The Opportunities and Challenges of the Fourth Industrial Revolution in Management Science

Abstract

This study was set out to review, theoretically, the opportunities and challenges of the fourth (4th) industrial revolution in Management Science with particular reference to the Nigerian economy and how the implications of the disruptive technologies can be driven to enhance the economic situation in the country. They study revealed that while Nigeria has made considerable efforts to adapt the technologies of the 4th industrial revolution, she is still far behind in keeping pace with its transformations. The study concluded that the speed of the current technological breakthroughs, along with its transformations, in all aspects of human life certainly shows the emergence of a 4th industrial revolution. Therefore, a change in the structure of the Nigerian economy is needed to adapt to these transformations. The study recommended, among others, a complete review of the curricula of the different levels of education in Nigeria (from primary and secondary schools to all the various forms of tertiary institutions) to include skills in Management Science – skills that form the bedrock of the 4th industrial revolution.