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

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.