E-Business
NITDA DG says Digital Economy has Created Pathway for Emerging Technologies
Kashifu Inuwa CCIE, the Director General of National Information Technology Development Agency (NITDA), said that digital economy has created a pathway for emerging technologies, providing opportunities for talented youths in Africa to emerge as global leaders, through harnessing their potentials.
Inuwa said this at the Leaders Without Borders Annual Business Summit and International Honors 2023 in London with the theme: “Business Beyond Borders, Global Partnerships and Sustainable Investments” which is a global event that brings together business leaders, entrepreneurs, and thought leaders from around the world to promote collaboration and innovation in the business work.
The DG recalled that NITDA as a government agency established in 2001 to help Nigerians in the use of Information Technology (IT), which at that time, less than five hundred thousand Nigerians had access to computer and was contributing less than 0.05% to the Gross Domestic Product (GDP) to the nation. Today more than one hundred and twenty million Nigerians have access to the internet not just computer. Information and Communications Technology (ICT), is contributing to more than 18.5% to the GDP.
He added that, “The NITDA Act was passed into law 2007 and by 2012 we had the National ICT policy and in 2019 we had the National Digital Economy Policy and Strategy (NDEPS) which is a major shift in the Agency’s policies. Previous policies are about the use of information Technology while the later digital economy is about the use of ICT in line with the economic activities, simply meaning that technology is not the end but a means to an end”.
“The Agency’s mandates fall around developing the national digital economy ecosystem that includes; developmental regulation on how it can level the playing field for you to start and grow business, intervene in the policies and infrastructures for unserved and underserved communities, and lastly, helping the youth with seed funding to develop a proof of concept and prototype of the ideas”.
“NITDA embarked on the development of many regulatory frameworks for the Information Technology development in government establishments.
The projects are to give rise to digital skills in educational institutions and rural areas and cities, so as to develop human capital and provide universal access to digital services with the aim of creating a knowledge- based economy,” he said.
The DG stated that in addition to making an effort in IT development as well as enhancing the capacity of the citizenry, hundreds of IT Hubs, IT Parks, and community ICT centers were established, furnished and equipped with world class facilities across the states of the federation.
The agency through its strategic relations with techpreneurs, supported start-ups, IT ecosystem builders through Nigeria ICT Innovation and Entrepreneurship Vision (NIIEV) which has created employment for Nigerian youths.
To ensure Nigeria’s pool of talents were not left behind, the Agency established the National Center for Artificial Intelligence and Robotic (NCAIR), to drive and support research, development, and adoption of emerging technologies in the country.
Inuwa further revealed that, “Nigeria is thriving and has the most vibrant tech ecosystem in Africa, the fintech company which is almost twice bigger than the biggest bank in Nigeria.
The biggest bank in Nigeria is about 1.6 billion USD in valuation, while Flutter wave is almost 3.6 billion USD. While looking into e-commerce, e-health, mobility and logistics, e-recruitment, Agric-tech, prop-tech, and smart homes which is booming in Nigeria and Africa in general”.
“In the ecosystem we have five critical stakeholders to be considered; the institution: where the universities produce the human capital which is the most valuable resources in Africa, with the youngest population with more than 70% comprises of youths under the ages of 30; the Government: which is aimed at building a conducive environment for businesses to thrive through laws, provide legal frameworks, policies, and regulations.
“The private organisations: to aid employ the human capital produced and also purchase of the goods and services rendered. The risk capital: which is a major problem in Africa. If you look at most of the top jobs in Nigeria and Africa in general, they get funding from abroad, mostly from the US and Europe.
While in Nigeria we don’t have such to invest to boost the economy. And lastly the entrepreneurs: we need them also on board to understand what people want so that they can start and grow their businesses.
“The Nigeria tech ecosystem has attracted about 4.4billion USD investment between the year 2015, 2019 and 2020 respectively, and ICT contributing to about 18.5% to the nation’s GDP, and NITDA also supported about 753 start-ups in different ways through trainings, seed funding and grants”.
“Recently, we took some start-ups to Riyadh for competition, which two of them emerged as global winners and won 150,000 USD each. Nigeria is thriving and has a vibrant tech ecosystem in Africa and almost 30% to all Foreign Direct Investment (FDI) into Africa ends in Nigeria,” the DG said.
Inuwa further said that “NITDA has been doing a lot in the area of digital literacy where we want to use our local languages to enable every Nigerian to be able to use digital devices and consume digital services, we have trained over 3.3 million Nigerians on digital literacy to boost the economy.
