Towards a Knowledge-Based Economy: Challenges and Opportunities for Nigeria
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The competitiveness of economies is
increasingly dependent on their capability to create, use and
diffuse knowledge. The knowledge economy literature
identifies four key pillars of the knowledge economy. These
pillars, which cover a wide spectrum of factors relevant to
knowledge creation and management, include: Human
Capital Development, Information and Communications
Technology, Effective Governance, and a developed System of
Innovation. The global shift towards the development of
knowledge economies calls for an increased emphasis on the
role of knowledge in developing the Nigerian economy. The
knowledge readiness of the Nigerian economy, when
compared with other nations, is low. This paper provides
strategic implication for policy making for government and
for industry, towards developing a knowledge-based Nigerian
economy.
Keywords
HC Economic History and Conditions