She said huge economic potential awaits Nigeria and others if they can key strategically into the region’s digital economy, stressing that this has been propelled by the African Continental Free Trade Area agreement.
As such, Shyllon, who spoke as a panelist at a telecoms forum in Lagos, said implementing AfCFTA would help usher in the kinds of deep reforms necessary to enhance long-term growth in African countries. She disclosed that the lack of harmonisation of various trade policies in the region would be a major setback to reaping the benefits
“Free flow of data across the region is essential to boost trade. While data must be protected, a restricted data ecosystem would be a very big problem for Nigeria and others. Data kept at stagnation doesn’t make it valuable until it is used,” he stated. Concurrently, Olatunji said the global data economy is estimated to be valued at $3 trillion, stressing that data has emerged as a critical strategic asset for fostering both individual and societal value.
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