Stakeholders in the telecoms industry have rejected the new National Digital Economy and E-Governance Act 2024, saying it does not represent the views of he industry.
They also condemned the $18.3 billion projected to be generated by the bill for national economy, stating that the statement had no substance. Sources among the industry associations claimed that the bill was single-handedly sponsored by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, without consulting any stakeholder.
According to them, the bill will destabilise the evolving digital economy rather than building it. Also, sources from the regulatory bodies said the minister was sponsoring a bill to produce mega digital economy regulator that will crush NCC, NBC, NITDA, and others.
Following the first reading of the bill by the House of Representatives, the minister had said the passing of the Digital Economy and E-Governance Bill would fast-track economic transformation in Nigeria.
According to him, as reported by New Telegraph, the bill will spur the growth and transformation of Nigeria’s economy through the application and use of digital technology in all facets of life.
The bill, said to be sponsored by the Chairman of the House Committee on Digital and Information Technology, Adedeji Olajide, aims to provide a legal framework for the development and regulation of the digital economy and egovernance in Nigeria.
The bill is also to ensure that digital documents are recognised and are admissible in the courts and will address the issue of the originality of documents, provide a framework for digital contracts and digital signatures, and ensure that the rights of consumers are protected when they purchase items online.
The minister noted that the digital economy sector in Nigeria was projected to generate about $18.3 billion for the Nigeria’s economy, an indication of the sector’s critical role in the country, adding that the bill which is in its second reading will enhance its capacity and attract more investment.
He said the digital economy sector was the backbone of any economy. According to him, Nigeria is one of the top two destinations for capital and foreign direct investment on the African continent, adding that the bill would accelerate the progress in the nation’s digital economy sector.
He stated that the content of the updated bill, which is the first of its kind, would be available by July 23, 2024, amid efforts to sensitise the public across the states on the objectives and benefits of the bill.
He said: “We promised to support this bill and we hope that it will be the first to travel across the entire country. It is also supported by the World Bank; therefore we have to ensure that we take this bill to every state in Nigeria.”
He said the Nigerian digital landscape was replete with thriving indigenous companies that fall within the classification of companies that are worth a billion dollars.
“The bill has the potential to unlock opportunities and raise productivity in every other sector. If the digital economy is strong, it will catalyse development and progress in for instance education. We can use technology to better educate our people to create jobs for our young people.
“The bill is important for all of our people and we want to allow them to review it. We believe in the bill. This bill will create the enabling environment for fair competition, to promote innovation, growth, and competitiveness for the Nigerian economy.
“Nigeria is the future of the world because of our young population, but we must strengthen the digital sector with more investment,” the minister said.
Meanwhile, the stakeholders, who faulted the bill, urged the National Assembly to stop it, claiming that the bill possessed existential threat to their operations.
They said: “At a time we have started losing revenues, a new mega bill and mega agency is to be created again with power to control existing Acts establishing NCC, NBC, and others, while also introducing news taxes, charges and levies, thereby worsening the perennial issues of multiple taxation and regulations which constitute a disincentive to investment inflow into the sector.”
They also condemned referring to the bill as an Act without being passed into law. “Unfortunately, the document is already being called an ‘Act’ from the title given to it, even before it is passed into an Act,” they lamented.