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Nigeria’s digital transformation ambitions face regulatory, infrastructure and skills-related challenges.
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Experts say fragmented regulation is increasing operational difficulties for technology businesses.
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They also warn that weak infrastructure and talent shortages could limit productivity gains.
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Coordinated reforms, stronger data governance and investment in local technology capacity are needed.
September 09, (THEWILL) — Nigeria must tackle regulatory fragmentation, infrastructure gaps and digital skills shortages if it is to translate its expanding technology ecosystem into stronger productivity and economic growth, government officials and industry leaders have said.
The concerns were raised at a pre-summit dialogue convened by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and Economic Planning ahead of the 32nd Nigerian Economic Summit (NES#32).
The virtual session, held on September 8 under the theme, “Digital Nigeria: The Foundation for Transformation,” examined the policies, infrastructure and institutional reforms required to strengthen Nigeria’s competitiveness in an increasingly digital global economy.
Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), said Nigeria’s digital transformation must extend beyond adopting new technologies to changing how the economy creates value and improves productivity.
Abdullahi argued that Nigeria should strengthen its capacity to develop and deploy technology domestically rather than remain predominantly a consumer of foreign digital products and services.
With a large domestic market, young population and expanding technology ecosystem, he said the country had the potential to become a producer and exporter of digital capabilities. Achieving that ambition, however, would require greater investment in local talent, infrastructure, technology companies, research and digital platforms.
Regulation emerged as another major concern. Femi Adegolu, co-founder of TradePal AI, said fragmentation among regulators was creating operational difficulties for technology businesses despite the rapid expansion of Nigeria’s fintech industry.
He called for a more coordinated licensing framework involving regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission, as well as tiered capital requirements that could lower barriers to entry for smaller technology companies.
“The success of innovators and startups depends on a functioning ecosystem rather than any single intervention,” Ojoma Ochai, Managing Director of Co-Creation Hub Africa, said.
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Ochai identified viable products, access to markets, skilled teams, investment readiness and regulatory compliance as critical to turning innovative ideas into sustainable businesses.
Adedoyin Odunfa, founder and CEO of Digital Jewels Limited, meanwhile, cautioned businesses against adopting technology without a clear economic or operational purpose. She said companies should establish the problems technology is expected to solve and assess their capacity and associated risks before committing investment.
Data protection and public trust were also identified as central to Nigeria’s digital ambitions. Ibukunoluwa Owa, representing the Nigeria Data Protection Commission, said transparency, accountability, effective complaint mechanisms and stronger enforcement would be necessary to build confidence among consumers, businesses and government institutions.
Participants said Nigeria’s digital transformation would ultimately depend on coordinated reforms spanning infrastructure, skills development, cybersecurity, data governance, market access and regulation.
The dialogue forms part of consultations ahead of NES#32, where policymakers and private-sector leaders are expected to consider broader reforms aimed at improving Nigeria’s productivity, competitiveness and economic growth.
Segun Adeyemi serves as the Associate Editor of THEWILL Newspaper, leveraging more than ten years of editorial expertise and a proven track record in mainstream journalism.
