Technology Mirror
Nigeria to Release Legal Framework for Investment in Digital Public Infrastructure Soon

Nigeria to Release Legal Framework for Investment in Digital Public Infrastructure Soon

The legal framework that will make it easier for investors to invest in digital public infrastructure in Nigeria would soon be ready.

When ready, it would aid automation of governance, and fast track the digitising the Nigeria’s Micro, Small and Medium Enterprises (MSMEs) to drive the needed sustainable economic growth.

According to the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, technology innovation is occurring at an exponential pace and businesses are increasingly recognising and leveraging technology for growth and as MSMES need technology.

“MSMEs that have embraced digitalisation and technology tend to fare better and that underscores a study done in Turkey which shows that 41.2% of 131 SMEs underwent technological innovations and this led to an operational efficiency of 96.9%”

Inuwa who made the remark in a keynote address on the theme: “Digital Nigeria – Leveraging Technology to Improve Ease of Doing Business for MSMES” at the Development Bank of Nigeria (DBN) 2023 Annual Lecture series also stated that government we have the responsibility to carry everyone along, particularly on the area of technology.

He stated that the sustenance of Nigeria’s economy, relies heavily on enterprises, given the fact the trajectory of customer satisfaction, advertising and payment are results of the increased attention turned to digitalisation in today’s businesses.

“With the power of technology, you start small but in the long run, you will definitely grow exponentially, if you continue to add value to your business, of course”, the DG avowed.

He appealed to the Development Bank of Nigeria to also consider giving startups access to funds as they do MSMEs, adding the nation’s GDP could increase by $60 billion just by leveraging technology.

Chief Executive Officer (CEO), Development Bank of Nigeria, Dr Tony Okpanachi in his said that  the discovery of the internet and its impact on human interaction and commerce have changed the dynamics of human coexistence.

Okpanachi said that there is a strong need to plot how extant technology, and the new upcoming ones can be used to shore up the Ease of Doing Business in Nigeria which sits at 131 out of 190 economies, on the Ease of Doing Business (EODB) Rank.

 

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