EU OFFERS NIGERIA, OTHERS £4BN FOR DIGITAL ECONOMY

The European Union Commission says it is offering £4bn credit to Nigeria and other
members of the Economic Community of West African States to cover risks arising
from investments in digital economy. It said the credit, globally known as the
European Fund for Strategic Investment, would trigger private investment in digital
economy. The European Commissioner for Digital Single Market and Vice President
of the European Commission, Andrus Ansip, said that the requirements for accessing
the fund included bankability and appropriate business plans. Ansip, a former
Estonian Prime Minister, stated this on Saturday in Lagos, two days after leading a
delegation of the European Union to Nigeria. He told our correspondent that the fund
became necessary given that more than six per cent of Africa’s Gross Domestic
Product came from the digital economy. “I am a firm believer in using technology to
promote sustainable development, to reduce socio-economic inequalities, and to give
everyone access to digital opportunities. Nigeria’s digital environment and ecosystems
are excellent places to make some headway with the (£4bn) funding,” he added.
According to him, its implementation has been successful in growing the digital
economy in the EU. The digital economy focuses on getting people access to
affordable broadband, promoting digital skills and literacy, supporting digital
entrepreneurship and encouraging cross-sector digital services such as e-government,
e-health and e-agriculture. The EU commissioner said that the digital economy was
contributing up to eight per cent of the GDP of the G-20 major economies, powering
growth and creating jobs in mostly European nations. Ansip stated that more
significant for Nigeria was the need to create the right regulatory environment than
the fund, adding that technology may just become its major revenue earner. “It is
about investing in digital infrastructure, developing the right digital skills, helping
emerging technology start-ups to grow and scale up, remarkably similar challenges to
wathose we face in Europe as we build a digital single market,” he added.