Telecom
Our Regulation will Not Stifle Innovation, Inuwa tells Stakeholders
Kashifu Inuwa, director-general, National Information Technology Development Agency (NITDA), reassured stakeholders that the agency’s regulations are not intended to stifle innovation but rather to foster growth and development in the digital space.
Inuwa made this remark during a Panel Discussion at the Business Day CEO Forum 2023 on ‘Charting a Course to Growth and Development’ which took place at Eko Hotels and Suites, Victoria Island, Lagos State.
The DG said that,NITDA’s regulations are designed to promote innovation by creating a level playing field for all players in the digital ecosystem, adding that the agency is committed to working with stakeholders to ensure that the regulations are implemented in a way that does not stifle innovation.
He said, NITDA as a regulator, is aware of the environment, technologies, and innovations by being intelligent in the way it regulates not stifle innovation, but rather to create a market for businesses to grow.
Inuwa acknowledged that while regulation is necessary, it should not impede the progress of innovation and hinder the growth of Startups and technology-driven businesses, as they strive to strike a delicate balance between enabling innovation and safeguarding the interests of consumers, investors, and the general public.
He noted that NITDA’s framework takes into account both rule-based and non-rule-based regulations, which according to him, the latter approach is favoured by the government, as it allows for collaboration with industry stakeholders to develop the sector and formulate recommendations for compliance.
He opined that there is need for flexibility in regulations, acknowledging that policies may need to be withdrawn and substituted if they are not effective in supporting the ecosystem.
“At NITDA, any intervention is designed to influence business, social and market behaviour, and we have four objectives for any regulatory instrument we are issuing” Firstly, it must create a market or domesticate access to products and services; Secondly, it must protect consumers; thirdly, it must enable innovation; and fourthly how it can improve service delivery.
“The Agency has in place diverse regulations and Policies like the Blockchain Policy, Artificial Intelligence Policy and the Nigeria Data Protection Regulation (NDPR), though NDPR has evolved into a full law and a Commission was established and is now in charge of data regulation, which our regulatory role gave birth to,” he said.
While quoting the Korn Ferry report, the DG said by 2030, there will be a global human talent shortage of more than 85 million people, or roughly equivalent to the population resulting in 8.5 trillion USD unrealised annual revenues.
“As we are moving towards digitisation, talent and knowledge-based economy, a company is as good as its next product and the next product is as good as the people who make it.
“We need to learn how to attract, retain and harness talent. Talent is the human component and a huge market for the advancement of the country.
The DG added that Nigeria with her young population, can seize the opportunity and position herself to become the global talent factory because she has proven that in sports, music and film industry.
Inuwa said the same can be done in technology and data, particularly cybersecurity, because cybercrime is the biggest venture in the world today according to Cybersecurity Ventures Magazine, which reported that cybercrime will cost the world about 8.1 trillion USD, which is bigger than all crimes combined.
“So, as you digitise, cybersecurity is pivotal, you need to look into your cyber hygiene, build confidence and trust for your users” he added.
The DG stated that NITDA is working towards establishing Public Key Infrastructure (PKI) which is aimed at helping to build trust and confidence for all its digital services, bringing about growth and development thus attracting Foreign Direct Investments (FDI).
The event was honoured with the presence of the Chairman of the African Development Bank (ADB), Dr Akinwumi Adesina, Governor of Edo State, Mr Godwin Obaseki, Governor of Jigawa State, Alh. Umar Namadi, CEO of MTN Group, Mr Ralph Mupika, Chairman, Shell Companies Nigeria, Mr Osagie Okunbor and many other dignitaries.
The need for Nigeria to think outside the box in its need to drive towards global relevance with innovations and scientific developments will be on the front burner at the NITRA Innovative & Scientific Conference scheduled to hold on Thursday July 23, 2026 in Ikeja, Lagos.
NITRA
The Nigerian Communications Commission (NCC) will lead other delegates to discuss and take far-reaching decisions at the event, which has its theme as “Bridging Nigeria’s Digital Divide With Scientific Innovation”.
Other companies that have indicated interest in partnering with NITRA include mobile communications company, Tecno; Africa’s premier end-to-end AI solutions company, Hyperspace; and telecommunications data infrastructure company, Digital Realty.
Speaking on the proposed event, the Chairman, Nigeria Information Technology Reporters Association (NITRA), Chike Onwuegbuchi noted that the event will seek to create a platform for government and private organisations to deliberate on policies around scientific innovations in Nigeria, challenges, place of indigenous and foreign collaboration, roles of each stakeholder, and grassroots development in that regard, among others.
According to him: “The Federal government, with series of programmes and partnerships, has established the urgent need to create an ecosystem that thrives on scientific innovation, breeding institutions and individuals with a target of placing the country at the fore-front of Next-Gen development.
It is a known fact that digital and scientific innovations are crucial, not only to the survivability of a nation, but also to the sustainability of its growth and development, with significant effect on economic strength, global image, defense and security, government capabilities to function, and public health and safety, communication and digital footprint, among others.
