The New Nigeria juxtaposed with US and China: From consumption to production through technology

The United Nations, while addressing Sustainable Development Goal (SDG) 12, said that sustainable consumption and production is about doing more and better with less. It is also about decoupling economic growth from environmental degradation, increasing resource efficiency, and promoting sustainable lifestyles. With that in mind, what could be a better tool to address resource efficiency than Technology?

The 21st century has been one of great change and advancement, especially when it comes to technology. This has had a profound impact on the way we live and work, as well as the way businesses operate. One country that is feeling the effects of this shift is Nigeria. In the past, Nigeria has been largely dependent on other countries for its consumption needs. However, with the rise of technology, Nigeria is now beginning to produce its own goods and services. This change is having a positive impact on the Nigerian economy, as well as its relations with other countries.

Moreover, we all are aware that the world is changing, and so is the way we consume as humans. The way we produce is also fast changing, and there is a big push to move countries from consumption to production. Evidently, technology is at the forefront of this change, hence the need for this discussion. In this article, we will explore how technology is moving a country from consumption to production. We will look at the different technologies that are being used and how they are making an impact. We will also look at the challenges that need to be overcome and what the future may hold for this area of change.

The current state of affairs reveals that Nigeria is a country rich in resources, yet its people are among the poorest in the world. The country has great potential for economic growth, but it has been held back by years of mismanagement, corruption, and conflict. The current administration is committed to reforming and increasing Nigeria’s production and export of goods and services. One of the ways it is doing this is by investing in technology. The government is working to improve infrastructure and increase access to technology in order to make Nigeria more competitive in the global marketplace.

Recent initiatives include the construction of a new broadband network and the launch of a national digital economy plan. These efforts are intended to attract more foreign investment and create jobs. If successful, they could help Nigeria move from being a country that relies on imports to one that produces its own goods and services. We however can learn a thing or two from others that have successfully implemented technology like the United States and China.

Technology has played a vital role in production in the United States for many years, with almost all the leading tech giants with headquarters in America. The use of technology in production has allowed the United States to become one of the most productive countries in the world. Technology has made production more efficient and has helped to reduce the cost of production as the United Nations posited in SDG 12. It has also made it possible to produce more goods and services in a shorter period of time. The use of technology has made it possible to improve the quality of products and services and by extension the quality of her citizens’ lives. Technology has helped to improve communication and coordination among workers, which has resulted in better-quality products and services.
In recent years, there has been a trend toward using more advanced and sophisticated technology in production. This trend is likely to continue as companies seek to gain a competitive advantage by using the latest and most advanced technology available.

However, there are challenges related to moving a country from a consumption-based to a production-based economy some of which are that it requires a major shift in the way a country’s economy is structured. A production-based economy is one in which the focus is on producing goods and services, rather than consuming them. This shift can be difficult to achieve, as it requires a change in the mindset of both businesses and consumers. Such a mindset shift will require a strong leadership brokerage for successful implementation.
In a production-based economy, businesses invest in research and development in order to create new products and services. They also focus on increasing efficiency and productivity, so that they can produce more goods and services at lower costs. This helps to make businesses more competitive and ultimately drives economic growth. Consumers also need to change their behavior in a production-based economy. Rather than spending money on unnecessary items, they should save or invest it. This will help to ensure that there is enough money available to finance businesses’ investment in new products and services. Ultimately, the challenge of moving to a production-based economy is one of changing people’s behavior. If businesses and consumers can embrace this change, then a country’s economy can be transformed.

There are, however, a lot of benefits of driving towards a production-based economy. A production-based economy is one that focuses on the production of goods and services, rather than entirely on consumption. With our focus on China, a production-based economy has several benefits.

First, a production-based economy is more efficient than a consumption-based economy. This is because production requires fewer resources than consumption. For example, producing one ton of steel requires less coal and iron ore than buying one ton of steel from another country.

Second, a production-based economy creates more jobs. This is because manufacturing and other production activities require workers. In China, millions of people have been lifted out of poverty as a result of the country’s switch to a production-based economy.

Third, a production-based economy is more self-sufficient than a consumption-based economy. This is because producing goods and services domestically reduces the need for imports. In China, the switch to a production-based economy has helped the country become more self-sufficient in many key industries.
Fourth, a production-based economy can be more resilient to external shocks. This is because domestic producers are less reliant on foreign markets and supply chains than consumers are. In China, the resilience of the country’s production-based economy was put to the test during the global financial crisis of 2008/09. While many countries around the world were plunged into recession, China’s export-oriented factories kept humming along thanks to strong domestic demand for their products.

