Nigeria data protection ecosystem now worth over N10 billion – NDPC

Date:

June 13, 2024.

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Azonuchechi Chukwu.

The Nigerian government says the value of its Data Protection Ecosystem has grown from N6.5 billion naira to over N10 billion naira in 2024.

The National Commissioner, Nigeria Data Protection Commission, NDPC, Dr. Vincent Olatunji disclosed this at a media parley in Abuja, Nigeria’s capital to mark the one-year anniversary of the enactment of the Nigeria Data Protection Act, 2023 (NDP Act).

Olatunji attributed the growth to the multiplier effects of the legislation.

The Nigeria Data Protection Bill was signed into law by President Bola Ahmed Tinubu, on the 12th of June, the Act establishes the legal framework for the regulation of personal data in Nigeria.

The law establishing the NDPC to replace the NDPB was introduced. The Commission is expected to protect citizens’ private information and be independent.

He underscored that the initiatives of the Commission have led to a significant increase in the levels of compliance with the Nigeria Data Protection Act in both the private and public sectors.

“When we started, the levels of compliance within the private sector was about 49 percent while the public sector was 4 percent. But today, private sector compliance is above 55, while the public sector has reached 15 percent.

“The nation’s data ecosystem is now worth over N10 billion and the commission considers it imperative to ensure that citizens’ data are safe, secure and protected in line with global best standards and practices.”

According to the NDPC boss, capacity building, awareness raising, and stakeholder engagement have raised the bar for compliance within the ecosystem.

He also disclosed that the Commission has generated N400 million Naira from sanctions against companies and institutions that committed data privacy violations in the past one year.

Olatunji said that four major banks and three other institutions faced fines totalling the amount generated, adding that the Commission received about 1,000 reports of breaches of citizens’ data within the same year from financial institutions, schools, insurance companies, and consultancy firms among others.

He also said there are ongoing investigations concerning data infractions.

The National Commissioner, who decried the low level of reports on data privacy violations in Nigeria, noted that awareness is still a major challenge in the country adding that more investigations on data privacy infractions were ongoing.

He further said Nigeria is now at the forefront of the activities of the Global Data Assembly due to the Data Protection Act 2023 and the impact of the data ecosystem on the national economy as nations like Kenya, Ghana, China, Singapore, and Malaysia, among others now share experiences with Nigeria.

“The Data Protection Act 2023 is a major milestone for Nigeria. Mr President laid our apprehension to rest when he signed the Act on June 12, 2023.

“It was a major turnaround for the industry. Now the data ecosystem is beyond everybody because it is a global phenomenon due to the impact of technology.

“In terms of jobs and wealth creation, promotion of tourism, perception and attraction of foreign direct investments into Nigeria, we have taken a leapfrog and even overtaken some countries.

“And that’s why Nigeria was given the hosting right for 2024 All African Data Protection Commission’s and Institutions. About 30 countries will be here next year for the event.”

He mentioned that the Commission has finalised plans to train 10,000 public servants in responsible data management. Additionally, approximately 1,000 data protection officers and processors, including journalists, are set to undergo training facilitated by the NDPC.

In his remarks, the Project Coordinator of Nigeria Digital Nigeria Digital Identification for Development (ID4D), Musa Odole Solomon commended the NDPC boss and his team for the achievement recorded with in the last one year in the Nigeria Data Ecosystem.

He also pledged the continuous support of the ID4D to the commission in achieving its mandate and for Nigeria to achieve a Digital Identity for all citizens.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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