Abstract

The report illustrates the effect of the technological risks on the economy of Nigeria under the view of different researches and the or is. It outlines the risks such as social, environmental and cyber risks that arises due to the usage of technology that ultimately may affect the economy in the long run.

In the given research, explanatory research approach has been adopted to explain the impact of independent variables technology on dependent variable economy to understand the nature and strength of relationship between two sets of variables along with the secondary data set’s usage which is collected through applying the secondary data collection instrument and consolidation in excel sheet.

In addition to this, the targeted population of the current study is comprised of Nigerian economy including manufacturing, banking and electronics sectors that have a substantial impact on the Nigerian economy. Lastly,a non-probabilistic sampling technique i.e. convenience sampling has been adopted because of this study being constrained with time limitation hence this technique is followed. Furthermore, it helps to collect the desired number of responses.

Through the investigation, it has been foundthat there is a substantial gap in the Nigerian market in determining the risk and its direct impact on the economy.Hence, the particular researchposits strongimportance in determining the impact of technology on the economy, which may help theresearchers to develop the counter strategiesand technologies in order to refrain from the substantive loss in the future.

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Perhaps, there are certainlimitationand weaknesses in the project that includes the limited research on the topic by the pastresearchers, leading to the poor linkdevelopment between the dependent and independent variables.However, the future research based on primary techniques may allow the researchers to strengthen the area, thus developing a clear relationship between the technological risk and the economic growth/ stability.

Keywords: Economic growth, technological risks, environmentalfactors, socialfactors, manufacturing industry, banking and textile.

1- INTRODUCTION:

Information technology has become the key element in the development of the economy in terms of quality delivery, operations, productivity and overall management of the functions of the economy.It hasbecome a crucial strategy apartfrom the economic strategy of the regions to createthecompetitive edge and excel in the market place by maintaining the balance between benefitsandriskassociated with technology.

However, the increasingutilization of informationtechnology and other forms of technology hasmade it difficult to maintain the protocols and controls of the system, leading to the increasedchallenges in maintaining the security and safety of the nation as well as the overall financial systems.

Such has been due to the fact, that the weak practicesand infrastructure, especially in the developing region,makes it difficult for the government bodiesand council to control the extension and intensity of the effect, the technological medium may create in theregion.

According to ((Ajibola, 2015) ), the knowledgedriveninnovation is a decisive factor in maintaining the competitiveness of the nation, organization, firm and industries.The most amplifiedexample can be seen in the banking sector, where the technology hastaken the grasp, chasing the mode of banking and the medium of the cashtransfers, making the bankingindustry mobile..................

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