Policies, regulations development:  Vehicle for promoting commerce in Nigeria

At the Nigeria Digital Economy Summit (NDES) themed “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy,” the Vice President of Nigeria, Prof. Osinbajo, affirmed that with the right approach and policy, as well as the country’s human capital and potential, Nigeria could actually become a world leader in digital technology.

Osinbajo, therefore, called for increased collaboration between the public and private sector in driving the digital economy revolution in the country, insisting that both sectors must find ways to ensure the right policies are in place for development.

The call for collaboration couldn’t be more apt as there are numerous private companies contributing directly and indirectly to the growth of the digital economy. An example is the rapid growth of B2B e-commerce platforms where companies like Alerzo are deepening the penetration of digital literacy among informal retailers, by equipping them with skills for e-commerce.

With their feature phones and smartphones, many of these retailers now easily make orders from the comfort of their shops on the Alerzo platform and have their goods delivered to them free of charge.

These types of developments can be further enhanced through appropriate policies and regulations. As the Vice President stated: “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.”

On the Web 3 revolution, Osinbajo reportedly added: “We are in the early days of Web 3.0. Its defining components, as we can already see, are blockchain technology, smart contracts, DEFIs (Decentralised Financing), tokens, both fungible and non-fungible tokens (NFTs); and the whole range of token economics; unlike Web 2.0 where data is mostly centrally stored. Web3.0 data will be interconnected in a decentralised way and will also be machine-readable.”

E-commerce has provided opportunities for many youths in the country to explore their talents and thrive, as a recent report points to job creation as the largest benefit of Africa’s growing digital economy.