August 4, 2023 2:06 PMDigital free trade zones allow companies to establish digital hubs, open businesses virtually, and enjoy tax incentives. Currently, in Nigeria, there is no specific legislative enactment that accommodates the business needs of technology companies in a digital free trade zone. Aside from this, some existing arbitrary policies on technology in Nigeria could discourage foreign investors and technology giants from investing in the country’s digital free zone.
Right-of-way charges are fees telecommunication companies pay to install fibre optic cables. Drastic reduction of right-of-way fees will reduce the burden of installing fibre optic cables and encourage telecommunications companies to invest more in fibre optic cable installation. Tax incentives will have a similar effect and make the installation of digital infrastructure cost-effective for private sector participants.
Additionally, Nigeria should retract economic directives that impede digital trade. For instance, the Central Bank of Nigeria should adjust its stance on cryptocurrency. The Central Bank of Nigeria’s current stance on cryptocurrency portrays poor knowledge of the use cases of cryptocurrency and blockchain technology in general.
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