The challenges and profound opportunities of Information and Communication Technology (ICT) are quite unique and unparallel in the world history. It is happening at an extremely fast pace; impacting all corners of the globe; ubiquitous in effect; unlimited by any natural laws or rules; multidirectional in revolution; insatiable in demand; its report is ear-splitting, gut-wrenching, jaw-dropping and heart-stopping. In this paper, we present the opportunities and consequential challenges it posses on the citadel of knowledge in the third world countries. We asses both the development of ICT and ICT for development of third world countries through universities as un-bias agent for development in order to bridge the digital divide.

Problem statement:This study considers the precision of the output series generated from aberrant input series in the context of the distribution of the dynamic estimate and also investigate relative merit of analyzing residuals with outliers for a volatility input dynamic model. Approach: The study developed a methodology for checking volatility at every time point and evaluates the influence of volatility and outliers on both the estimates of the fitted Dynamic Model (DM) and test criterion for model adequacy. Results: Both the analytical and empirical findings in this study reveal that outliers affect significantly the estimates of the dynamic model and there was a masking effect of volatility with outliers in the series and therefore jeopardizes test criterion for model adequacy because outlier series were embedded in its computation. Conclusion: The analysis of outlier in dynamic model specification can involve the determination of volatility, most especially in economic series for which causal relationship can proffer some evidence based solutions to decision makers on pressing economic issues. The model specified in this study has shown the influence of outlier embedded with volatility in empirical study on dynamic function modelling. In the first instance, outlier significantly affects the estimates of the model, apart from this; the model residual is affected, these have a combine effect on the precision of output generated.