Data governance refers to the technical, policy and regulatory frameworks designed for the management, processing, and security of data in the digital ecosystem. With effective data governance in place, data availability, reliability, and consistency are guaranteed. Given its potential as the resource that drives global digitalisation and economic development, data is figuratively described as “the new oil”, which must be strategically commoditised for value to be derived from it. The commoditisation of data necessitates a reliable data governance to make it retain its value as an invaluable asset, enabling it to drive innovation, boost economic growth, and foster societal development. In addition, effective data governance mechanisms are expected to integrate safeguards against data-related harms/threats that may result from the usage and processing of data.

Data governance refers to the technical, policy and regulatory frameworks designed for the management, processing, and security of data in the digital ecosystem. With effective data governance in place, data availability, reliability, and consistency are guaranteed. Given its potential as the resource that drives global digitalisation and economic development, data is figuratively described as “the new oil”, which must be strategically commoditised for value to be derived from it. The commoditisation of data necessitates a reliable data governance to make it retain its value as an invaluable asset, enabling it to drive innovation, boost economic growth, and foster societal development. In addition, effective data governance mechanisms are expected to integrate safeguards against data-related harms/threats that may result from the usage and processing of data.

Data governance refers to the technical, policy and regulatory frameworks designed for the management, processing, and security of data in the digital ecosystem. With effective data governance in place, data availability, reliability, and consistency are guaranteed. Given its potential as the resource that drives global digitalisation and economic development, data is figuratively described as “the new oil”, which must be strategically commoditised for value to be derived from it. The commoditisation of data necessitates a reliable data governance to make it retain its value as an invaluable asset, enabling it to drive innovation, boost economic growth, and foster societal development. In addition, effective data governance mechanisms are expected to integrate safeguards against data-related harms/threats that may result from the usage and processing of data.

Key messages
• Nigeria's exports are recovering from the COVID-19 crisis, but they remain heavily
reliant on raw products, particularly oil and gas, which account for over 80% of export
earnings.
• The country faces challenges in trade competitiveness, including low product
diversification, limited value addition, and inefficiencies in logistics and
infrastructure.
• Stabilizing the national currency and broadening the tax base are crucial for
improving Nigeria’s macroeconomic environment and reducing vulnerability to external
shocks.
• Simplifying trade procedures, improving road quality, and expanding shipping and
logistics services can ease the movement of goods and lower business costs.

AUTHORS

Anthony Okon; Chukwuka Onyekwena ; Bilkis Ceesay and Isatou Jallow 
 

This policy brief was prepared by the participants during a training on Trade Competitiveness and Regional Value Chain Analysis, held in Banjul (The Gambia) from 23 to 27 September 2024.

In Africa, the digital economy, which refers to all economic activities facilitated by digital technologies and big data, is booming. This is a result of digital technology’s capability to transform economies and societies, influencing how we work, live, and interact. Africa’s digital economy is a boost to the continent’s economy. International Finance Corporation (2020) reveals that Africa’s digital economy grew from $100 billion to $115 billion, representing a 15% increase between 2019 and 2020. It further projects that Africa’s digital economy has the potential to contribute $180 billion and $712 billion to the continent’s gross domestic product (GDP) by 2025 and 2050, respectively.

The role of data, in the public and private sectors, is central to informing strategy, shaping decision and policy-making, creating value, driving innovation, sustaining profit-making and promoting economic development.

This Brief was written by Kunle Balogun