By Aduragbemi Omiyale
Vice President Yemi Osinbajo has called for increased collaboration between the public and private sectors in driving the digital economy revolution in Nigeria.
Addressing participants at the Nigeria Digital Economy Summit (NDES) recently, the professor of law emphasised that both sectors must find ways to ensure the right policies are in place for development.
At the event themed Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy, the VP affirmed that with the right approach and policy, as well as the country’s human capital and potential, Nigeria could actually become a world leader in digital technology.
“We must think through and develop appropriate policies and regulations that promote, rather than inhibit, innovation and commerce. We can be world leaders in the Web 3 revolution. The only limit is our vision,” he said.
On the Web 3 revolution, Mr Osinbajo said, “We are in the early days of Web 3.0. Its defining components, as we can already see, are blockchain technology, smart contracts, DEFIs (Decentralised Financing), tokens, both fungible and non-fungible tokens (NFTs); and the whole range of token economics; unlike Web 2.0 where data is mostly centrally stored. Web3.0 data will be interconnected in a decentralised way and will also be machine-readable.”
Adedapo Adesanya