Lagos, Nigeria – At the 19th Annual NBA-SBL International Conference, legal and technology leaders issued a stark warning: Nigeria risks falling behind in the global digital economy without immediate reforms to modernize its data protection laws, fintech regulations, and AI governance frameworks.
Key Calls to Action
1. Data Protection Overhaul
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Current Gap: Nigeria lacks a comprehensive Data Protection Act, relying on outdated guidelines.
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Expert View (Yemisi Diya-Salawu, IHS Towers):
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“We draft contracts with EU-style data clauses because local laws are inadequate. This is unsustainable.”
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Urged creation of specialized tech courts to fast-track digital disputes.
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2. Fintech & AI Regulation
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Fragmented Oversight: Misalignment between CBN, SEC, NCC stifles innovation.
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Oswald Guobadia (DigitA): Proposed “Big Ten” collaborative model for regulators, lawyers, and startups to co-create policies.
3. Legal-Tech Integration
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Uzoma Dozie (Sparkle): “Data is the new oil—but without trust, it’s worthless.”
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Stephanie Brown (UK Law Society): Advocated Nigerian equivalent of LawTech UK to bridge legal-tech gaps.
Why This Matters
Global Lag: Nigeria’s 5G rollout delays and absence of AI laws put businesses at a disadvantage.
Economic Impact: Poor regulation deters foreign tech investments.
Judicial Burden: Judges lack expertise to rule on crypto, AI copyright, or fintech cases.
Quotable Insights
*”We’re not just playing catch-up—we’re being lapped. A startup today needs 10 lawyers to navigate our regulatory chaos.”*
– Oswald Guobadia
“Your contract must anticipate tech Nigeria hasn’t adopted yet. That’s the reality.”
– Yemisi Diya-Salawu
Proposed Solutions
Pass the Data Protection Bill (stalled since 2023).
Launch Tech Courts (modeled after Dubai’s AI & Blockchain Tribunal).
Align CBN/SEC/NCC policies under a Digital Economy Commission.
