Policies, Right Approach Vehicle For Promotion Of Commerce In Nigeria – Osinbajo

Vice President Yemi Osinbajo has affirmed that with the right approach and policy, as well as the country’s human capital and potential, Nigeria could become a world leader in digital technology.

Speaking at the Digital Economy Summit (NDES) themed “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy,”

he called for increased collaboration between the public and private sectors in driving the digital economy revolution in the country, noting 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.

He 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.”