Digital Economy Bill: A Game-Changer for Nigeria's Business Landscape
Digital Economy Bill to Supercharge Nigeria's Growth
Minister of Communications, Innovation, and Digital Economy Bosun Tijani says the National Digital Economy and e-Government Bill will transform Nigeria's economy, increase competitiveness, and contribute $18.3 billion to GDP. The bill aims to establish a legislative framework for the digital economy, enhance cyber security, and encourage innovation and entrepreneurship.
The National Digital Economy and e-Government Bill, which is currently before the National Assembly, will assist to alter the Nigerian economy and elevate it to a level of global competitiveness, according to Minister of Communications, Innovation, and Digital Economy Bosun Tijani.
At a media briefing on Tuesday, the minister made this statement in front of Senate ICT and Cybersecurity Committee Chairman Shuaib Salisu and House of Representatives ICT and Cybersecurity Committee Chairman Hon. Stanley Adedeji. The purpose of the briefing was to raise public awareness of the Bill.
The measure, which is currently in its second reading, would increase the sector's capacity and draw in more investment, according to Tijani, who also noted that the digital economy sector in Nigeria is expected to contribute roughly $18.3 billion to the country's GDP.
He said in his speech that the foundation of any economy is the digital economy. He added that the measure will hasten the development of the country's digital economy sector and that Nigeria is one of the top two destinations for capital and foreign direct investment on the African continent.
In an effort to raise public awareness throughout the nation, the amended bill's content—which is the first of its kind—will be accessible by July 23, 2024.
In his words: “We promised to support this bill and our hope is that it will be the first to travel across the entire country. It is also supported by the World Bank; therefore we have to ensure that we take this bill to every state in Nigeria.
“It is a bill that is important for all of our people and we want to give them the opportunity to review it. We believe that the bill will support the growth and transformation of the Nigerian economy through the application and the use of digital technology in all facets of life in Nigeria. This bill will create the enabling environment for fair competition, to promote innovation, growth and competitiveness for the Nigerian economy.”
According to him, there are many successful indigenous businesses in Nigeria's digital space that are classified as billion-dollar firms. He went on to say that these businesses' ability to not only generate billions of dollars but also to create high-quality jobs is a sign of a healthy digital economy, which may grow even more with the support of a legal framework.
“The bill has the potential to unlock opportunities and raise productivity in every other sector. If the digital economy is strong, it will catalyse development and progress in for instance education. We can use technology to better educate our people to create jobs for our young people.
“Nigeria is the future of the world because of our young population, but we must strengthen the digital sector with more investment,” the minister added.
In his analysis of the bill, Mallam Kashifu Inuwa, the director general of the National Information Technology Development Agency (NITDA), stated that the bill will facilitate the attainment of the objectives set forth by the Bola Tinubu administration for the people of Nigeria.
Inuwa spoke on behalf of Emmanuel Edet, the acting director of NITDA's Standards Guidance and Framework, “The essence of the bill is to enhance the digital economy in Nigeria especially in government and the private sector. The ecosystem is booming and there is the need for us to harness the potential of this ecosystem in order to drive the economic desires based on the advantages we have in terms of capacity and in terms of other facilities that are available.”
The National Assembly, meantime, stated that the country's digital economy has the potential to be transformed and put in a position for sustainable development through the National Digital Economy and the E-Government law that is presently before it.
The statement was made during a stakeholder engagement on the draft legislation in Abuja on Tuesday by the joint House of Representatives and Senate Committees on Digital Economy, Information Communication Technology, and Cybersecurity.
The measure, which has received first reading in the National Assembly, intends to establish a legislative framework for the growth and regulation of Nigeria's digital economy, according to House Committee Chairman Hon. Adedeji Stanley Olajide's remarks.
He declared: “As we gather here today, I want to emphasise our commitment to an inclusive process in the development of this bill. It is going to be very inclusive. We recognise the importance of collaboration and stakeholders in ensuring legislation that reflects the needs and aspirations of Nigerians. This event marks the beginning of a series of engagements with various stakeholders and the general public.
“It is comprehensive legislation that seeks to establish a regulatory framework for the digital economy for digital literacy and skills development, enhanced cyber security and encourages innovation and entrepreneurship. It has the potential to unlock Nigeria's digital potential and improve the lives of Nigerians.”
Senator Shuaib Afolabi Salisu, the head of the Senate Committee on ICT and Cybersecurity, stated that the bill was a first attempt to enact an omnibus bill with the goal of revolutionizing the economy and maximizing the potential of the ICT industry.
“All these things that we do now are not backed by any legislation. It is a first attempt to put an omnibus legislation in place to ensure that all those activities that we carry out online now we don't have an existing legislation to back up those agreements when you go and do transactions in banks and a number of other places, we take things for granted.
“We are bringing together legislation that will revolutionise the economy and also unleash the full potential of the ICT sector. Without ICT, these other sectors cannot function. Our oil production may be impaired, stolen and may even have the capacity to produce and yet we have a ban set by OPEC, this is the only sector (ICT) that is not subject to those limitations. This is the only sector that doesn't even require digging anything. What will be required is our head. This is one sector that even Jappa cannot affect.
“This is the best time to have this legislation,“ he noted.
The Bill is designed to safeguard consumers in digital transactions and to guarantee the legality of digital contracts, digital transactions, digital signatures and time stamps, and the use of digital technology to facilitate the transportation of products.
The Bill's other sections address the management and administration of digital government infrastructure, the use of blockchain and artificial intelligence in public services, data interchange, interoperability, and information security in government.
Additional ones include procurement and innovation for digital technology in Nigeria's governmental sector, as well as digital literacy to facilitate the country's rising use and consumption of digital services.
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