THE IMPERATIVES OF FRAMEWORK REFORM IN THE DIGITAL ECONOMY OF NIGERIA

Résumé

Developments in Information and Communication Technology, increasing mobile telephony and internet penetration, and the emergence of new technologies such as Artificial Intelligence and block-chain have radically revolutionized the manner of transacting businesses and providing services in Nigeria. E-commerce, digital payment platforms and online services are rapidly displacing traditional commerce and traditional payment systems. Digital technologies have introduced diverse innovations and have obliterated, albeit, borders imposed on commerce under the traditional economic system, but has expanded the Nigerian economy, enhanced transactional efficiency, and created opportunities for employment and digital skills development. At the same time, these innovations have precipitated new legal challenges that seem to have outpaced extant law, making legal reform a desideratum. The paper therefore, critically examined the holistic ramifications of the subsisting digital economy in Nigeria as well as analyzed gaps in extant law capable of undermining the effectiveness of e-commerce, erode confidence in digital payment systems, and expose the digital economy and players therein to legal uncertainties, abuse, fraud, and privacy breaches. The authors further argued that given the hurried pace of development in the Nigerian digital economy ecosystem, certainty and currency in the law are necessary for enhancing confidence, minimizing disputes and ensuring legal predictability. The paper concluded with prescriptions for legal reforms for filling identified blanks in the law and for strengthening the Nigerian economy for growth and development.