Academy of Engineers Urge Investment in Internet of Things
Nigerian Academy of Engineering (NAE) has called for massive investment in Internet of Things (IoTs) technology infrastructure in the country to boost socio-economic development.
During a webinar organised by the NAE on, ‘Emerging knowledge and development on Internet of Things’ in Lagos, the academy explained that with the expected $55.7bn investment by 2025 and $11tn worth of investment in IoTs by 2030, the technology would allow firms to automate processes, save money on labour, reduce waste and improve service delivery.”
It described the Internet of Things as the network of smart connected devices, which include sensors that collect data, interact with the environment and communicate over a network.
The Principal Partner, Defax Consulting Services Limited, Opeyemi Olaniran, stated that it was early days for IoT in developing economies, and that as Nigeria repositions to drive non-oil exports, it must consider how to leverage technologies like IoT across sectors at scale.
Olaniran pointed out that the right way to start deploying IoTs is by securely connecting devices and assets in existence, utilising services and the cloud to jumpstart efforts, combine the data and generate new insights to create new business value.
According to him “IoTs help to gain insight and agility, build competitive edge, open new business opportunities and redefine customer service while industrial IoT reduces waste, increase efficiency.
“IoT will play a vital role in sustainability, decarbonisation, air quality, energy management, and responsible consumption of natural resources, emission monitoring and flood warning systems.
“IoT becomes more powerful when combined with other technologies like Artificial Intelligence and Machine Learning.”
The President of the academy, Alex Ogedegbe, said the ICT industry was moving at a speed across the world and it was important that members continue to update themselves on emerging trends in the industry.
Ogedegbe said the forum was an opportunity to share knowledge, adding that it was part of the mission of the academy to promote professional development among its folds.
