Chief executive officer of American Business Council (ABC) Margaret Olele has said the data protection bill before the National Assembly will foster innovations and energize Nigeria’s economic growth it is eventually passed into law, with a potential to create a fertile environment for innovation to thrive.
She stated that cross-border data flows enables secured and more efficient logistics and tracking, while cutting down on manufacturing costs and wastes.
The ABC boss is optimistic that the lawmakers will see the many benefits the bill holds for data flows, investment climate and economic advancement, in line with the nation’s inclusive economic drive.
“I will say that we do not expect to have fears, in fact, I do not think we have fears as a council that works with over 70 US companies and working closely with different stakeholders to ensure that we have social, economic and relevant system for the private sector to thrive as well as the country,” workshop on cross-border data flows and the impacts to the Nigerian economy. The event was jointly organised by ABC and Microsoft.
Cross-border data protection laws are made to ensure the safe movement of electronic, personal data across the globe.
Also Microsoft’s director of corporate external and legal affairs, Africa regional cluster, John Edokpolo said the workshop was very significant for any nation that is looking to digitally transform its economy like Nigeria, saying it was crucial to build trust in the digital ecosystem.
“And one of the ways to build trust is to make sure that you have the enabling regulatory framework to ensure that people when they adopt technology, they use it for their businesses, they are responsible in the way that they collect data and how they use it. It’s also important for citizens just to have the confidence that the government is interested in protecting their data, which is a source for everyone,” Edokpolo said.
He told the audience at Transcorp Hotel that the bill, when passed into law will not stifle innovation but will rather create cross border data flows and create economic development for the country.
He expressed worry that passage of the bill could be challenged by the short time in the lifespan of the current assembly. However, Edokpolo said it’s possible for the bill to be passed into law “if the government has the will to get it done. So lastly, from you what are your recommendations this year? Yeah, so my recommendations, first of all, speak as as a Nigerian, you know,