Technology a medium and an age..

Technological advancement... The many twists and turns, as we approach the tomorrow we eagerly awaited yesterday; in today's world.

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CONCEPT NOTE

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New and emerging technologies are quantified by how rapid the impacts are felt, aside the pace of development and the possibility of their combination(s) based on digitization and connectivity. We give credit to the ICT community in some parts of the world, but special credit to the ones who had the foresight about these sorts of developmental initiatives. Jeff Bezos, Bill Gate, Steve Jobs, Paul Allen, Mark Zuckerberg, etc., are some of the names I can readily reach for when excellence is in mention. These men are for some notable reasons, stand-up guys. Some of whom despite opposition stood their ground and made the world a better place through ICT regardless.

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The computing interface was significantly reduced, and the gap that existed in the communication sectors across the globe was substantially closed and/or better. I do not write to my work colleagues having to wait for 60days to get a reply; it moved from that to instant messaging now; direct messages, SMS, MMS, quickmonie, Fintech, crypto-currency, and file storing.. These adaptations are beyond adequate for the times we live in. We have to establish the need to check excesses in these regards among many other implications of digitization in general, which has become a menace of some sort now.

In this particular paper, we shall look more at what can be done, and classify what has been achieved in many spectra of the sector across the developing and emerging markets.

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The economy is on the other side of the environment and that is no longer news. Though I have had the #Rare privilege of engaging people who believe not in Climate Change, believing it to be a Hoax via ICT #NewMedia which is incredible; I believe the opposite, but, what thought process(es) informed these patterns still remains a mirage. But, coming from where I am from, Yagba-West LGA my favorite streams are all dried up, family farmlands turned into desert, herders - farmers clash with the new normal, rainfall patterns changing drastically, and unpredictability of weather has impacted transport, health, civil constructions, energy generation and social engineering in general negatively; the above clearly instructed my belief; I believe otherwise. Data availability and credibility are huge sources of worry, also quality, comparability, and timeliness of data are worthy thought lines too, and lack of national capacity might be a problem in producing and usage of data; insufficient coordination among data producers at national levels, lack of financial resources also, money is a small factor in terms of the challenges; there are plenty of them, too numerous to mention, but, there are subjective views presented in this paper that can bring improvements. We actually do have strong opinions that improvement upon anything/everything is possible #InformationIsPower is that about that; elucidating further we shall find out how and why.. Mathematics and Lawyers are not usually closely associated and that has informed: "Lawyers are not the best people at managing national finances."~ Owa 2019.

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INTRODUCTION

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Several new technologies show potential to help nations stabilize, achieve set goals and objectives in these times of global financial instability. However, for it to benefit countries, they would need to strengthen technological capabilities and increase access for all groups in a wide range of areas, with support from the international community, if already in place we encourage more in the related terms.

Advancements in information and communication technologies, which have vastly increased digital interconnectedness, is at the heart of this technological change. The needed checks #Fakenews and #Hatespeech were necessitated by this, but the approach can be bettered, with that being stressed and copped, I believe, looking forward hopefully is reassuring that a more fashionable means of checking will be employed. Spurring innovative changes to have their different roles to play as regards deployments, some of which are: big data, Artificial Intelligence, 3D printing, internet of things (IoT), robotics, and cloud computing...

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Big data can lead to scientific breakthroughs, advances in human health and improved decision-making, and of course, the effectiveness of developmental interventions. IoT monitors and manages connected objects and machines, and this has applications in healthcare, agriculture, energy, water management and quality, air quality, etc., as tangible benefits. AI is advantageous in that, it has a range of capabilities including image recognition for diagnostics in healthcare, agriculture, education and governance. AI in combination with robotics can transform production and distribution networks in accordance with business models, especially in logistics and manufacturing.

- Allowing ever faster and cheaper low-volume production;

- Rapid iterative prototyping of new products;

- Offering benefits in healthcare, construction and education;

- Enhancing transparency.

These are some of the gains of 3D printing, the gains of digitization processes.

