E-Business
Experts Urge Review of Blockchain, Fintech Regulations
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2022/05/Blockchain-Image.jpg)
Experts and entrepreneurs in the digital space have called for a critical review of Nigeria’s digital economic regulations to meet up with other progressive economies.
The professionals, who spoke at the 2022 Legal Business conference in Lagos, said these digital sectors included blockchain, crypto and fintech innovation.
According to a statement, the professionals in the fintech and blockchain subsector of the financial industry said Nigeria was losing billions of naira owing to its inability to explore and maximise myriads of opportunities inherent in the digital world like other economies.
On Nigeria’s imprudence and underutilisation of the digital space, the President, Stakeholders in Blockchain Technology Association, Senator Ihenyen, said that in a global digital economy worth $3tn, Nigeria’s digital sector currently contributed 16 per cent to the Gross Domestic Product (according to the Ministry of State, Budget and National Planning).
Ihenyen said that although the US digital economy accounted for half of that amount in the US GDP, the US GDP was over $20tn compared to the Nigeria’s GDP of just about $440bn currently.
Considering Nigeria’s huge youth population, the rate of entrepreneurship and innovation in the country, its growing tech ecosystem and strategic position in the African market, he said Nigeria’s potential remained high but considerably underutilised and unharnessed.
He said, “While what 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.
“Thus, to fully digitise and digitalise Nigeria, Nigeria needs to get five things right: One, invest in digital infrastructure, including broadband connectivity in both urban and rural areas.
“Two, Nigeria must invest in both public and private digital platforms to support digital services and ecommerce. Three, we must invest in digital financial services in order to boost financial inclusion.
“Four, we must invest in digital skills through massive capacity-building programmes 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,”
Speaking on opportunities inherent in the digital space for lawyers, the Convener and Founder, Legal Business Network, Ifeoma Ben, said the advent of technology had opened up vast opportunities through which legal luminaries could offer 21st century services to clients, only if they would run alongside with the speed of time.
E-Business
South Korea Joins List of Countries Banning DeepSeek over Security Concerns
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/dedepseek-ban.jpg)
South Korean authorities have temporarily blocked new downloads of the DeepSeek artificial intelligence (AI) app, citing concerns over the company’s handling of user data.
The country’s Personal Information Protection Commission (PIPC) announced the decision on Monday, saying that the Chinese AI startup had failed to fully comply with South Korea’s data protection laws.
According to PIPC, DeepSeek recently appointed legal representatives in South Korea and admitted to partially neglecting regulatory considerations regarding user privacy.
“The Chinese startup appointed legal representatives last week in South Korea and had acknowledged partially neglecting considerations of the country’s data protection law,” the PIPC said.
The commission added that the app’s service would resume once the company implements improvements in accordance with national privacy laws.
According to Reuters, when asked about South Korea’s move, a spokesperson for China’s foreign ministry said the Chinese government prioritises data privacy and security, ensuring compliance with legal standards.
The spokesperson also said China does not require companies or individuals to collect or store data in violation of laws.
The ban follows similar actions by other governments.
On February 4, Australia prohibited the use of DeepSeek on government devices due to security concerns.
Italy’s privacy regulator recently blocked the AI service, citing the company’s failure to address data policy issues.
Taiwan has also warned about potential risks related to cross-border data transmission and information leaks.
Also, regulators in Ireland and France have launched investigations into DeepSeek’s data-handling practices.
DeepSeek gained global adoption for its advanced human-like reasoning capabilities and open-source model.
In January, it surpassed OpenAI’s Chatgpt as the most downloaded free app on the Apple store.
E-Business
AU Endorses Nigeria as AfCFTA Digital Trade Champion
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/AfCFTA-logo.jpg)
The African Union (AU) has officially designated Nigeria as the Digital Trade Champion under the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol, citing the country’s leadership in digital enterprise and innovation.
The endorsement came at the 38th Ordinary Session of the Assembly of Heads of State and Government, which concluded on Sunday in Addis Ababa.
Nigeria’s proactive role in advancing the digital trade protocol, adopted in February 2024, was a key factor in the decision.
The AfCFTA Digital Trade Protocol encompasses eight annexes covering crucial areas such as rules of origin, digital identities, cross-border data transfers, online safety, and financial technology. The protocol is expected to provide a robust framework for Africa’s digital economy.
According to a statement issued on Monday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, former President of Niger Republic and AU AfCFTA Champion, Mahamadou Issoufou, praised Nigeria’s leadership, particularly for convening the Digital Economy Roundtable in January.
“No organization, region, or continent has negotiated or adopted such a comprehensive legal instrument on digital trade, positioning the African continent to benefit from the digital economy for innovation and job creation,” Issoufou said in his progress report to the AU Assembly.
He also highlighted Africa’s growing influence in digital innovation, particularly in mobile banking and financial technology, and noted that the protocol would create an enabling environment for young African entrepreneurs.
“The AfCFTA Protocol on Digital Trade will establish a conducive environment for these young people to fully participate in Africa’s digital economy,” Issoufou added.
Reflecting on the roundtable in Abuja, he commended President Bola Tinubu and his administration for facilitating discussions with key stakeholders.
“The Roundtable was attended by young pioneers in Fintech, mobile banking and other areas of the digital economy. It was evident from the discussions that young people are eager to take advantage of Africa’s digital economy through the AfCFTA Protocol on Digital Trade”, he said.
Speaking at the AU summit, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the AU’s endorsement as a milestone in Africa’s economic development.
“Africa has demonstrated global leadership by pioneering the first-of-its-kind AfCFTA Protocol on Digital Trade—establishing a comprehensive regulatory framework,” Dr. Oduwole stated.
She emphasized that the protocol is a “game changer” for the continent, predicting that it would generate millions of jobs, contribute billions to Africa’s GDP, and attract significant investments in digital infrastructure.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg)
Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.
![Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg?resize=573%2C254&ssl=1)
Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
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