In celebration of Digital Nigeria Day 2024 with the theme, Empowering a Digital Future, Tope Adebayo has called for reflection on the country’s progress regarding building a dynamic digital economy towards increased adoption of technology in everyday life.
The full-service law firm called for increased technology adoption in Nigeria, noting, “In today’s world, going digital is no longer optional; it is essential. To stay competitive globally, countries, industries and individuals must embrace digital revolution. From groundbreaking fintech innovations transforming the way we make payments to tech startups addressing local challenges, the digital economy is reshaping how we do business and live.”
Titled, Shaping the Future: How Law Is Empowering Nigeria’s Digital Economy, the thought leadership piece explores the prevailing legal reforms upon which the digital innovations and activities have been built. Some of these include the Nigeria Data Protection Act 2023 (NDPA), Finance Act, Nigeria Startup Act 2022, Regulations by both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), National Digital Economy and E-Governance Bill 2024 (NDEEG Bill) and the Constitution.
“Despite significant strides made by these reforms, challenges persist. The slow implementation of critical laws and regulations such as the NDPA, Nigeria Startup Act and the SEC Rules on Digital Assets, raises serious concerns about Nigeria’s ability to keep up with innovation and realize its full digital potential. The tech sector thrives on speed and adaptability, yet the current regulatory framework lacks necessary enforcement mechanisms and rapid responses to match this fast-paced environment. While a solid legislative foundation is vital, Nigeria must also prioritise enforcement and decisive actions to navigate the ever-evolving digital economy effectively.”
While acknowledging the strides made in the digital space, it highlighted the growing importance of Intellectual Property (IP) in today’s tech-driven world and the need for legislation that can effectively address emerging issues. “In today’s digital-driven world, IP has become more vital than ever before. As tech companies and creatives continue to thrive on the strength of intangible assets, the link between IP and value creation has become undeniable. With the internet breaking down traditional trade barriers, businesses and innovators are increasingly focused on protecting their ideas, designs and inventions.
Securing IP protection has become a major advantage in the race for success, empowering creators to safeguard their innovations in an age where digital replication and distribution are easier than ever,” the article said.
Touching on the rapidly expanding space of Artificial Intelligence (AI), it outlines the ongoing debate overintellectual property over AI-generated content, either text, audio, visual and others, saying, “Who owns the IP rights to AI-generated content or inventions? The question of ownership (whether it should belong to the developer of the AI, the user who provides instructions or the AI system itself) has sparked global discussions. As Nigeria advances toward becoming a fully digitalised economy, the demand for agile, forward-thinking and innovative legal frameworks will continue to grow. We anticipate further legal reforms in areas like AI, digital rights protection, fintech, and digital assets, where regulation is still evolving. By creating an enabling environment where tech companies can thrive and investors feel confident in backing innovative ventures, Nigeria is positioning itself as a future digital powerhouse,” it concluded.