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Big data presents an opportunity to complement sources of statistical information to assess progress towards achieving sustainable development of any/many types, improved targeted policy interventions, and viewing risks and challenges carefully also. Big data creates opportunities to offer and provide services that can dramatically add to the productivity of work and well-being of people; supports applications in retail by improving targeted marketing and inventory management- banking and insurance falls well within this sphere; by improving the risk assessment tools. I was an everywhere guy growing up thereby learning Geospatial management by holidaying everywhere from East, West, North, and South of Nigeria during the period under review; found out there are very many ungoverned spaces, as a matter of fact, everywhere across Sub-Saharan Africa when the travels became intra-continental.

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What we are saying is that Geospatial information management if bettered can be an added advantage that aids in transportation services; Google Maps and/or self-driving cars are good examples. It is becoming increasingly obvious that best practices on paper is different from best practice in real terms in some places. N1.5Billion excess on the Enugu airport renovation; I suspect and give credit to big data for such a timely error identification, which either has been corrected or correction is underway as we like to anticipate #Integrity

The best remains the best, until otherwise stated, the facility remodeling was well worth the amount that was expended. Traveling to Enugu has become a good experience.

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DISCOURSE

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The best move forward is usually subjective especially in a multi-diverse setting that Nigeria has become, or has since been but has just become more clearly defined. Everything from health, education, and medicals though need improvements that can be transcribed and improved upon through adequate/real data; as the Sub-Saharan nations great is the abounding opportunities with this fold.

Biotechnology makes possible the personalized treatments and genetic modification of plants and animals, Cancer, and other terminal illnesses treatment(s). Nanotechnology is used in water purification (wastewater management), battery storage, precise management of agrochemicals, and in the delivery of medication and of course, Renewable energy technologies which provide electricity to rural areas far from grid systems (electrification), while drones are used in precision farming and could revolutionize the delivery of supplies and replace humans in dangerous tasks.

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The adverse effect is that largely populated import-dependent nations are up for a tight-roped contention in what becomes of their realities in their (labor-market). Small-scale satellites are used in communication networks and in applications that use high-resolution imagery in areas such as the mining sector, security, and monitoring land use for urban planning. These satellites are gradually becoming more affordable for developing countries, businesses, and universities. We have always envisaged the good omen of beneficial development when nations position for such; Rwanda is doing drone miscellaneous deliveries now, not a far shot anymore, is it? No! They have partnered Zipline to address maternal mortality- blood supplies. Uganda did same with typhoid outbreak for data-mapping applications to allocate medicine and mobilize healthcare workers/teams.

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As new technologies become cheaper and easier to access and use, many new applications that support progress toward achieving the SDGs become possible too. Gap analysis might be necessary for the years to come, gaps persist both within and between countries, including in the access to digital services, and there are risks of existing inequality being exacerbated. Societies also need to manage the often significant social, economic and environmental consequences of rapid transformations brought about by techniques and technologies. "Low penetration of broadband and lack of mass digitization means there is insufficient data for machine learning and deep learning. Lack of transparency in the use of education data to ensure algorithmic accountability, privacy, and data transparency are the constraints. Strengthening capacities of policymakers; promoting AI literacy programmes in school curricula and lifelong learning; enhancing training for teens and young people (esp. Girls and women) and advocacy for transparent and auditable use of education data are the solutions" - UNESCO.

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However, Prigem Concepts Limited has almost always said something about literacy normally, this is subliminal but really a needed developmental stride for all nations; education and literacy levels are directly proportional to development; Gross National income, GDP, and gross national product. 'Out-of-school children nko, now that you are saying these things, are you normal? Dream Big!

Policymakers can consider several options to boost employment creation. First, there exists a window of opportunity to pursue policies that lead to massive employment creation in activities not yet automated, or where automation in developed countries will not be cost-competitive with production in developing countries for several decades. In recent decades, automation has made the largest in-roads through the use of robots, i.e re-program, multi-purpose, and automatically controlled devices. The stock of robots has expanded across the globe, most dramatically in China and in some other Asia countries. They have grown so much due in part to attentiveness to the educational development that has borne them this massive gain of traction and giant strides.

