4th Industrial Revolution

By Abba Ado

Investing in technology and the sciences will undoubtedly play a significant role in enhancing our socioeconomic development. The World Economic Forum reports that innovation is critical to the future well-being of society and the driving force of economic growth.

In the past, people used their energy, physique, and animals in different industries, such as agriculture, transportation, and communication, to attain economic growth. The emanation of the first industrial revolution (industry 1.0) came with a paradigm shift in various industries when people began to use steam engines instead of their bodies or animals. The second industrial revolution (industry 2.0) created a profound development with the discovery of electricity, unprecedentedly enhancing economic stability and growth.

Another remarkable achievement is the emergence of the Third Industrial Revolution 3.0; at this stage, digital computers were developed, which improved our communication sector and enabled people to store and share data. The Fourth Industrial Revolution (4.0) is an emerging epoch of industrialisation that will undoubtedly revolutionise every sector. Because industry 4.0 is a knowledge-based economy that requires manpower, creativity, and innovation, embracing industry 4.0 will significantly increase our economic development.

Despite some portable advancements in current technology, we desperately need to pertain to science and technology to be competitive and achieve a palpable objective in the outlook of the Fourth Industrial Revolution. The 4.0 Industry is an emerging technology that would revolutionise humanity in almost every aspect of our lives, including health care, agriculture, energy, and various industries. Moreover, the 4.0 industry uses the assortments of the physical, biological, and digital worlds to design and develop disruptive technologies to shape and alleviate numerous humanitarian crises. 

The fourth industrial revolution, otherwise called the “4.0 industry,” is a technological epoch encompassing artificial intelligence, automation, biotechnology, and the digital economy.

Artificial intelligence (AI) is a potential and multidisciplinary field that impacts various industries. According to Accenture’s estimation, clinical healthcare with AI applications will have a future increase of $150 billion in savings only in the healthcare sector by 2026. McKinsey reports that the global GDP of AI will be significantly boosted by 1.2% annually. Modern technology will emerge in the healthcare industry that can execute hospital services without human intervention. For example, timely automotive machines can accurately diagnose nefarious diseases like cancer and provide reliable treatment. Surgical robots are another AI approach that can effectively perform surgical tasks without medical doctors. 

Artificial intelligence in agriculture is another milestone development that will indisputably increase the rate of crop production. Innovative AI technology in agriculture can detect plant diseases, impoverished nutrients, and pests. In addition, automotive devices can be influential in quality harvesting. AI technology is a widespread approach applicable in numerous areas, such as renewable energy, climate change, and the financial sector. 

Biotechnology is another 4.0 industry with massive agriculture, biodiversity, and human diseases capabilities. Using a technique called “Clustered Regularly Interspaced Short Palindromic Repeats,” popularly known as “CRISPR Cas 9,” is a classical gene editing tool that paves the way for inserting or expelling genes of interest from an organism. This technological tool allows for rewriting plants’ “genetic composition” and disposing of unwanted genes from plants to improve plant growth. It produces genetically modified crops, thus addressing food security and production challenges. Also, CRISPR Cas 9 will probe into the human genome to decipher the onset of diseases and discover new treatments for different types of illness. Animal breeding is another integral part of biotechnology, with the aid of increasing biodiversity for economic growth. 

The digital economy will not only provide profits and economic growth, but it will also curtail the unemployment rate in Nigeria. Engaging the youth to leverage the digital economy will provide independent jobs to the citizens, and the gorgeous aspects of the digital economy are manageable, so an individual can start with zero capital and build a high-dividend startup. 

According to the International Business Machines (IBM) definition, “technology” is a field where human infusion is substantially reduced. Therefore, automation is an important part of economic growth and development. Automation machines can effectively perform a duty that humans can do; the era of automation will displace labour work in various industries. Self-driving cars are an example of automation that would help manage and prevent fatal car accidents. It can also be a substitute for vehicles or engines that require gasoline or diesel to tackle carbon dioxide emissions in the future. Automation will also play a role in business, climate change, and the energy industries. 

We must embrace “science and technology” as a significant economic growth and development source. Several studies have shown that R&D, incorporated into science and technology, is the primary driver of socioeconomic development. But, according to an essay written by Adamu Tilde titled “CBN’s Inconsistent Policies,” is this true? A quick response to Dr Sheriff Almuhajir. In this essay, he points out that “knowledge” is the ultimate goal for success in modern economic development.

Adamu adds, “There have to be deliberate, continuous efforts in producing and training skilled manpower with the required expertise to navigate the thorny terrain of the modern economy.” This would take decades.   But a journey of thousands of miles starts with a step. Let’s start with primary and secondary education. Until then, no amount of crying wolf about exclusion, unfair treatment, and harsh requirements would solve the sorry state of our economic development because the modern economy is not a respecter of sentiment. “You have to compete.” And the tool for the competition is knowledge.

Eventually, with the infatuation with the oil-based economy, the Nigerian government will neglect various other ways of economic growth. Therefore, the Nigerian government needs a paradigm shift in its economic policies. Capacity building in diverse sectors, such as artificial intelligence, agriculture, and the digital economy, can solve Nigeria’s economic problems and, at the same time, provide jobs for the youth. 

Accentuating science and technology programmes in our media and newspapers will entice the government to impose strategies that will hasten economic development and encourage the youth to engage in a knowledge-based economy. For the past centuries, when the world heavily relied on a material-based economy, war was the only way to gain wealth and economic development, and many countries invaded their neighbours to seize their resources. But we are in the 21st century, where knowledge cannot be halted. In his book Homo Deus: A Brief History of Tomorrow, Yuval Noah Harari asserts that “the current source of wealth is knowledge.” Bargaining on mineral resources such as gold, oil, and silver is no longer the best approach for economic growth; knowledge, which requires skills, creativity, and innovation, is one of the major sources of economic development. Therefore, our domestic media companies and newspapers should have a special programme or weekly column covering the importance of technology, research, and growth in economic diversification. 

Abba Ado wrote via abbaadomusa0@gmail.com.