The Economic Potentials of Social Media and the Nigerian Developing Society: An Appraisal

Abstract

This paper explores the economic dimension of social media; in other words, it appraises the place of social media in the society’s wealth creation and distribution endeavour. Situated within the conceptual framework of the theories of technological determinism, social construction of technology, and uses and gratification, the paper argues that social media has great potentials for economic empowerment through enhancing job creation and skill acquisition, serving as a platform for marketing and business collaboration, and offering cheap platforms for small businesses to thrive. It is, however, pointed out that the extent to which these economic potentials of social media would manifest in Nigeria would be influenced by certain elements including social media penetration, literacy/awareness and infrastructure. The paper concludes that while today’s economic sphere is increasingly coming under the influence of technology (including social media technology), this technological influence would also be moderated (determined) by the realities of the social context, just as the participants in the technology will benefit from this influence only as determined by their motives (gratifications) for using the technology. It is recommended, among others, that teaching of the economic potentials of the ICTs including the social media be integrated in the education curriculum in Nigeria as a way of preparing and mobilizing young people for harnessing social media economic potentials.

Keywords: Social Media, Economics, Appraisal, Technology, Wealth creation, and Economic Sphere