“Data is the new oil and lifeblood of the digital economy”– NITDA Nexovant

The National Information Technology Development Agency (NITDA) has reiterated the critical role of data in driving Nigeria’s digital economy.

At the 2024 Digital Nigeria Innovation Challenge in Abuja, the agency’s Director-General, Mallam Kashifu Inuwa, described data as “the new oil and lifeblood of the digital economy,” emphasizing its potential to transform sectors like healthcare, security, education, and agriculture.

Represented by Mr. Oladejo Olawumi, Director of IT Infrastructure Solutions, Inuwa highlighted the importance of leveraging data for societal growth.

“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.

Leveraging data for societal change will drive us across many sectors like healthcare, security, education, agriculture and so on,” he stated.

He further emphasized the need for data sovereignty, noting that prioritizing data security and privacy is essential to building a thriving digital ecosystem that benefits individuals and businesses.

Innovation Nests

As part of its efforts to support Indigenous digital innovation, NITDA plans to establish Innovation Nests in nine states by 2025. These hubs will offer workspaces, leisure areas, and networking opportunities for startups to collaborate with investors and industry experts.

“The issue of having something home-grown is very important because when it comes to data, you would realise that data is the currency of the digital economy. It is what is driving us now, and everything is all about data,” Inuwa said

Roadmap for Digital Innovation

Inuwa outlined the agency’s commitment to fostering innovation through its Strategic Roadmap and Action Plan (SRAP) 2.0.

He explained that the roadmap aligns with NITDA’s vision to position Nigeria as a leader in the global digital economy by creating opportunities for local innovators to thrive.
He also urged participants to take advantage of the Nigeria Startup Act (NSA), which provides funding and connects startups with angel investors to help commercialize their innovations.
Ms. Victoria Fabunmi, National Coordinator of ONDI, emphasized the agency’s dedication to advancing digital innovation through strategic initiatives.
She said the challenge aligns with NITDA’s SRAP and supports the Ministry of Communications and Digital Economy’s blueprint pillars of Knowledge, Innovation, and Policy.
Prof. Kingsley Nwozor, Dean of the Faculty of Physical Sciences at Chukwuemeka Odumegwu Ojukwu University, commended the federal government for leveraging data to address national challenges.

He remarked, “During the pandemic, for instance, Nigeria used the National Centre for Disease Control’s COVID-19 microsite to share cases, updates, testing locations and vaccination progress.”

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