Nigeria can’t afford to miss out of fourth industrial revolution ― Ahmed

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has told members of the Institute of Chartered Accountants of Nigeria (ICAN) that Nigeria cannot afford to miss out on the opportunities provided by the fourth industrial revolution across industries.

In an address to the 50th annual accountants’ conference in Abuja, on Tuesday, Ahmed said the fourth industrial revolution was marked by emerging technology breakthroughs in a number of fields, including robotics, AI, quantum computing, 3D printing, biotechnology & the internet of things.

“As the world we live and work in becomes more digitalised, the ways in which accountants and their clients can connect, collaborate, communicate and collect information are being reshaped. This creates a potential for automation, innovation and disruption.

“For all of us in general and accountants in particular, the journey towards digital and growing cloud adoption is the mother trend of all changes.”

According to her, industrial revolutions often heralded disruptions in the operations of markets and economies and defined the disruptions as deviations from the status quo and are not always negative.

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“From the first industrial revolution to the third, the productivity of the workforce in affected economies experienced a rapid boost. The Fourth Industrial Revolution (4IR) is thus and much more.

“The development of industries and the development of the internet as two main drivers of the fourth industrial revolution would increasingly transform how organisations and institutions do business, operate their productions, affect society, make their ecological footprint as well as how people live their lives.”

While jibs careers and professions would be lost, Zainab explained that numerous new opportunities for those with knowledge of the new world order would be triggered by digital technologies.

“Professional accountants who become well versed in the new technologies and social settings remain strongly in demand.

“However, for those who have not yet embraced technology, it requires adjustment everywhere.”


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