‘Data protection, Business Facilitation Acts, crucial for economic growth’
Legal practitioners have said that the Business Facilitation Act and Data Protection Act are vital to the development of Nigeria’s economy.
They noted that with the enactment and implementation of those laws, infrastructural provision and technology, businesses could flourish in the country.
This was at the Legal Business Conference and Awards 2023 organised by Legal Business Network (LBN) in Lagos, themed Powering Tomorrow’s Future Today.
Founding Partner, The Law Suite, Ifeoma Ben, said enforcing the provisions of Business Facilitation Act would create the enabling environment needed for businesses to thrive.
She urged businesses to leverage the provisions of the Act for economic growth as it has provisions for all stages.
Ben, who is also the founder, LBN, said the theme is apt owing to the current economic situation, adding that the energy sector is an important aspect to achieving a booming economy.
Principal Managing Partner, George Etomi and Partners (GEPLAW), George Etomi, said that the Electricity Act 2023 has a role to play in the growth transitioning of Nigeria’s energy sector, but that would happen if the Act is adequately implemented and utilised.
He emphasised the importance of an energy blend in meeting Nigeria’s sustainability objectives, adding that gas to power infrastructure needs to be developed to reduce over reliance on oil.
Calling for growth of other sectors and adoption of digital solutions, Etomi said, “amidst the ever-changing global landscape and rise in technological advancements, energy stands as a key architect of our future.
“From meeting the energy demands of growing industries to embracing clean and sustainable energy sources, it is certain that energy is crucial for economic growth.”
Head, Research, Development and Innovations, Nigerian Data Protection Commission, Chidera Ike-Okonkwo, said the government plays a significant role in being proactive to the issue of misuse or abuse of personal data.
According to her, not to stifle the digital economy, the Commission is taking a cautious approach to ensure that personal data is protected by promoting safe data processing practices while ensuring free flow of data.
Vice Chairman, Energy and Environment, Nigerian Bar Association Section on Business Law (NBA-SBL), Sam Aiboni, called on Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) to register and list a special purpose acquisition platform to address the strenuous process of listing an oil firm in capital market, which would ease process to acquire funds.
Explaining, he said: “What this special purpose vehicle does is that, because it’s already listed and doesn’t have enlisting requirements, if you have a proposal or oil project and you want to raise like N220 million, they would raise Initial Public Offer (IPO) for you at the capital market based on their existing listing.
“The Special Purpose platform would enable one to raise capital, so one doesn’t need to go through the process of listing because it is already listed. All that they need to do is to issue an IPO.”
He also said that NNPC shareholders should take up the responsibility to stimulate and invest in the market as they have a lot of entities that could monetise and target specific opportunities and develop them.
Legal and Regulatory Counsel, Paystack, Tunrie Bisi-Afolabi said Nigerian Data protection Act is a great development in the technology space because it codifies data protection requirements and also meets international standards.åå
She urged finance technology companies to be more data protection compliant and data privacy aware.
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