Exploring the Role of the Internet of Things (IoT) on Economic Growth in Nigeria: Challenges and Opportunities

Fadele Ayotunde Alaba, Muhammad Amina, Umar Ibrahim, Hakeem Sulaimon Adewale, Zainab Adamu Aliyu

This study explores the role of IoT in driving economic growth in Nigeria, identifying both challenges and opportunities within the IoT network. Using a framework grounded in human capital and endogenous growth theories, the research examines how IoT indicators—such as literacy rates, enrolment ratios, and government spending on IoT—affect economic outcomes. Findings indicate that while IoT can significantly contribute to Nigeria’s GDP growth and labour productivity, various constraints, such as inadequate funding, regional disparities, and infrastructural deficiencies, hinder its full potential. The study underscores the importance of targeted investment in STEM IoT, digital literacy, and vocational training to enhance workforce skills and support economic diversification. The results emphasize the need for structural reforms and stronger institutional support to maximize the economic benefits of the IoT.