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Nigeria’s Data Sector is worth 5.5billion

Nigeria’s Data Sector is worth 5.5billion
Photo by Towfiqu barbhuiya- Ask Nigeria

The data protection sector would attract more investors with the new initiative.

At a media conference in Abuja to commemorate the 2023 Global Data Privacy Week with the theme “Think Privacy First,” Professor Isa Pantami, Nigeria’s Minister of Communications and Digital Economy, announced that the Data Protection Sector in Nigeria is currently worth $5.5 billion. As a result, he emphasized the importance of a data privacy law in Nigeria, which he hoped would inspire trust among foreign investors considering establishing operations in the country. At the moment, the Minister said, prospective investors, are increasingly inquiring as to whether or not Nigeria has a law on data protection.

As of 2022, the Data Protection Bureau has created a substantial amount of employment. He added that having a data protection law in place is a global best practice; it will be possible to attract so many beneficial interventions; even prospective investors will be anxious about the protection laws. As data has become increasingly important in the modern economy, a lack of a comprehensive data protection law could discourage investors from establishing a company in the country.

Investors want a country that has data protection laws.

Additionally, whenever they interact with investors and try to persuade them that they should come to Nigeria to invest and constantly inquire about the country’s data protection law. However, there is subsidiary law, and while several of them concur with subsidiary law, many others oppose that it is not satisfactory for them. As a result of this, he stated that the Ministry has proposed establishing a comprehensive data protection institution in Nigeria, in addition to principal legislation governing data protection relations.

Also, He added that the right to privacy is incorporated in the Nigerian constitution and is one of the country’s basic human rights. He asserted that the purpose of the data protection law is not to penalize the general public but instead to educate people so that everyone will be data compliant. People are strongly urged to comply with the law, and the adherence rate is increasing as a result of awareness campaigns, outreach to related institutions, sanctions, and interrogation of those in violation.

Various ministries and agencies have been trained in data protection.

Dr. Vincent Olatunji, the National Commissioner of the Nigeria Data Protection Bureau, stated that the purpose of the event week was to raise awareness and publicize privacy standards and procedures. He also pushed for a government-wide circular to be issued informing all employees of the importance of data protection. According to him, the Bureau has begun a trip to educate various ministries, agencies (MDAs) and departments on data security in order to ensure compliance with the Nigeria Data Protection Regulation and attract their support for the Bureau’s efforts.

He elaborated on the initiative being taken to establish a foundational data protection law for the nation. Their current mission is to raise public understanding. They have provided training at over 50 government agencies. He expressed gratitude to the Minister for all the work they did to set up NDPB and get the Federal Executive Council (FEC) to approve the Data Protection Bill. Olatunji urged Nigerians to recognize their obligations in order to establish a tradition of data privacy.

Global data privacy day is observed yearly internationally.

Furthermore, Global Data Privacy day is observed on January 28 every year, and Nigeria was the first nation in Africa to follow in the footsteps of developed nations in marking the occasion. The day widely recognized as “Data Privacy Day” is one that has been designated specifically for the purpose of raising awareness about the fundamental rights and liberties that are connected to the privacy of individuals within the context of the data processing environment.


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Admin
1
1 month ago

Nigeria’s Data Sector is worth 5.5billionThe data protection sector would attract more investors with the new initiative. – Express your point of view.

Abusi
Member
9
1 month ago

We need to improve on our data sector. It needs to be protected more to enable people to have faith in the sector. It also helps us to easily compute necessary information which we won’t want to get lost.

Member
9
1 month ago

Nigeria’s Data Sector is worth 5.5billion. We need do more on our data sector. If we protect the sector it will attract more investors with the new initiative

Member
10
1 month ago

Lots of work still needed to be done concerning data protection and security in the country,in all the developed countries of the world huge amount is allocated to this cause .

Member
9
1 month ago

Improving our data sector and making it standarad will attract invest and allow use to be able to keep our data inother for it not to get lost and can be found when no eded

Member
9
1 month ago

This one of the highest earning sector in terms of revenue because the usefulness of data to an average Nigeria cannot be over emphasized and there is still more to gain.

Member
8
1 month ago

To attract investment and enable us to store our data so that it doesn’t get lost and can be found when needed, our data sector must be improved and made standard.

Member
8
1 month ago

Our data infrastructure is in dire need of upgrades. If consumers are to have confidence in the industry, it must be better safeguarded. It also facilitates the computation of critical data, the loss of which would be disastrous.

Member
8
1 month ago

Since the importance of data to the typical Nigerian’s life cannot be overstated, this industry is one of the most lucrative.

Member
8
1 month ago

The modernization and standardization of our data industry will encourage investment and make it possible for us to store our information in a way that ensures it will not be lost and can be located when it is required.

Member
9
1 month ago

We need to do a lot more regarding our data sector. If we protect the sector it will attract more investors with the new initiative.It also helps us to easily compute necessary information which we won’t want to get lost.

Member
8
1 month ago

Making our data sector more standardized will draw investment, enabling us to store our data so that it doesn’t be lost and can be found when needed, and attract investors.

Member
8
1 month ago

We must develop the data sector. For people to have faith in the industry, it needs to be protected more. Additionally, it enables us to quickly calculate information that we don’t want to lose.

Member
8
1 month ago

the significance of enacting a data privacy law in Nigeria, which would instill confidence in the minds of potential international investors who are interested in setting up shop in the country.

Member
8
1 month ago

Potential investors are becoming more and more curious as to whether or not Nigeria possesses a legislation on the protection of personal data.

Member
8
1 month ago

It works well that the Data Protection Bureau has been responsible for the creation of a sizeable number of jobs.

Member
8
1 month ago

It will be feasible to attract a large number of interventions that are beneficial; even potential investors will be concerned about the laws protecting their investments.

Member
8
1 month ago

We should be aware that having a law in place to protect people’s personal information is considered a global best practice;

Member
8
1 month ago

It will be feasible to attract a large number of interventions that are beneficial; even potential investors will be concerned about the laws protecting their investments.

Member
8
1 month ago

the movement currently under way to create a data protection law that will serve as a cornerstone for the country

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