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Experts Urge Review of Blockchain, Fintech Regulations

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Experts and entrepreneurs in the digital space have called for a critical review of Nigeria’s digital economic regulations to meet up with other progressive economies.

The professionals, who spoke at the 2022 Legal Business conference in Lagos, said these digital sectors included blockchain, crypto and fintech innovation.

According to a statement, the professionals in the fintech and blockchain subsector of the financial industry said Nigeria was losing billions of naira owing to its inability to explore and maximise myriads of opportunities inherent in the digital world like other economies.

On Nigeria’s imprudence and underutilisation of the digital space, the President, Stakeholders in Blockchain Technology Association, Senator Ihenyen, said that in a global digital economy worth $3tn, Nigeria’s digital sector currently contributed 16 per cent to the Gross Domestic Product (according to the Ministry of State, Budget and National Planning).

Ihenyen said that although the US digital economy accounted for half of that amount in the US GDP, the US GDP was over $20tn compared to the Nigeria’s GDP of just about $440bn currently.

Considering Nigeria’s huge youth population, the rate of entrepreneurship and innovation in the country, its growing tech ecosystem and strategic position in the African market, he said Nigeria’s potential remained high but considerably underutilised and unharnessed.

He said, “While what Nigeria has lost due to our inability to explore the digital space may not be quantified in monetary value, it is not unsafe to say that Nigeria has lost at least the size of its current GDP to its inability to leverage the digital economy for significant economic growth and development.

“Thus, to fully digitise and digitalise Nigeria, Nigeria needs to get five things right: One, invest in digital infrastructure, including broadband connectivity in both urban and rural areas.

“Two, Nigeria must invest in both public and private digital platforms to support digital services and ecommerce. Three, we must invest in digital financial services in order to boost financial inclusion.

“Four, we must invest in digital skills through massive capacity-building programmes targeted at its teeming youths. Lastly, invest in policy development that will encourage and support digital entrepreneurship and innovation across sectors of the economy, not stifle it,”

Speaking on opportunities inherent in the digital space for lawyers, the Convener and Founder, Legal Business Network, Ifeoma Ben, said the advent of technology had opened up vast opportunities through which legal luminaries could offer 21st century services to clients, only if they would run alongside with the speed of time.

 


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E-Business

FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

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Federal government has inaugurated the Electronic Pharmacy Regulation Platform (E-Pharmacy) to enhance the safety of online healthcare services.

FG Unveils ePharmacy Platform to Regulate Digital Pharmaceutical Services

Pic credit….healthreporters.info

The platform, championed by the Pharmacy Council of Nigeria (PCN), is designed to regulate digital pharmaceutical services and improve public health outcomes.

Inaugurating the platform, Prof. Ali Pate, coordinating minister of Health and Social Welfare, said the initiative signified Nigeria’s commitment to building a world-class regulatory environment.

Pate noted that pharmacy regulation had faced significant challenges for over three decades but expressed optimism that the new platform would strengthen oversight and accountability.

He said the initiative would enable evidence-based monitoring of pharmaceutical practices while supporting innovation and investment in the health sector.

“This launch is a testament to our collective commitment to advancing technology in the service of health, safety and human dignity.

“It is a decisive step to ensure that pharmaceutical practice in Nigeria aligns with national and global health priorities, reflecting the realities of the 21st century.

“It enables the country to adopt evidence-based approaches to monitoring and protecting public health while supporting innovation and investment,” he said.

The minister added that the platform would help establish a safe, accessible and well-regulated national e-pharmacy ecosystem driven by digital technology.

Earlier, Alhaji Ibrahim Ahmed, registrar/chief executive officer of PCN, said the need to regulate online pharmacy operations became more urgent during the COVID-19 pandemic.

Ahmed said the pandemic accelerated the adoption of digital tools and e-commerce in healthcare, exposing longstanding inefficiencies in pharmaceutical supply chains, particularly in Africa and Nigeria.

“This has led to the increasing adoption of digitised distribution of essential medicines through cost-effective and technology-enabled models.

“For decades, PCN has regulated pharmacy education, training, practice and business in Nigeria. However, as the world shifts towards digital solutions, access to medicines has evolved.

“The Electronic Pharmacy Regulations 2026 provide a comprehensive legal and technical framework for the registration, licensing, operation and oversight of digital pharmaceutical services,” he said.

