Does Nigeria replicate regulations? Innovators discuss localisation at GAT Summit 2022

Eberechukwu Etike
Does Nigeria replicate regulations? Innovators discuss localisation at GAT Summit 2022
Does Nigeria replicate regulations? Innovators discuss localisation at GAT Summit 2022

The future of technology has sparked positive debates all over the world. And economic growth, aided by the tech industry, has increased focus on that space. Nigeria is not left behind as the country has expressed interest the growth of the industry. However, while other countries have recorded success establishing these initiatives, these strategies may not work for others.

In a panel discussion with Adewale Adeyipo, CEO, CWG Plc, Yomi Adedeji, Chief Executive Officer & Co-Founder, Softcom Limited, Oluwemimo J. Osanipin, COO, JET Motors Professor Ajayi Ayodele Ebenezer, former Adviser to the Executive Governor of Ekiti and Similoluwa Opayemi, Legal Counsel, Youverify, themed Regulating for the future – providing solution for smart governance, innovators noted some of the ongoing issues concerning the future of technology and smart governance in the tech space.

Read Also: Tech innovators discuss challenges with regulations at GAT Summit 2022

Are the Nigerian policies and regulations 'replicas'?-  Innovators discuss at the GAT 2022
Are the Nigerian policies and regulations ‘replicas’?- Innovators discuss at the GAT 2022
Innovators’ opinion

These regulations and policies, according to Similoluwa Opayemi, a Legal Counsel at Youverify, are unadaptable and environmentally friendly.

She believes that these regulations are a ‘copy and paste’ from other regulation policies’ books because the structure is incomparable to the way the Nigerian ecosystem works and does not reflect local reality.

Government need to work on setting up regulatory policies that are tailored to the Nigerian experience.

Similoluwa Opayemi, Legal Counsel from Youverify,

Adewale Adeyipo, CEO of CWG Plc, believes otherwise. He claims he has no objection to policies and regulatory models being copied because the main issue is their adoption and efficiency.

Understanding a decentralised policy model is something that these industry regulators have failed to grasp, which could be due to a schism in the relationship between government/regulators and tech players.

Adewale also suggested a more active and engaging collaboration between the private, public, and regulatory sectors. 

According to Joseph Osanipin of Jet Motors Company, this gap must be bridged halfway. Both parties must be able to comprehend the what, why, who, and how of all regulatory decisions and individuals involved. 

The panellists concluded that regulatory bodies should make an effort to hire tech-savvy operators to join their ranks in order to improve the relationship.


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