Stakeholders Urged to Develop Data Economy Strategies to Drive $18.3bn Digital Economy

In a crucial address at the IoT West Africa 2026 Conference, the Nigeria Data Protection Commission (NDPC) has sounded a clarion call to industry stakeholders: it is imperative to forge robust data economy strategies. The goal is clear – to harness the immense potential of our digital landscape and achieve the projected $18.3 billion digital economy value by 2026, a figure expected to double within five years. This is not merely about technological advancement; it's about economic self-sufficiency and global competitiveness.

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Data infrastructure and Cloud IoT, among others, are the technologies that are driving key economic trends globally that we have actually witnessed over time.

Dr. Vincent Olatunji, National Commissioner/CEO of NDPC, emphasized that the digital economy is the undisputed engine of global growth. Its contribution to the world economy is staggering, projected at $28 trillion in 2026. For Nigeria, this sector represents a significant opportunity, with projections indicating it will contribute approximately 20% to our GDP. Technologies like data infrastructure and Cloud IoT are the bedrock of this transformation, enabling the digital business models and services that are reshaping industries worldwide. We must invest in these enablers to fully participate in and benefit from this global digital revolution.

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What the world is driving at now is to develop data economy strategies that will drive all sectors of the economy.

While the surge in data generation in Nigeria, growing over 90 times in the last 15 years, is a testament to increased internet penetration and mobile phone usage, it also brings challenges. Dr. Olatunji rightly pointed out the alarming rise in cybercrimes, with Nigerian organizations facing over 4,000 attacks weekly. This underscores the critical need for enhanced data protection measures and cybersecurity strategies alongside economic development. As ThisDay, a leading voice in Nigerian business and technology, we recognize that building a strong data economy requires not only innovation and investment in infrastructure but also a steadfast commitment to security and ethical data governance. Our unique perspective is that while the global narrative focuses on the economic value of data, for Nigeria, it is also intrinsically linked to national security and the protection of our citizens in the digital space.

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Data infrastructure is a critical infrastructure that we can’t do anything without making investments.