The federal government is actively driving scientific innovation to foster economic diversification and build a $1 trillion economy by 2030. Efforts are heavily focused on commercializing research, establishing massive research funds, and funding strategic infrastructure, particularly in technology, biotechnology, and healthcare. Core government initiatives and policies include the newly instituted National Research and Innovation Development Fund (NRIDF), which aims to mobilize about $500 million annually to support research and the commercialization of scientific outputs; and the Nigeria Genomic City, a multi-ministerial initiative aimed at transforming Nigeria into a leading hub for genomics, precision medicine, and biotechnology. It is designed to protect indigenous data, stimulate artificial intelligence in health, and develop a highly skilled scientific workforce.
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum will also be a vehicle to propagating the views of decision makers to the public, thereby furthering the cause of public awareness and information dissemination on the topic.
The focus, he said will be on how Nigeria can sustain digital innovative growth and scientific development in Nigeria
The board of global payments company, PayPal, says a 53 billion dollars takeover offer from financial technology firm, Stripe, and private equity company, Advent International, does not adequately reflect the company’s long-term value.
PayPal
According to reports, the proposed acquisition, valued at 60.50 dollars per share, remains under consideration, with the board yet to formally respond to the offer.
The directors are said to be evaluating not only the financial value of the proposal but also the structure of the financing, the timeline for completing the transaction and the likelihood of obtaining regulatory approvals.
They are also considering the possibility of competing bids emerging.
Although the offer represents a premium of about 28 per cent above PayPal’s recent share price, the board believes the company could deliver greater value to shareholders if its ongoing turnaround strategy succeeds.
Following reports of the bid, PayPal shares gained about two per cent to close at 56.73 dollars.
Sources familiar with the discussions said Stripe and Advent have secured approximately 50 billion dollars in debt financing from JPMorgan and Morgan Stanley, while both firms would jointly contribute 17 billion dollars in equity.
Under the proposal, the two companies would jointly own PayPal instead of dividing its operations.
PayPal, Stripe, Advent International, JPMorgan and Morgan Stanley have all declined to comment on the proposed transaction.
The discussions come as PayPal seeks to strengthen its business after years of increasing competition from rivals including Apple Pay, Google Pay and emerging financial technology firms.
The company, which was valued at about 360 billion dollars in 2021, now has a market capitalisation of approximately 36 billion dollars.
Since assuming office as Chief Executive Officer in March 2026, Enrique Lores has embarked on a restructuring programme aimed at improving operational efficiency and restoring growth.
The restructuring includes the creation of three business divisions comprising Checkout, Venmo and Consumer Financial Services, and Payments and Crypto.
The company is also targeting 1.5 billion dollars in cost savings through the deployment of artificial intelligence technologies.
PayPal’s latest financial results indicated signs of recovery, with first-quarter revenue rising seven per cent year-on-year to 8.35 billion dollars, while total payment volume increased by eight per cent to 464 billion dollars.
If approved, the transaction would combine two of the world’s largest digital payments companies.
The combined business would process an estimated 3.7 trillion dollars in annual payment volume, significantly strengthening its position in the global online payments market.
However, analysts expect the proposed acquisition to face intense regulatory scrutiny because of the companies’ combined market share in merchant payment services.
To address possible antitrust concerns, the bidders have reportedly considered options, including separating PayPal’s Braintree business or other assets if required by regulators.
Sources said Stripe and Advent remain interested in pursuing the acquisition despite the board’s reservations, although negotiations are expected to continue.
Market observers are also awaiting PayPal’s earnings report scheduled for July 28 for further indications of the company’s financial recovery and future growth prospects.
Concerns over network reliability and its impact on Nigeria’s growing creator economy took centre stage at MTN Nigeria’s Data on Trial event, where content creator and streamer, Jarvis, challenged telecommunications operators to improve connectivity for digital creators.
Speaking during the event, Jarvis asked whether there were locations in Nigeria where uninterrupted internet connectivity could support real-life (IRL) streaming without network disruptions.
“Are there places where there is no breakage when streaming IRL?” she asked.
Her question highlighted the challenges faced by content creators who depend on stable internet services for live streaming, content uploads and real-time engagement with audiences.
Responding, MTN Nigeria’s Chief Technical Officer, Mr Yahaya Ibrahim, said network performance depends on several factors, including location, network coverage, device capability and the number of users connected to a particular base station.
He noted that operators continue to invest in expanding network capacity to meet the growing demand for data services.
Earlier, MTN’s General Manager, Network Performance and Quality Assurance, Mr Michael Ndukwe, explained the evolution of mobile network technology in Nigeria, from first-generation (1G) services to the current fifth-generation (5G) technology.
According to him, each phase of technological advancement has significantly increased network capacity and enabled new digital services.
Ndukwe cited Nigerian Communications Commission (NCC) data showing that Nigerians consumed about 13.2 million terabytes of data in 2025.
He added that data usage reached approximately 4.06 million terabytes in the first quarter of 2026, reflecting the country’s increasing reliance on digital platforms and online services.
According to him, the growth is being driven by wider adoption of 4G and 5G networks, increased smartphone penetration, the proliferation of smart devices and expanding use of social media platforms.
Participants at the event noted that as more Nigerians build businesses and careers around digital content, access to reliable and high-speed internet has become critical to sustaining the country’s digital economy and creator ecosystem.
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