Nigeria Joins World Bank And WTO To Boost Digital Trade

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To enhance digital trade and cross-border data services in the nation, the World Bank and World Trade Organization (WTO) will collaborate with the National Information Technology Development Agency (NITDA).

NITDA’s Director General, Mal. Kashifu Inuwa, revealed this information in a statement and said that the partnership intends to use technology to promote economic growth and diversification in line with governmental priorities.

He states that the partnership’s main goal is creating a strong regulatory framework. In order to protect electronic signatures, NITDA is creating a National Public Key Infrastructure (PKI) and streamlining current rules. A complete measure pertaining to the digital economy is currently being drafted, which will include regulations and an electronic signature system.

Recognizing the potential of blockchain technology, NITDA is crafting a broader policy focused on smart contracts. This will enhance the security and efficiency of digital transactions.

Nigeria’s Data Strategy aims to strike a balance between data protection and open data access. This will foster innovation and data-driven decision-making across the country.

NITDA welcomes collaboration with individuals, organizations, and experts to refine and implement these initiatives. This collaborative approach will optimize Nigeria’s digital landscape.

The World Bank is actively involved, conducting a digital trade regulatory gap analysis and offering support to propel digital trade and cross-border data services in Nigeria.

Speaking earlier on behalf of the delegation from the World Bank and the World Trade Organization, Mr. Aleksandar Stojanov shared their initial findings from the digital trade regulatory gap analysis conducted by the World Bank on the continent, particularly in Nigeria, and how regulations can play a critical role in enhancing it.

He, however, gave assurances of the World Bank’s eagerness to collaborate with and support NITDA in propelling digital trade and cross-border data services.

Overall, this partnership signals Nigeria’s commitment to harnessing the power of digital technologies for a more robust and diversified economy.

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