The European Union Commission at the weekend expanded its frontier to Nigerian and ECOWAS countries with an offer of £44 billion (or N14.4 trillion when converted using official rate of N327) for digital economy.
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 like e-government, e-health and e-agriculture.
The digital economy now contributes up to eight percent of the GDP of the G-20 major economies, powering growth and creating jobs.
Andrus Ansip, vice president of the European Commission in charge of digital single market explained that the fund is called European Fund for Strategic Investment and that it has been successful in Europe Union.
Speaking with journalists in Lagos, Ansip said the essence of the fund is cover risks to trigger private investment, adding that the requirements for accessing the fund include bankability, and appropriate business plan.
He stressed that more significant is the need to create the right regulatory environment than the fund.
“It is about investing in digital infrastructure, developing the right digital skills, helping emerging tech start-ups to grow and scale up – remarkably similar challenges to those we face in Europe as we build a Digital Single Market (DSM)”, Ansip said.
According to him, connectivity is vital for unlocking digital potential. More people online means more opportunities for businesses and digital entrepreneurs; Nigeria is no exception, nor is Europe.
Ansip, former Estonian prime minister, who led a delegation of European Union to Nigeria and ECOWAS noted that more than 6% of Africa’s GDP today comes from the digital economy. He said africa’s collaboration with European Union on the single digital market will help bring down barriers to unlocking online opportunities.
The EU single market offers European citizens and businesses significant freedoms and rights to travel, trade or operate across the EU.
“I am a firm believer in using technology to promote sustainable development, to reduce socio-economic inequalities, to give everyone access to digital opportunities. Nigeria’s digital environment and ecosystems are excellent places to make some headway”, Ansip added.
HOPE MOSES-ASHIKE
