During the 17th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Lagos, experts in the Nigerian technology ecosystem emphasized the importance of government interventions to create an enabling atmosphere for technology to thrive. They stressed the need for common-sense regulations that support innovation without stifling growth.
The panel discussion titled “The Impact of Emerging Technologies and Digital Transformation on the Nigerian Business and Legal Environment” featured notable industry figures who highlighted technology’s role as an enabler for various critical sectors of the economy. Leveraging technology optimally is seen as crucial for the country’s development.
Some key issues discussed included the cost of digital transformation, closing the digital divide between different segments of society, developing relevant infrastructure to support digitalization, and establishing a strong link between technology and the government’s role in society.
The panelists shed light on various aspects of digital technology from social, business, and regulatory standpoints. Topics included the feasibility of removing middle players in payment transactions, the role of digital tech in healthcare delivery, and the importance of investing in personnel competence to manage relevant technology effectively.
Additionally, the experts addressed the balance between utilizing technology for efficiency and the need to protect human jobs from being displaced by technology. They stressed the importance of government, particularly the National Information Technology Development Agency (NITDA), leveraging technology to deliver services while implementing regulations that foster innovation.
The panelists urged constant engagement between tech companies, regulators, and market players to develop regulations that elevate the industry. They also emphasized the significance of market players being well-versed in tech-related regulations, not just in Nigeria but also in other jurisdictions worldwide.
The call for government intervention and sensible regulations underscores the potential of technology to drive economic and social progress in Nigeria. By creating an environment that nurtures innovation, the country can harness the full benefits of technology in various sectors and foster sustainable growth.