According to them, there is a need for a critical review of Nigeria’s digital economy regulations for the country to catch up with other progressive economies.
At the 2022 Legal Business conference held in Lagos recently, professionals in the FinTech and blockchain subsector of the financial industry maintained that Nigeria is losing billions of naira due to its inability to explore and maximise myriads of opportunities inherent in the digital world like other economies are doing.
Speaking on Nigeria’s imprudence and underutilisation of the digital space, the President, Stakeholders in Blockchain Technology Association (SIBAN), Senator Ihenyen, affirmed that in a global digital economy worth $3 trillion, Nigeria’s digital sector currently contributes 16 per cent to the GDP while the U.S digital economy accounts for half of that amount in the US GDP.
“The US GDP is over $20 trillion compared to the Nigeria GDP of just about $440 billion currently. Therefore, considering Nigeria’s huge youth population, the rate of entrepreneurship and innovation in the country, her growing tech ecosystem and strategic position in the African market, Nigeria’s potentials remain high but considerably underutilised and unharnessed”, Ihenyen said.
He added that while the nation’s inability to explore the digital space is evident, it may not be quantified in monetary value.
Giving insights as to how Nigeria can be fully digitalised, Ihenyen said, “Nigeria needs to get five things right, including investing in digital infrastructure and broadband connectivity in both urban and rural areas.
The country must invest in both public and private digital platforms to support digital services and e-commerce and digital financial services in order to boost financial inclusion.
“We must invest in digital skills through massive capacity building programs targeted at its teeming youths. Lastly, invest in policy development that will encourage and support digital entrepreneurship and innovation across sectors of the economy, not stifle it,” he said.