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Well, according to some surveys, the resulting rise in unemployment rates could reach more than 25 percent by the mid-century (2050) but gradually. So for many countries setting up 2040 targets, it is wise indeed if you do well by being dutiful, taking all considerations into account, especially this one.

The overall impact of digital technologies on employment remains uncertain, but recent estimates point to a high probability of considerable labour market disruption and worthy of note also, is the fact that research is not as clear on the impact on different groups (women, men, and youths (15-24), young adults (25-34)) and this has to be instructively clear for good planning to go into work. New technologies should also lead to the creation of new jobs, which was the pattern of previous technologies. There are more than 3 million programmers, a job that did not exist in 1990; classic views. Reduction in capital costs brought about by new forms of automation, such as applications of AI, may support significant technological upgrading. Google has opened the market up by coming into partnership with developing countries in the area of research, and we expect that this will continue. Climate change mitigation and adaptation policies, and disaster risk reduction are more needed now and AI can help us create the best versions of early warning systems, a time will come for these to be supported by incentives in the fiscal system; we should not jump the gun. "Environmental taxation and reform of energy and other subsidies have a critical role to play in transitioning the world to a low-carbon economy" - Christine Lagarde April 2019.

The above statement can be fashioned-in adequately by the proper use of data science and comprehension in practice good intentions will be translated into greater action. Information sharing is very important, and the tenets that are fundamental to international tax architecture, such as the arm's length principle and allocation of taxing rights, all have questions to answer with the increased speed with which digitization of economies is taking and/or not taking place in the world today, which in and of itself a good thing.

OBSERVATION

The developmental spaces do better with the advancement of research, then, the interface for use has been made a lot simpler. Diagnostics are done online via specific applications and the adaptation of technology for such deployments. The use of advanced technological know-how to reduce the rate of deaths from the erstwhile death sentences in the medical world has drastically reduced. Digital currency and its use according to finance experts cannot go unmentioned. This paper looks at that in the very details that everybody can relate to, with near examples and benefits.

So far, the widespread introduction of digital technology has not led to a rise in overall unemployment but may have contributed to rising income inequality and job polarization. Developing countries might be most affected because of their greater distance from the technological frontiers and the impact of automation on patterns of production and trade specialization as well as opportunities for catch-up which might be substantially slower for very obvious reasons. Productivity growth has shown only a few signs of acceleration, the "productivity paradox". Until today, limited firms are reaping most gains provided by new technologies, due in part to slow emergence and low-levels of adoption rates, which remains largely sub-optimal generally in some parts of the world. Advanced cognitive skills, such as STEM (science, technology, engineering, and mathematics) fields, are inherently human skills, and attitudes that are most important/needed decimal, as they are difficult for algorithms and machines to emulate. Machine learning and its deployment for use have very bewildering experiences – beyond the scope of this paper.

New digital technologies have demonstrated the potential to make better the good; better the bests. Improved provision of services at a higher quality and with decent work standards are good enough examples readily available for comparison across all sectors and spectra. Proving particularly important for caregiving activities, which are most likely female-dominated, and where there is significant unmet demand; these gaps can be reduced or looped totally.

"Between 2005 - 2014, employment losses due to robotization were 14% in the developing countries, compared to 0.5% in the developed countries notably industrial employments; import dependence is the difference stressed by low per capita energy consumption, energy per capita, digital literacy... If you have been a regular reader of our posts, we have stressed this often. Technologically driven declines in incentives for off-shoring- and in some cases re-shoring of industrial activities- depressed employment in emerging economies by 5 per cent" ~ FSDR2019.

Manufacturing exports- a historic engine of employment creation in some places have become less labour-intensive in both developed and developing nations. Some people in some places are up to the task only by rhetoric as well as through political statements.

Advances in AI and computing power allow the extraction of more value from rapidly growing data and are transforming credit decisions. Ever wider mobile access to the internet has fueled the mobile money revolution. Advances in crypto-currency and distributed computing have given rise to digital currencies, smart contracts, and new forms of biometric identification. New financial products are inundated with many traditional financial risks, such as credit risk, liquidity risk, and asset liability mismatches, etc., and that is not to say we are losing traction, more gains than losses in this area particularly but a lot still has to be achieved. We have seen these closer and have documented that in fact, we would love to play a part but the usual caveat applies 'Who are you, do you have a godfather, is it your turn yet?'

