Revolutionizing Nigeria’s Economy: Expert Urges Embracing Digital Trade for Growth

Abimbola Bobadoye, an experienced trade service expert, has emphasized the imperative adoption of digital platforms and technologies to optimize trade operations within Nigeria’s financial sector.

She stated this during a recent media briefing speaking at a platform as a thought leader

With a career spanning 13 years, Bobadoye has been instrumental in disseminating educational programs and conducting training sessions aimed at familiarizing clients with emerging trade trends, technologies, and best practices.

Quoting from the statistical definition provided by reputable institutions such as the WTO, OECD, IMF, and UNCTAD in 2023, Bobadoye underscores that digital trade encompasses “all international trade transactions that are digitally ordered and/or digitally delivered.” She emphasizes that digitalization is profoundly reshaping communication, production, governance, and trade paradigms, asserting, “Digital technologies significantly reduce costs, enable economies of scale, foster innovation, and enhance global competitiveness.”

Highlighting the transformative potential of digital trade, Bobadoye elucidates how it offers new avenues for obtaining comparative advantage, enabling marginalized stakeholders like farmers and small businesses to access global markets through innovative means such as parcel trading.

Bobadoye stresses that for Nigeria to leverage digital trade effectively, there must be equitable access to fast, affordable, and reliable digital infrastructure, coupled with adequate skills and capabilities among consumers and businesses to utilize digital technologies for productive endeavors.

Moreover, Bobadoye advocates for robust government support in championing digital trade, urging the establishment of regulatory and policy frameworks conducive to digital market trust, affordable access, and seamless cross-border transactions.
She insists on the necessity of a predictable and interoperable environment with appropriate safeguards against online risks such as data privacy breaches, consumer protection infringements, and cybersecurity threats, particularly crucial in Nigeria where susceptibility to scams is prevalent.
Bobadoye also emphasizes the need for the government to set structures in place to promote financial literacy and risk management in the digital era.

In conclusion, Bobadoye’s expert insights underscore the pivotal role of digital trade in propelling Nigeria’s economic growth and global competitiveness, emphasizing the imperative for comprehensive support and infrastructure development to realize its transformative potential fully.