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The Minister of Communications and Digital Economy, Isa Ali Pantami, has stated that investment in data economy is vital for any nation seeking to deepen global competitiveness.
Pantami stated this at the maiden edition of the Digital Economy Regional Conference where he spoke on the theme, “Positioning West Africa’s Digital Economy for the Future.”
According to him, “In the fourth industrial revolution data is key, the future is data and Nigeria must not lag behind. Today, it is a global best practice to have a data protection law in place, otherwise you will find it difficult to attract so many interventions that are of benefit to your country. Even potential investors may ask questions to know whether you have data protection laws in your country or not?”
“If you don’t have any data protection law in place, they will feel uncomfortable to invest because today, data is critical. Whenever we engage with potential investors, we try to convince them of the need to come to Nigeria to invest, and they always ask if we have a data protection law?
“But we have subsidiary law. Many of them do agree with subsidiary law, at the same time, many disagree that subsidiary law is insufficient for them, but in Nigeria it is sufficient,” Pantami urged.
He said his ministry has proposed the establishment of a full-fledged data protection institution and also principal legislation for data protection related issues in Nigeria to President Muhammadu Buhari and subsequently obtained the approval for the establishment of the Nigeria Data Protection Bureau.(NDPB).
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