The recent FIBOP workshop, held from October 18-20, 2024, at Orchid Hotels, Lekki, Lagos, brought together stakeholders from the banking, maritime, oil and gas sectors, as well as the Nigeria Customs Service (NCS).
Under the theme “Digital Innovation: Deepening Infrastructure for Efficient Financial Ecosystem,” participants identified key areas to drive Nigeria’s economic growth.
Participants emphasized the need for a home-grown financial infrastructure to capture the estimated N36 trillion in the informal sector, promoting financial inclusion.
They also stressed the importance of reducing the cost of credit for the informal sector to empower businesses and contribute to internally generated revenue.
Investing in hydro and gas energy to generate electricity for ports and surrounding areas will enhance efficiency, participants agreed.
Additionally, integrating stakeholders into a unified digital e-customs modernization platform will boost success in trade and revenue generation.
The NCS digitization process is pivotal in enhancing the efficiency of trade and revenue generation and collection.
Leveraging information technology (ICT) and digital solutions will transform traditional trade processes and enhance efficiency.
Effective collaboration among government agencies, banks, and the Ministry of Communication and Digital Technology will improve digital infrastructure and lower costs.
Public-private partnerships will enable the NCS to leverage cutting-edge technologies without overburdening the national budget.
Managing cyber security challenges is crucial to sustaining gains from digital innovation. Automating import duty collection will minimize manual errors and reduce time delays.
Conducting people-needs assessments will ensure home-grown financial infrastructure meets people’s needs.
Establishing a study group will research and identify technological needs, providing tailored solutions.
The workshop marked a significant step towards transforming Nigeria’s financial ecosystem through digital innovation.
By implementing these resolutions, Nigeria can unlock its economic potential, promote financial inclusion, and become a leading digital economy in Africa.
With the ICT sector already contributing 18% to Nigeria’s GDP, the future looks bright for Nigeria’s digital landscape.
The stakeholders tasked the government, through the Nigerian Communication Commission, to redouble efforts to eliminate downtime or reduce to the barest minimum the number of hours lost per downtime relative to countries with backup systems that bolster their network.
Overall, the FIBOP workshop demonstrated the commitment of stakeholders to harnessing digital innovation to drive Nigeria’s economic growth and development.
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