Finally, a production-based economy is able to realize more tax from producing companies hence more internally generated revenue. Everyone wins in a production economy, hence must be encouraged and nurtured.

In recent years, China has been focused on becoming a world leader in production. To achieve this goal, the country has been investing heavily in technology, including artificial intelligence (AI) and data analytics. AI and data analytics are playing an increasingly important role in enhancing production in China. By helping to optimize processes and improve decision-making, they are making Chinese factories more efficient and competitive.
In the future, AI and data analytics will become even more essential for Chinese manufacturers as they strive to maintain their edge in the global marketplace as “The World’s Factory”. So much that we can learn from China and how this has brought their GDP to $17.7 trillion only second to that of the United State at $23.0 trillion and a much higher Purchasing Power Parity (PPP) of $27.3 trillion with a rate of annual growth at 8.1 percent. Both countries, US and China have individual GDP percentage shares larger than 168 others (Nigeria inclusive).

Nonetheless, technology is playing an important role in Nigeria’s economy. For example, the use of mobile money has grown rapidly in recent years, with over 50 million Nigerians now using it to make payments. This is having a positive impact on businesses and individuals alike, as it makes transactions faster and easier. In addition, the use of mobile phones and the internet is helping to connect people and businesses across the country. There are also a number of initiatives that are using technology to boost economic growth in Nigeria. One example is the Agricultural Transformation Agenda, which is using technology to improve agricultural productivity. This is important as agriculture is a key sector of the Nigerian economy. Another initiative is the Power Sector Recovery Programme, which is using technology to improve power generation and distribution in Nigeria. This is vital for businesses and households as they need reliable electricity to function properly. It is clear that technology is starting to play a big role in Nigeria’s economy. If this trend continues, it could help to transform Nigeria into a prosperous country.

A recent study by the World Economic Forum found that a move from consumption to production can be achieved through technology. The study found that countries that have moved from consumption to production have experienced an increase in GDP per capita and employment, while those that have not made the shift have experienced a decline in these indicators. The study looked at a number of factors that contribute to this shift, including the availability of technology, the level of education, the willingness of the government to support businesses, and the existence of a strong private sector. All of these factors are necessary for a country to make the transition from consumption to production. The study found that countries that have made the shift tend to be small and open economies. This means that they are more nimble and able to adapt to change quickly. They also tend to have a high degree of integration into global value chains. This allows them to access new markets and new technologies more easily. The study provides a number of recommendations for policymakers who want to support this transition.

First, they need to create an environment that is conducive to innovation and entrepreneurship. Second, they need to provide support for businesses as they make the transition from consumption to production. Third, they need to ensure that there is access to finance for businesses. Fourth, they need to provide training and education for workers so that they are able to take advantage of new opportunities created by the transition. All of these point to the reality that a movement from consumption to production is a collective effort, everyone needs to have their skin in the game, especially in a third-world country like Nigeria.

With the aforesaid, Nigeria is not without huge potential for contribution to the world. It has the potential to become a major producer of food crops such as maize, rice, and cassava due to its vast amount of land area and conducive environment. Nigeria could also become a major producer of livestock such as cattle, pigs, and chickens, especially in processed forms. Nigeria has the potential to become a leading manufacturer of consumer goods such as processed foods, textiles, and footwear. Ranking amongst the highest quality globally, Nigeria has been a consistent supplier of leather to European and Asian markets. One such example is the unique Red Sokoto goatskin leather. Such could be processed further into finished goods rather than sold as raw material. The country could also become a major exporter of manufactured goods such as machinery and vehicles. Nigeria has the potential to become a leading provider of services such as transportation, telecommunications, banking, and tourism. The country could also provide exportable services such as education and healthcare, through a deliberate focus on mass training and development of doctors and nurses with the use of technology leverage.

In conclusion, there is no doubt that technology can play a major role in helping Nigeria to move from being solely focused on consumption to becoming more production-oriented. By investing in the latest technologies, businesses can increase their efficiency and productivity, which in turn will lead to more economic growth and development. In addition, by using technology to connect with consumers and clients from all over Africa, and the world, businesses can expand their reach and tap into new markets. With the right approach, and focus on what works, technology can be a powerful tool for driving positive change in any economy.

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