The Minister of Communications and Digital Economy Dr Bosun Tijani, has said the country’s digital economy is capable of revolutionising the nation’s economy as it has been projected to generate $18.3 billion by 2026.
Tijani stated this on Tuesday at a media engagement on the National Digital Economy and e-Governance Bill in Abuja.
According to him, Nigeria has unicorn companies like Flutterwave, Jumia, Andela, and Interswitch which have demonstrated that the digital economy is strong and can lift the country to where it should be.
“For those who follow the growth and trajectory of our economy in Nigeria, you should probably know that the ICT sector contributes about 13 to 18% of GDP. In Q4 2023, the sector contributed about 16.6% of GDP.
“The digital economy recorded about $5.49 billion in revenue in 2019. This sector is projected to generate up to $18.3 billion by 2026,” the Minister stated.
The Bill
Speaking on the importance of the Digital Economy and e-Governance Bill, Tijani said when passed into law, it would provide a legal framework and accelerate progress in the digital economy agenda.
“This bill will accelerate the progress in our digital economy because there is no clear legislation in that space.
“We believe that the bill will support the growth and transformation of Nigeria’s economy through the application and the use of this technology in all facets of life in Nigeria.
“It will create the enabling environment for fair competition, and promote innovation, growth and competitiveness for the Nigerian economy,” Tijani said.
According to him, when the bill is passed into law, it will be implemented in all the six geopolitical zones of the country.
Also speaking, the Director-General of the National Information Technology Development Agency (NITDA), Malam Kashifu Inuwa, said the bill would enhance the use of the digital economy in the entire country, both in government and the private sector.
Inuwa, who was represented at the occasion by the Director of Standards, Guidelines and Frameworks Department, Mr Emmanuel Edet, urged Nigerians to embrace digital technology as an enabler. The D-G added that the ecosystem was growing, hence the need to harness its potential to drive economic desires with the country’s youthful population and digital skills.
He mentioned that the bill was structured in 16 parts with over 60 sections and would address the validity of electronic, digital transactions, digital contracts, signatures and time stamps.
“The bill will address topics like consumer protection for digital transactions, use of technology such as Artificial Intelligence, blockchains for public services, among others,” he said.
What you should know
Following Tuesday’s media engagement, the Ministry of Communications, Innovation, and Digital Economy said the content of the updated bill would be made available by July 23, 2024.
It added that stakeholder engagements nationwide in Nigeria would also be held to get feedback and understand the bill’s applicability to stakeholders, including public service, regulators, innovators, and service providers.
The Ministry said it would work with Tech Hubs, the Nigerian Computer Society, and related bodies to ensure nationwide engagement and input.
It added that technical workshops will be held to finalize the draft and examine and incorporate expert opinion on the bill’s content.