Critical Review of Nigeria’s Digital Economic Regulations

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The Experts and entrepreneurs of the digital space have called for a meet-up to review Nigeria’s digital economic regulations to meet up with the economics of other countries’ economies. 

At the business conference held in 2022 at Lagos, key professionals had a discussion on digital industries, which include blockchain, cryptocurrencies, and fintech innovation. The discussion was held to interact with progressive economies, digital professionals, and end entrepreneurs. In response to their demand for the examination of  Nigeria’s digital economy legislation. 

Nigeria’s potential remains great considering the fact that the country with a big youth population, its expanding ecosystem, the speed of entrepreneurship and innovation, and its strategic position in the African Market, the potential remains untapped says Senator Lhenyen.

In the Blockchain Technology Association, Senator Lhenyen commented on Nigeria’s frivolous and underutilized digital area that Nigeria is currently contributing 16 percent of GDP to the $3 trillion global digital economies. 

The specialists in the fintech and blockchain industry have made a statement on billions of naira, as it is unable to explore and capitalize on. Nigeria is failing to inherent opportunities to the digital world in the same manner as other countries do. 

Lhenyen speaking on Nigeria’s imprudence and underutilization of digital space says that, although the US digital economy accounted for half of that amount in the US GDP, the US GDP was over $20tn compared to Nigeria’s GDP of just about $440bn presently. 

Senate Lhenyen stated that : “While that Nigeria has lost due to our inability to explore the digital space may not be quantified in monetary value, it is not unsafe to say that Nigeria has lost at least the size of its current GDP to its inability to leverage the digital economy for significant economic growth and development.”

He further says that Nigeria must follow five things to fully digitalize Nigeria, such as: 

• Invest in digital infrastructure, including broadband connectivity in both urban and rural areas.
• Nigeria must invest in both private and public digital platforms to support digital services and e-commerce. 
• The Country must invest in digital financial services in order to boost financial inclusion. 
• Nigeria must also invest in digital skills through massive capacity-building programs targeted at its teeming youths. 
• And lastly, Nigeria must invest in policy development to encourage and support digital entrepreneurship and innovation across sectors of the economy, not stifle it.