Nigeria’s Data Protection Market Exceeds N5.5Billion Valuation 

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…Pantami optimistic privacy law will boost investors’ confidence

Nigeria’s data protection market is now valued in excess of N5.5 billion as Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami expressed confidence that a data protection law will boost investors’ confidence in the sector.
A data protection bill was recently been approved by the Federal Government as an Executive Bill for legislative action by the National Assembly.
Pantami who spoke in Abuja, this weekend, at a media meet organised by the Nigeria Data Protection Bureau (NDPB) to kick-start National Privacy Week, said the week-long activities by the NDPB are designed to join the global community in raising awareness on the International Data Privacy Day.
According to him, Nigeria was the first African country to join the developed countries in celebrating International Data Privacy Day to underscore its commitment to privacy issues and the growth of the sector.
Nigeria’s data protection sector has recorded tremendous growth in the last few years, requiring legal guidance to protect investors, and ensure its sustainability and global best practice, the minister said.
His words: “As of today, the data protection bureau has created many jobs by 2022. Its value of it today is around 5.5 billion naira in Nigeria.
“It is a global best practice to have a data protection law in place, otherwise you will find it difficult to attract so many interventions that benefit your country. Secondly, even potential investors today may ask whether you have data protection laws in your country. If you don’t have any data protection law in place they will feel uncomfortable coming to your country and investing because today, data is critical.”
Data protection law has become a barometer for the global community to measure countries’ readiness for digital economy investments, the minister stressed.