Nigeria’s Deputy Speaker, Benjamin Kalu, has cautioned that delaying digital trade reforms could leave Nigeria and Africa behind in the global economy.
Speaking at the World Trade Organization (WTO) Inter Parliamentary Union (IPU) Steering Committee session in Geneva, Switzerland, Kalu emphasized the importance of parliament’s role in driving digital transformation through lawmaking, advocacy, and oversight.
Kalu noted that the world has shifted towards digital trade, and Nigeria must follow suit to reap its economic benefits. “The world has already moved in this direction, and any delay risks leaving us behind while others surge ahead,” he said. The Deputy Speaker highlighted Nigeria’s progress in passing laws related to digital trade, including the Nigeria Data Protection Act of 2023 and the forthcoming National Digital Economy Bill.
However, Kalu stressed that embracing digital trade is not enough; its value must be communicated to those who need to use it. Many Nigerians, particularly in traditional industries, are yet to realize the benefits of digital trade, such as simplified transactions, expanded markets, and increased value. Parliament’s role is crucial in creating awareness and building public confidence through debates and lawmaking.
To succeed in digital trade, Kalu emphasized the need for synergy across African countries, particularly in implementing the African Continental Free Trade Area (AfCFTA). He proposed a legislative toolkit to monitor parliaments’ progress in addressing digital trade and advocated for stronger legislative scrutiny to ensure sound laws are made and implemented promptly.
The Deputy Speaker’s warning comes as Nigeria and other developing economies face the risk of being left behind in the fast-growing global digital trade economy. WTO Director General, Ngozi Okonjo Iweala, has also cautioned that Nigeria risks missing out on the $4.25 trillion digital trade market if it fails to address its poor internet connectivity and infrastructure deficits.
Kalu’s call to action highlights the importance of digital trade in Africa’s economic future. By embracing digital trade reforms and investing in digital infrastructure, Nigeria and Africa can unlock new economic opportunities and drive growth.