The entry of new Fintech actors, instruments, and platforms has helped to ameliorate some market imperfections that are pervasive in the financial sector in some places but not so or never in some other places remains largely the difference. Employment for self-sufficiency has employed more than 5 million Nigerian youths and secondary school leavers in Nigeria for example. Most streets have more than ten points for the exchange of cash for cards, even other means of keeping monies are available now more than in 2018-2019 before the covid-19 struck. Several imperfections some of which include incomplete or asymmetric information, high transaction costs, and high barriers to entry for new providers; slow improvement but commendable signs of progress generally.

The progress however is nothing compared to the places in the west were going to the moon and other explosive exploitations of technology have been domiciled.

Fintech can facilitate speedy, secure, and transparent service delivery. It has enabled innovations ranging from new credit, deposit, and capital-raising services (crowdfunding, lending marketplaces, mobile banks) to payment, clearing, and settlement services (e.g mobile wallet, digital currencies) as well as investment management services (high-frequency trading) those are growing apace. Can some questions be answered unequivocally as regards the nature and pattern of financial services in the coming years? There are 5 countries that contribute about 5% of financially excluded people on earth (unbanked), and are all developing countries ~ World Bank '2015, seeking recent data not because sufficient change has taken place, but, because recording improvement will be helpful. It reveals the potential that digital technologies and mobile money has to close accessing gaps; remaining access gap, if you may, we have seen some measurable increase that can be scaled up.

LITERATURE REVIEW

Of the 1.7 Billion adults in the world that have no access whatsoever to financial services, about 1.1 billion have a mobile phone. Mobile phones could continue to strengthen financial inclusion, provided the necessary complementary investments and policy actions are made. They include infrastructure investments in reliable electricity and network connections, and in payment systems, and other financial infrastructure. Licenses are given to non-bank providers to issue mobile money, permission to use third-party agents for service provision, risk-based and proportionate customer due diligence standards, and effective consumer protection have emerged as necessary regulatory conditions for digital financial services to spread. These form the enabling regulatory environment we have always spoken about and we have to be up to it; on this, I give credit to the Central Bank of Nigeria.

Vulnerability & exposure, the deposit money banks will orchestrate a way to beat these protocols soonest.

Social, economic, and cultural factors also have impacts on who can gain access, this needs to be addressed. Furthermore, policymakers can leverage the public sector's own transfer payments to enhance access- digitizing public sector transfers, wages, utility bills, and pensions, has contributed to increased account ownership in several countries. A noticeable improvement is anticipated; so that not so many explanations are required, "if better is possible, good is not good enough" ~ Owa Raymond 2012.

Consumer protection has become a huge priority in the times we live in, and there are heightened concerns around mobile money, with relatively high levels of fraud in some major markets; Yahoo-yahoo, G-plus, slave and master, fund transfer, Wire-Wire, whatever name they now bear. Identity theft, false promotions, phishing schemes, agents defrauding customers, or agents defrauding, are all problems being confronted in this new age of spending and banking as it were are the apprehensions attached.

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However, there can also be trade-offs, as a quick scaling up of new technologies can lead to customer fraud on the one hand, also, risks of excessive leverage in unregulated areas of the economy (quasi- or shadow banking), which has been at the root of many financial crises over the past decades. Financial systems and the different actors that enter the financial system, policy, and regulatory responses have to adapt to these new circumstances, and carefully manage the risks of Fintech without stifling innovations and destroying the scanty opportunities in emerging markets. The most fundamental one in Africa is the illusion of knowledge; we keep tabs on the goings-on, and you cannot give what you do not have. "Very often I quote myself to add spice to the conversation" ~ George Bernard Shaw.

