Home Tech News Cisco wants Nigeria to tap $19 trillion IoT stakes

Cisco wants Nigeria to tap $19 trillion IoT stakes

Cisco wants Nigeria to tap $19 trillion IoT stakes
0

Cisco System Nigeria, the local unit of the U.S. networking giant, says Nigeria should explore stakes in the estimated $19 trillion Internet of Things (IoT) market.

Kunle Oloruntimehin, General Manager at Cisco System Nigeria, says that IoT  has an estimated  market potential of over  $19 trillion and is asking Nigeria to leverage these opportunities “for maximum  productivity.”

The Cisco System Nigeria exec gave this advice while speaking at the 2016 English West and Central Africa Safari/Internet of Things Conference hosted by UNTeS Academy and Covenant University at the university’s campus in Ota, Ogun State.

According to him, with the size of Nigeria’s IT market, leveraging on the opportunities and benefits of IoT will further make the country more competitive and productive.

The opportunities abound, with private sector benefits estimated at $14.4 trillion, while public sector has a $4.6 trillion potential, the Cisco System Nigeria says.

The Internet
The Lagos Digital Library project will open access to a vast body of knowledge through the Internet

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]The Cisco System Nigeria exec explains that Machine to Machine (M2M), which is data sent and received from one machine to another machine, often called IoT, is estimated to be a $7.4 trillion market. Meanwhile, M2P, which is data sent and received from a machine to person, is worth $4.6 trillion. On the other hand, P2P, which is data sent and received from one person to another, is worth $7 trillion.[/quote]The Cisco System Nigeria exec explains that Machine to Machine (M2M), which is data sent and received from one machine to another machine, often called IoT, is estimated to be a $7.4 trillion market. Meanwhile, M2P, which is data sent and received from a machine to person, is worth $4.6 trillion. On the other hand, P2P, which is data sent and received from one person to another, is worth $7 trillion.

On his part, Alfie Hamid, Africa Regional Manager for CSR at Cisco, explains that the technology company collaborates with UNITeS Academy Foundation to deliver quality and affordable professional development to Academy Instructors and subsequently equipping them to create positive and impactful experiences for their students.

According to Hamid, the event is very relevant for innovation in the ICT industry and in education, while adding that the IoT encompasses more than 14 billion devices connected to the Internet, providing the technology foundation for IoT.

He says that IoT improves business outcomes through the intelligent networked connections among people, processes, data, and things/devices, and that “this global phenomenon creates unprecedented economic opportunities to enhance productivity, sustainability and experiences.”

Also speaking, Toyin Olatayo, Executive Director, UNITeS Academy Foundation, says the Foundation’s vision, which is to make ICT more accessible to youth especially the girl child, brought about the collaboration with Cisco in establishing Cisco Networking Academies in Nigerian Federal Unity Colleges, training and empowering over 10,000 students (60% female) with ICT skills.

“There is a digital gap in Nigeria and it is our goal to bridge that gap by equipping Nigeria youth with the right ICT skills for their personal development and that of the nation”, the Executive Director, UNITeS Academy Foundation, says.

KV Free Directory AD
Success Kafoi Journalist at Technology Times Media. Mobile: 08077671673 email: success.kafoi@technologytimes.ng

We want to hear from you...