“Under the IT project clearance, it has saved the country money from duplication of projects by Ministries, Departments and Agencies (MDA’s) which from 2019 to date , the agency through the project has saved the country over 305 billion naira from IT project implementation in MDAs towards improving effectiveness and efficiency in executing government IT projects across the country,” the DG said.
Highlight of the event was the presentation of award to the DG in recognition of his outstanding leadership and contributions to the development of the Nigerian Information Technology sector in Nigeria geared towards growth and development.
Nigeria Data Protection Commission (NDPC) has signed a Memorandum of Understanding with Mastercard to enhance data protection in Nigeria.
Dr. Vincent Olatunji, commissioner, NDPC and Derek Ho,deputy chief privacy officer, Mastercard
The agreement was sealed during a workshop where 150 Data Protection Officers (DPOs) were trained on Data Protection Impact Assessments (DPIAs).
Dr. Vincent Olatunji, commissioner, NDPC, said the event kicks off activities for the 8th NADPA conference, highlighting government efforts to train more certified DPOs.
Olatunji also disclosed the Federal Government’s commitment to increasing the number of certified DPOs with the required skills to manage data protection.
He noted that Nigeria’s digital-savvy youth are key to driving this agenda.
“Human capital is really key to us, and the ecosystem we are regulating is very special. It is still new, still emerging, and we need all we can to build the capacity of officers.
“We want to build the capacity of our people so we can be able to deliver on our mandate and fully deepen privacy in Nigeria.
“We are targeting to build the capacity of 250,000 DPOs annually, and we are working with partners like Mastercard to achieve that,” he said.
Derek Ho,deputy chief privacy officer, Mastercard, also stressed the need for collaboration to build trust in the digital economy and urged participants to embrace training as data protection keeps evolving.
Central Securities Clearing System PLC (CSCS) has announced the launch of *7270#, its Unstructured Supplementary Service Data (USSD) code service, set to go live on May 8th, 2025.
The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users.
Also, this service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.
Driven by a relentless commitment to innovation, CSCS aims to revolutionize information access within the Nigerian capital market through this USSD code service.
As the Central Securities Depository (CSD), CSCS focuses on enhancing investor experiences and providing deeper market insights with unparalleled convenience.
The CSCS USSD code service offers seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms.
Investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.
Haruna Jalo-Waziri, managing director/chief executive officer of CSCS, said ” We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information.
“This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.
“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network.
“This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively.” he added.
The CSCS USSD code service will initially be available to MTN users only. However, CSCS plans to expand this service to other networks soon.
This innovative service offers investors streamlined and secure access to critical market information at their fingertips.
Aisha Umar Mumuni, chief digital officer of MTN Nigeria, said, “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users.
“By making critical investment information available at the touch of a button, we are helping to democratize access to the capital markets and, in the process, enhance investor engagement and market transparency,” she said.
CSCS continues to lead the way in technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem.
This initiative underscores our dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making.
The need to maximise local digital assets, amid dwindling Oil revenues and a struggling economy, has been reiterated by the Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu, who maintained this measure remains the path to prosperity.
Asalu, while addressing the press in Lagos, recently asserted that global shift towards digital economies, presents a pivotal opportunity for Nigeria at this time to mobilise sufficient resources towards effective governance.
He emphasised harnessing the burgeoning local digital economy to expedite national diversification goals, while break away from overdependence on oil output.
Asalu, boasted further that Nigeria’s tech-savvy, youthful population and increasing recognition from global tech giants already position its digital sector as a driver of inclusive growth and job creation.
“Nigeria’s overreliance on oil is no longer tenable. As global markets shift towards renewable energy, the urgency to diversify has never been greater. Technology stands out as the most promising avenue, not merely as a sector, but as an enabler of growth across all facets of the economy,” he explained.
According to him, Nigeria’s tech talent remains the new oil, a renewable resource with the potential for significant returns, if strategically harnessed.
Like India’s successes in information technology services, Asalu want Nigeria to tap into lucrative outsourcing industry to draw foreign investment.
“Foreign investment in Nigeria’s tech sector is rising. Programmes like Digital Explorers have led European firms such as Telesoft to establish operations in Nigeria. Tech giants like Microsoft and Facebook have followed suit, injecting capital and creating jobs,” he stated.
He again pointed to the emergence of three unicorns within Nigeria’s tech ecosystem as a breakthrough and sign of maturity.
“Nigeria’s tech ecosystem is already showing signs of maturity, with three unicorns emerging from its soil. These success stories, powered by local innovation, underscore the viability of a home-grown, world-class tech sector,” he affirmed.
He however emphasized urgent need to close existing gap in skills and infrastructure, in addition to embracing governance and collaboration to fully harness digital potential cum future.
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