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Enhancing the breadth and depth of the financial system needs to be balanced with safeguarding customer interests, financial integrity, and system stability are very good viewpoints up for consideration. The terror associated with incessant deductions of funds from customers by the custodian of such funds and the systemic failures; leading to loss of funds to fraudsters have also gone up in most countries, especially the ones with less comparative advantages and where adaptation is gradually, but maybe too slowly picking up. The benefits far outweigh the demerits but the demerits are humongous with institutions falling under such attack. How frequent are these attacks? A lot more frequently these days. Technological knowledge in the hands of the wrong people is a thing to worry about too.

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The goals of the deployment of technology have to be more coherent. These goals are mutually reinforcing and interconnected; effective consumer protection and financial systems stability are enablers of greater financial inclusion, and a more stable financial system in turn supports investments in the real sectors of the economy amongst other areas of gain. Growth = Investment/total Capital and from the relationship advanced, we would easily check the above-mentioned metrics which guarantee upward or downward review respectively as it concerns the application of technology.

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We have described what will happen to utilities, manufacturing, transportation, services, distribution, and what eventually becomes of the financial institutions as a result of managerial prowess or accidental discharges as it may have become apparent. Plausibility; probability and adequacy acts should be used in the design methodologies of policies, programs, and actions as well as projection and/or projects.

- Process evaluation;

- Context evaluation;

- Effects of evaluation;

- Economic evaluation.

We are a few steps away from breaking even in some sectors of the economy as the News has clarified; could as well be a long walk to freedom. Interest rate = growth rate/elasticity of the marginal utility function; the formula represents what the missing link is and/or has been.

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Commodity-exporting countries' public revenues (royalties, fees and taxes) are linked to the commodity-price cycle. Can we rejoice over the heightened tension in the Persian Gulf? Tax-to-GDP has gained traction, but silently we are observing the trends, because this is the time, we can best harness our potential as a continent of Africa; a gain which may have been wiped away by Novel Coronavirus nCoV19. Efficiency either of resource or human capacity building and/or labour/price; is in terms of output/input which will tell us and others the direction we are/should be headed. Production cost = Total amount of effective inputs/Total quality of products at controlled procedures. What is the production cost of goods and services in the least developed countries (policies, programs, projects, plans..)? Because, if the variables are not known, we go no further than where we have been. Characters here will fail us to describe it/them; salient ideas, which largely should be applied.

SCOPE

Fiscal systems can be an important tool for combatting inequality i.e. promoting inclusive economic growth, along with other public policies, such as labour policies. There is a special place for fiscal policy when considering income and wealth inequalities because of the efficacy of using taxation and expenditure to address the distribution of resources. We thank some world leaders who have blessed us with their ears and attention; I won't help him, help yourself first- things are falling apart fast and faster. Poverty is the result when monies are borrowed only to be eaten (embezzled, swallowed, misused, diverted..); clarity of purpose will do the JOB.

These are some of the things we have decided to make plain as we proceed, in the direction of purposeful governance; is that why you put us through the rigors of extensive research findings on Facebook? Maybe in #SSS 's voice, invariably to address these:

- Inefficient exclusion;

- Inadequate policy outlook - common property resources;

- Public goods exists;

- Externalities;

- Substantial monopolistic powers (capitalism of a few)

- Needed markets nonexistence;

- Detailed Asymmetric information inadequacy.

But you are a Mechanical Engineer from Nissan in zone 5, I had my first stop there, a number of other places; those policymakers/colleagues who met me knew it was only a matter of time; ask, they know, and most importantly- I KNOW!

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Greater concentration could threaten traditional providers' productivity and may spur excessive risk-taking. Possible growth in reliance on third-party data providers, which tend to be highly concentrated, could as well lead to widespread disruptions across the financial system in case of cyber incidents (deductive and inductive approach). Financial inclusion in parenthesis, since we are looking at total capital against investment as a measure of growth, stratified survey patterns as it were. Partial disintermediation (disruptions- Fintech and crypto-currency) such as too much decentralization can have an effect on the role played by the traditional monetary policy transmission mechanisms thereby limiting the Central Banks' designed capacity to regulate as might have been apparent; central Banks should be more proactive. Clean Development Mechanism (CDM) to address #ClimateCrisis would have been my next proposal to the Central Bank of Nigeria (CBN), at least if they take it as they usually do, I will watch with excitement how I have been able to make life better for my compatriots- remembering nothing is by merit in our country especially now; education, healthcare, economy, and religion, etc. which are pretty basic, we have not been able to comprehend properly; 'climate change kwa? That will be catastrophic in fact, not the necessary and largely unthinkable thing to do. Such insensitivity shouldn’t be expected in places most vulnerable to the catastrophic impacts of unpreparedness. 2020- 2030 would witness a lot of extreme weather events than anytime else we all have been around on earth. With better adaptation to climate change; early warning signs, mechanized containment methods, and processes with ameliorating these losses.

