LCCI, others seek implementation of Cybercrime Act

CybercrimeWorried by the lax in the enforcement of the 2015 Cybercrime Prohibition and Preventive Act, the Lagos Chamber of Commerce and Industry (LCCI) and other stakeholders have urged government to address the implementation challenges in order to engender growth in the financial services sector.

Indeed, the President of the chamber, Remi Bello urged the federal government to also address data privacy and security laws in order in order to have a vibrant digital economy.

Speaking during the 2015 seminar/luncheon of the Financial Services Group of LCCI, Bello expressed concerns over issues militating against the progress of Information and Communication Technology in Nigeria.

According to him, Nigeria’s digital economy has evolved into one of the fastest growing sectors in job creation and contribution to growth of the Nigerian economy.

“Statistics from the National Bureau of Statistics indicate that in nominal terms, the sector grew by 11.64%(year on year) in second quarter of 2015, which was 0.53% points above the rate recorded in corresponding period of 2014.The information and Communication sector contributed 13.89% to total Nominal GDP, higher than the 13.09% recorded in second quarter of 2014 and than the 11.93% it contributed in between January and March of 2015”, he added.

Speaking on the theme, Current issues in the Nigerian Financial Sector, he stated further that government needs to build local capacity to aid stakeholders’ understanding of Nigeria’s cyber infrastructure as well as safety of ICT users.

“The financial sector is one of the sectors with highest utilisation of ICT for operations and service delivery. Developed economies have deployed ICT to drive economic goal and development”, he added.
Similarly, Managing Partner, Technology Advisors, Basil Udotai, lamented the delay caused by the cyber crime law.

According to him, Nigeria has suffered a situation whereby we labour under a robust technology environment with zero legal framework in terms of criminalization of undesirable online action.



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