FG to Regulate e-Commerce, Introduce Cyber Insurance
The federal government is set to introduce regulations to guide e-commerce operations and implement cyber insurance for users in Nigeria. This plan is part of the draft National Digital Economy and E-Governance Bill currently before the National Assembly, as seen by TechDigest.
Section 40 of the Bill states, “The National Insurance Commission (NAICOM) in consultation with the regulatory agency shall develop and issue regulations including provisions on cyber insurance to improve security in electronic commerce.”
The “regulatory agency” referred to in the Bill is the National Information Technology Development Agency (NITDA). Sponsored by the Ministry of Communications, Innovation, and Digital Economy, the Bill is currently undergoing public engagement, according to the Ministry.
The Bill also outlines specific guidelines for e-commerce platforms. Section 39 mandates that e-commerce platforms provide accurate, clear, and accessible information about their operations, including legal names, addresses, and contact details.
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It also requires clear descriptions of goods and services, as well as concise and comprehensive terms and conditions for transactions.
The proposed regulations, if passed into law, will impose stringent requirements on popular e-commerce platforms like Jumia and Konga, as well as smaller players in the industry.
During a recent media engagement in Abuja, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, emphasized the Bill’s potential to provide a legal framework and accelerate the digital economy agenda. “This bill will accelerate the progress in our digital economy because there is no clear legislation in that space,” said Tijani.
“We believe that the bill will support the growth and transformation of Nigeria’s economy through the application and the use of this technology in all facets of life in Nigeria. It will create the enabling environment for fair competition, and promote innovation, growth, and competitiveness for the Nigerian economy.”
The Bill, once passed, will be implemented across all six geopolitical zones of the country. NITDA Director-General Malam Kashifu Inuwa added that the Bill would enhance the use of the digital economy across both government and private sectors in Nigeria.
