room. Christopher Flavin, the former President of an independent research organization focused on natural resource and environmental issues, corroborates this and asserts that the real potential of electricity lies not in providing social amenities but in stimulating long-term economic development.
In addition, the report titled “Nigeria’s state of power: Electrifying the nation’s Economy” tells us that the exorbitant amount spent by these households on fueling their generators had adverse effects on their expenses and hindered their business growth. Therefore, Nigeria’s shortage of reliable electricity supply is a major constraint on the country’s economic growth. Large and small businesses have significantly relied on self-generated power, which stifles their growth to expand.
Furthermore, it is necessary to remember that the two primary ingredients for the development of new technology are codified knowledge and tacit knowledge or experience . As we delve into what technology means in economics, it is anything that helps us produce things faster, better, or cheaper. When you think of technology, there is a good chance you think of physical things like big machines or fast computers. But when economists talk about technology, they think more broadly about new ways of doing things. In economics, it is widely accepted that technology is the key driver of the economic growth of countries, regions, and cities.