CHALLENGES OF NIGERIA’S DIGITAL ECONOMY: WAY FORWARD
Keywords:Digital economy, Regulatory framework, Nigeria, GDP, Intellectual property, Startup
The digital economy is becoming a more important part of the global economy. The digital economy is worth $11.5 trillion globally, comparable to 15.5 percent of global Gross Domestic Product (GDP), and has risen two and a half times faster than global GDP over the past 15 years. The importance of the digital economy to a nation’s GDP cannot be exaggerated. For all its potential, the digital economy is yet a rough diamond. The paper argues that the government must act as a regulator in order for the country to fully profit from the digital potential available. To be an effective regulator, the government must endeavour to remain ahead of the curve, comprehend the nuances of this type of business, and recognise that the digital economy cannot be governed in the same way as a traditional industry. The government's involvement as a regulator may extend to areas such as intellectual property, taxation, data security, and cyber security. The study applied a conceptual, descriptive and analytical approach, relying on extant literature on the benefits and challenges in the digital economy, focusing on the participation of government to maximize the sectors’ potential. Data were collected from statutes and case laws, relevant books, journal articles, materials from periodicals in these fields and materials from the internet, all data obtained was subjected to content analysis.