doubt that this is a time when thoughtful business leaders must carefully assess how to best utilize their resources to weather the uncertainty that lies ahead. I believe information technology can play an important role in helping companies respond to this difficult and rapidly changing economic environment.
In the near term, for many organizations the emphasis will be on cutting costs and reducing risk. Today, there are a number of technologies that are helping companies lower expenses and improve effectiveness and efficiency.
One example is virtualization. A technology that makes it possible to run more than one operating system on a single computer, virtualization reduces costs and lowers energy consumption by enabling organizations to use more of the computing power that they already own. Another example is unified communications technologies that bring voice communications, e-mail, and instant messaging together to allow organizations to replace traditional phone systems with integrated software solutions that reduce hardware and maintenance costs.
Cutting back on travel is an obvious way that companies can save money. Today, video conferencing and new collaboration tools are making virtual meetings much more like face-to-face interaction and enabling people to share and collaborate more effectively. In addition, companies are finding that reducing computer energy usage is one of the most effective ways to lower costs without hampering organizational capabilities.
We’re using many of these approaches at Microsoft. For example, our internal IT department moved 25 percent of its servers into a virtualized environment during 2007. The resulting savings top $10 million and today, it takes just four people to manage the group’s 3,500 servers. By implementing a unified messaging system we’re saving $5 million each year through reduced hardware and maintenance costs.
Of course Microsoft isn’t the only company that is delivering software that can help companies reduce expense. For example, implementation of our unified communications technology has resulted in significant strategic cost reductions at banks such as First City Monument Bank (FCMB) and Intercontinental Bank. The travel requirements for employees in various locations in the country have reduced due to the availability of enterprise IP based video and voice conferencing. This has also reduced telephone costs in addition to increasing staff productivity.
Cutting costs is an important way to respond to the challenges of the current economic climate. But I believe it’s possible to see some of these challenges as opportunities. Many of the technologies mentioned above are enabling forward-looking companies to build information systems that are not only more cost-effective but that also enable people to understand and respond to changing business conditions with greater insight and speed than ever before.
This focus on people is critical. Ultimately, economic growth depends on innovation. Innovation is built on the ability of people to transform new ideas into products that deliver new value to customers.
The danger is that as the global economy slows, companies will shift so much of their focus to controlling expenses that they will lose sight of the critical importance of investment in innovation. The fact is that in any economy, innovation is the foundation for creating opportunity and success. Companies that continue to pursue innovation position themselves to better weather difficult economic times. And they create the conditions for more rapid growth when the economic climate improves.
Today, there’s no doubt that we’ve entered a period where companies and individuals are facing a new set of economic challenges. But at the same time, we’re in the midst of a period when key technology trends—more powerful devices, new ways of connecting to each other and to information, new ways of interacting with computers—are converging in ways that will revolutionize the role that computing plays in our lives at home and at work. Companies that take advantage of these trends to transform their businesses and deliver new innovations to their customers will have an important competitive advantage, today and in the years ahead.

Onyeje is Country Manager, Microsoft Nigeria


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

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Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos Govt

Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.

GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.

Individuals owe N13.5 million to N35 million each.

Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.

More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.

Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.

Pedro urged prompt filings and payments.


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Beware of Fake Cerelac Products – NAFDAC

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National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

Beware of Fake Cerelac Products – NAFDAC

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.

It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.

NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).

Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.

NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.

It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.

According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.

“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.

The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.

It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.

NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.

It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.

The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.


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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

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The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


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