Macroeconomic Effects of Economic Digitalization in Oyo Township, Oyo State of Nigeria

Abstract

The global economy has witnessed a profound transformation driven by the rapid advancement 
of digital technologies, with its attendant effects on various aspects of nations’ economies. This 
research work investigates the macroeconomic effects of digitalization of Oyo township 
economy. The study adopts a descriptive survey. Four hundred and twenty-eight thousand,
seven hundred and ninety-eight (428,798) respondents constitute the total population from Oyo 
and its environments, while three hundred and eighty-five (385) respondents are selected using 
simple random sampling. Macroeconomic Effects of Economic Digitalization in Nigeria 
Questionnaire (MEEDNQ) research instrument is a structured questionnaire having both open 
and closed ended questions used to collect data on the relationship between digitalization and 
employment, productivity and price level changes. The study uses test statistics such as 
frequency count, percentage and chi-square to assess the effects of digitalization on changes in 
the macroeconomic variables. Findings from the study reveals dual narratives in employment, 
emphasizing job displacement and creation of new opportunities. The impact of digitalization 
on productivity and pricing dynamics are also found to be significant. Based on these findings, 
the researchers recommended that there should be investment in digital infrastructure, 
enhanced cybersecurity measures, regulatory clarity and innovation, promotion of digital 
entrepreneurship, monitoring and evaluation.