Nigeria, Other Nations to Unlock $2.1 Billion in Digital Trade Through DCO Membership
Nigeria’s role in the Digital Cooperation Organization (DCO) is set to create a significant boost for digital trade, innovation, and economic growth across member nations. During its inaugural session, the DCO unveiled the Model Digital Economy Agreement (MDEA), described as a comprehensive, interoperable framework designed to guide cross-border digital trade and policy. Analysts believe this move could open new opportunities for Nigeria’s rapidly growing tech ecosystem.
The MDEA covers 12 critical policy areas, including trade facilitation, cross-border data flows, cybersecurity, artificial intelligence, e-transactions, digital payments, and small business inclusion. According to the DCO, if fully implemented, the agreement could generate an estimated USD 2.1 billion in additional intra-DCO digital trade annually—primarily in digitally delivered services. The broader impact is expected to grow as digital trade in goods and other sectors expands across member countries.
The DCO currently includes 16 member countries: Bahrain, Bangladesh, Cyprus, Djibouti, The Gambia, Ghana, Greece, Jordan, Kuwait, Morocco, Nigeria, Oman, Pakistan, Qatar, Rwanda, and Saudi Arabia. Spanning Africa, Asia, Europe, and the Middle East, these nations share a vision of fostering an inclusive and prosperous digital economy through collaboration in entrepreneurship, innovation, and youth empowerment. Nigeria became a founding member in April 2021, positioning itself as a key player in regional and global digital trade initiatives.
For Nigeria, membership in the DCO offers tangible benefits. The MDEA framework balances openness with regulatory autonomy, helping the country attract foreign investment while maintaining data protection and consumer safeguards. It also provides a platform for Nigerian fintechs, startups, and SMEs to scale across borders under harmonized rules with other member states, potentially unlocking new markets and partnerships across four continents.
The DCO’s permanent headquarters is in Riyadh, Saudi Arabia, with its supreme authority vested in the Council, comprising representatives from each member state’s communications or IT ministries. Through periodic chairmanship and collaborative policymaking, the DCO aims to create the optimal environment for inclusive digital economies where innovation, youth empowerment, and economic growth can thrive across member nations.
source: nairametrics