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The associated losses are almost unrecoverable from – flooding, heatwave, failed crops, and fiercer resource-based conflicts within the context of the discussion here as well. It takes one experience; the experiences are bad enough that it takes a lifetime to recoup losses occasioned by just one such disaster that can easily be bettered and prepared for with the right use of the right technology.

Ideas, knowledge, and technology have become more important for enduring and sustainable development/economic growth in many economies increasingly characterized by intangibles. The economy (circular- green and blue) is on the other side of the environment, which cannot be stressed enough; trade-offs are efficient means of measurement in the seasons we are in. Access to technology and innovation for development that is inclusive and all-encompassing remains a veritable tool for development, but largely amiss in the new decade; capacity problem more than capital needs, and that is not a secret.

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Technological learning and innovation depend on the ability of countries to access, adapt and diffuse technological knowledge for impacts that are noticeable; how well have we fared? Technological transfer, whether on commercial or non-commercial concessionary bases (not the concessionary loans), occurs when there are economic incentives to commercialize a given technology in a new place, e.g trading products, licensing, or investing properly. However, It is a collaborative and complex process, but, a tacit component exists for technology; knowledge that is not codifiable and is acquired by learning by doing "practice makes perfect". We are grateful we have started making pencils in Nigeria, we thank the foresight of the concerned authorities for this lofty height in our technological advancement.

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This quote from the World Bank is definite "There are conduits (means-to-an- end) to technological transfer, including trade; licensing; foreign direct investment; movement of workers, managers, inter-university technology collaborations, professionals and the academia is the reason for these levels of progress" ~ World-Bank report.

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How much expertise is available for use in the places most in need of developmental upgrades? How much knowledge is currently being applied, to what end, and what results are there as marks and benefits for the time and resources spent? Is expertise traded on the altar of nepotism, is ineptitude entrenched? Can results be explained in local content or can outsiders point out our problems in phonetics before we would see it? Ostensibly, is the compartmentalization of these problems how best to derive the most immediate solutions to them as it may have become obvious? The write-up points us in the direction we should look in in the immediate and long term. As for casting aspersions? I may not be responsible for your thinking(s).

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CONCLUSION

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finally, the effectiveness for technological transfers through the above-stated conduits as follows:

- Economic incentives related to geography, market size, and competitiveness;

- Absorptive capacities, including human capacities, skills, governance, and infrastructure;

- Policy and legal frameworks in the areas of, for instance, taxation, intellectual property rights, trade, and migration.

The promotion of technological information development, access, transfer, and adoption (penetration) is an empirical question that varies over time and depends on the specific country, abiding principles, and extant laws. The economy is on the other side of the environment as it might have become apparent.

Notably, aside from the enumerable benefits of technological advancement, by the facts suggested; we have addressed the following in our referral note or shall we say gavel on the digital economic outlook which is here represented:

- Increasing vulnerabilities have underscored the importance of strengthening the global financial safety net;

- The digitization of the economy has fueled the debate about the design of the international tax system that could help address gross inequalities;

- Growing market concentration has underpinned the need to periodically assess the trends and manage the emerging socio-economic implications.

Advocacy|Analytics|Advisory..

I will still not be impressed by technology until I am able to download food by clicking on a few buttons... "You will never get to your destination if you stop and throw stones at every dog that barks" ~ Winston Churchill.

Owa Olumayowa Raymond

#africanleader

Nigerian, ..citizen of the World..