Nigeria can become world leader in digital economy — Osinbajo

VICE President Yemi Osinbajo, has declared that Nigeria has the requisite talents, creativity and acumen to become a world leader in the digital economy.

Osinbajo stated this yesterday at this year’s Nigeria Digital Economy Summit, NDES, with the theme, “Web 3.0, Blockchain and DeFi: Impact on Africa’s Digital Economy”.

According to him, with the right approach and policy, as well as the country’s human capital and potential, “we can actually become world leaders in digital technology in all its various ramifications”.

In a statement made available to Vanguard, the vice president highlighted the future of technology, digital economy and what it means globally, especially for Nigeria.

His words: “A whole new world is unfolding before our very eyes, unlike Web 1 and 2 where we were relatively disadvantaged. In 1989 we didn’t have mobile phones so we could not take advantage of the reach and depth that mobile telecoms gave digital innovation and financial inclusion. We are now better positioned to be significant players in Web 3.

“We have already shown that we have the talent, creativity and acumen to build and grow major tech companies. At the last count, we have 6 unicorns and many more on the way. But we must spend time on the development of digital skills.”

Osinbajo however, called for more synergy between the public and private sectors in driving the digital economy revolution in the country, adding that both sectors must find ways to ensure that “policy is way ahead for development”.

“We must think through and develop appropriate policies and regulations that promote, rather than inhibit, innovation and commerce. We can be world leaders in the Web 3 revolution. The only limit is our vision,” he said.

The vice president noted that the technology platform deployed in the implementation of the microcredit schemes such as TraderMoni and MarketMoni was built by Eyowo, a local Nigerian tech company.

Speaking on digitization in the public sector, Osinbajo said: “Web 3 will also mean that the digitization of government’s services will come with more options, government agencies can then be smarter, faster and more efficient in delivering their services.”

He also noted the category of licences created and made available to some FinTech companies by the Central Bank of Nigeria, CBN, in the past few years as a significant example of how government policy can drive innovation and economic growth.