Data Is New Oil,lifeblood Of Digital Economy, Says Nitda

The National Information Technology Development Agency NITDA has underscored the critical role of the digital economy's success, emphasizing that it must be nurtured to flourish.

At the 2024 Digital Nigeria Innovation Challenge in Abuja, NITDA's Director-General, Mallam Kashifu Inuwa, highlighted that data is the "new oil and lifeblood of the digital economy," stressing its transformative potential in sectors such as healthcare, security, education, and agriculture.

Represented by Oladejo Olawumi, Director of IT Infrastructure Solutions, Inuwa pointed out that data, unlike traditional resources, is reusable and inexhaustible. "Data is the new oil and lifeblood of the digital economy. It is reusable and inexhaustible, and you can have access to it if given the licence," he explained. He further emphasized that harnessing data could drive societal progress across various sectors.

Inuwa also highlighted the importance of data sovereignty, stressing that prioritizing data security and privacy is crucial to building a robust digital ecosystem that benefits individuals and businesses.

In support of local digital innovation, NITDA plans to establish Innovation Nests in nine states by 2025. These hubs will provide workspaces, leisure areas, and networking opportunities for startups to collaborate with investors and industry experts. Inuwa noted that fostering indigenous innovation is crucial, particularly in the realm of data. Data is the currency of the digital economy. It is what is driving us now, and everything is all about data, he said.

Inuwa also outlined NITDA's commitment to promoting innovation through its Strategic Roadmap and Action Plan SRAP 2.0, aligning with the agency's vision to position Nigeria as a leader in the global digital economy. He encouraged local innovators to take full advantage of the Nigeria Startup Act NSA, which offers funding and links startups with angel investors to support the commercialization of their innovations.

Ms. Victoria Fabunmi, the National Coordinator of ONDI, reiterated the agencys commitment to advancing digital innovation through strategic initiatives. She added that the Digital Nigeria Innovation Challenge aligns with NITDA's SRAP and supports the Ministry of Communications and Digital Economy's pillars of Knowledge, Innovation, and Policy.