He added that the framework would ensure that ethical standards and patient safety are not compromised in the delivery of online pharmaceutical services.


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Flutterwave Targets Anambra as South-East Tech Hub

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Olugbenga Agboola, CEO, Flutterwave, has announced plans to establish Anambra State as the company’s hub for Nigeria’s South East, leveraging a fresh banking license from the Central Bank of Nigeria (CBN) to boost local fintech and businesses.

Flutterwave Targets Anambra as South-East Tech Hub

Flutterwave

Agboola made the disclosure yesterday in Awka during a meeting with Anambra tech community leaders, hosted alongside Dr. Stanley Uzochukwu, CEO, Stanel Group and proprietor, Delborough Hotel.

He highlighted Flutterwave’s status as Africa’s leading payment system, born in Nigeria, with infrastructure powering companies nationwide.

“We want Anambra to be our hub for the entire South East,” Agboola said. “We’ll deploy our systems, fees, infrastructure, and POS terminals to every small business and large firm here, making our services the top consumer choice.”

Agboola pledged a massive impact program for Anambra entrepreneurs to foster global platforms from the state, enabled by the new license for faster growth.

For a decade, Flutterwave has facilitated payments, but now aims to empower South East businesses through partnerships, POS access, loans, and value for SMEs.

“We’re partnering on a huge impact program launching soon—impacting the tech community with technology, financing, and lending to create more millionaires from this city,” he added.


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NESREA, ACMTI, Others Launch Carbon Utilisation Initiative in Nigeria

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The National Environmental Standards and Regulations Enforcement Agency (NESREA), in collaboration with the Africa Carbon Management Technology & Innovation (ACMTI) and the Clean Energy Ministerial Carbon Capture, Utilisation and Storage Initiative (CEM-CCUS), has launched a Carbon Capture, Utilisation and Storage (CCUS) Initiative Platform in Nigeria.

Speaking at the launch in Port Harcourt, Rivers State, Prof. Innocent Barikor, the Director-General of NESREA, described the project as a major milestone in Nigeria’s journey toward environmental sustainability, climate resilience, and industrial transformation.

Barikor explained that the CCUS solution provides an economically viable pathway for industrial decarbonisation by enabling the capture, storage, and utilisation of carbon in sectors such as beverage production, cement manufacturing, chemicals and fuels, enhanced oil recovery, and agriculture.

“We need to reduce carbon in the atmosphere to acceptable levels. Its utilisation offers opportunities to capture and store carbon and deploy it for industrial purposes. We are building a circular economy—turning environmental challenges into economic opportunities in line with regulatory provisions,” he said.

He noted that the CCUS Platform is a collaborative ecosystem designed to bring together key stakeholders, including government institutions, industry leaders, academia, technology developers, development partners, and investors.

Also speaking, the Vice-Chancellor of the University of Port Harcourt, Prof. Owunari Georgewill, commended NESREA for the initiative, describing it as a practical mechanism for coordination, innovation, and action toward Nigeria’s 2035 climate targets and broader energy transition goals.

He added that the university is well-positioned to host the CCUS initiative, noting that its Energy Technology Institute has developed credible expertise in energy transition-related fields critical to the success of CCUS in Nigeria.

On his part, the Coordinator of ACMTI and Facilitator of the Carbon Technology Innovation Platform (CTIP), Dr. Richard Victor Osu, said the vision is to position Nigeria as a regional leader in carbon management technologies while contributing meaningfully to Africa’s climate commitments and global decarbonisation efforts.

Osu explained that Port Harcourt was selected due to its potential as a CCUS hub, adding that the platform will focus on advancing research and innovation, building technical capacity, promoting public-private partnerships, attracting investment, and fostering collaboration with international research and technology partners.

Juho Lipponen of the CEM-CCUS Initiative assured that the organisation would support Nigeria in prioritising CCUS in clean energy discussions, strengthening carbon management deployment programmes, boosting partnerships, facilitating financing solutions, and promoting positive narratives around carbon utilisation.

The event attracted participants from the United States, France, Brazil, Canada, the United Arab Emirates, and the United Kingdom, who shared insights on the initiative.

Also in attendance were representatives of the National Oil Spill Detection and Response Agency (NOSDRA), the National Council on Climate Change (NCCC), the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the Rivers State Ministry of Environment, as well as private sector stakeholders and development partners.


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