The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has called for regulations in the technology ecosystem that would advance human and infrastructural development.
This he said would unlock Africa’s great potentials in the technology ecosystem.
The DG stated this at the second edition of the annual Moonshot Tech Conference 2024 in Lagos.
Speaking on the topic, “Building Digital Economies for the World: How African Countries are Shaping their Tech Economies to Compete Across the Continent and Globally,” he highlighted the importance of balancing innovation and regulation, explaining that innovation involves turning ideas into impactful solutions.
However, he noted that while innovation thrives on creativity, regulation must act as a guardrail to ensure stability.
“At NITDA, we developed an intelligent regulatory framework that will help us understand the terrain before placing regulations. A regulation that will make us intelligent, understand what you are trying build, understand the value you are bringing to the market and dynamic because we need to create that room for people to navigate,” he stated.
Inuwa’s argument touched on the vital role of collaboration between governments and the private sector to unlock patient local capital in the continent while pointing out that Africa’s greatest asset in the tech ecosystem is its human capital.
“According to the World Bank report, by the year 2030, there would be 85 million talent deficits globally which if left unharnessed, could lead to $8.5 trillion in unrealised annual value.”
“So, in Africa, looking at our young population, we can harness that population and position ourselves to become the global talent factory to bridge this gap deficit,” he added.
The DG stressed the need for governments to enlighten people on the potential of the technology ecosystem not just for solving local problems but global challenges.
He mentioned that in Nigeria, the Nigeria Startup Act was co-created with the tech ecosystem with a focus to encourage venture capital, registration of innovation hubs and forming a council to promote local capital investments.
While calling for a collective action to strengthen Africa’s digital economy, Inuwa averred that “we need to build the digital infrastructure that will allow us to share content within Africa and foster data flow across borders.”