( 3 minutes read)
· The Nigerian Federal Government has urged the African Union Commission and all its international partners to support Nigeria’s call for creating an African Single Digital Market (ASDM)
· Quoting a study undertaken by the Oxford University, the minister said that the global digital market is valued at US$11.5 trillion dollars or approximately 16% of the global economy
· This value is expected to grow significantly over the coming years. According to the Consulting firm, Digital Economy in Africa is expected to grow to over US$300 billion by 2025
The Nigerian Federal Government has urged the African Union Commission and all its international partners to support Nigeria’s call for creating an African Single Digital Market (ASDM).
The Minister of Communications and Digital Economy, Dr. Isa Ali Pantami said that the creation of the Single Digital Market would enable the continent to gain the advantages for the continent’s 1.3 billion people. He made this statement coinciding with 2021 Global Privacy Day. The minister said that the digital economy was transforming the way societies; businesses including the business of governance are being operated and delivered services. The COVID-19 pandemic has mainstreamed the digital economy and most of the important meetings and business transactions are being held through the digital medium.
Quoting a study undertaken by the Oxford University, the minister said that the global digital market is valued at US$11.5 trillion dollars or approximately 16% of the global economy. This value is expected to grow significantly over the coming years. According to the Consulting firm, Digital Economy in Africa is expected to grow to over US$300 billion by 2025.
In the meantime, the World Economic Forum predicts that over 60% of global GDP will be digitized by 2022. Over the next decade, digital platforms will be used to create close to 70% of new value and jobs. The minister added that the launch of the National Identity Number (NIN), is a strategic and critical national effort by the Federal Government to have a credible, converged and consistent database for identity purposes. He also revealed that the Federal Government is working with relevant authorities of government to ensure Nigeria passes a well-thought out, digital-economy propelling, Data Protection Act.
