Segun James
Business leaders and stakeholders have harassed the significance of knowledge localisation in strengthening knowledge safety, defending nationwide pursuits, and constructing a resilient digital economic system in the nation.
This was the conclusion on the CIO & C-Suite Conference and Awards Africa, held in Lagos yesterday, the place trade leaders, expertise executives and different stakeholders examined the coverage, prospects and challenges of protecting knowledge inside nationwide borders whereas sustaining innovation and world competitiveness.
The Director, Payments System Supervision Department of the Central Bank of Nigeria (CBN), Mrs. Rakiya Yusuf, mentioned knowledge localisation had change into crucial as digital funds, e-commerce, cloud computing and synthetic intelligence continued to remodel financial actions.
She mentioned: “Across the world, data has become a strategic asset and a critical enabler of economic activity.”
She reaffirmed the CBN’s round, which directed monetary establishments and collaborating cost service suppliers to make sure that related cost knowledge and related property are saved and managed in Nigeria, with a compliance deadline of January 1, 2027.
According to her, the coverage is meant to guard delicate info, enhance regulatory oversight and strengthen the resilience of Nigeria’s monetary system.
“Data localisation is ultimately about trust. It is about sovereignty and resilience. Trust that Nigeria’s payment data is protected. Sovereignty over a strategic national asset,” she mentioned.
Yusuf, nevertheless, acknowledged challenges related to implementation, together with unreliable energy provide, insufficient knowledge centres, connectivity gaps, cybersecurity necessities and elevated operational prices.
She additionally warned that poorly designed localisation insurance policies might create boundaries to innovation and competitiveness, calling for a balanced and forward-looking regulatory framework.
The discussions, together with panel periods, have been centred on the necessity for African nations to strengthen management over their knowledge, enhance cybersecurity and develop native digital infrastructure with out undermining cross-border enterprise and funding.
Also talking, the Group Strategy Officer of NGX Group, Mrs. Jumoke Olaniyan, who represented the Group Managing Director and Chief Executive Officer, Mr. Temi Popoola, mentioned efficient knowledge governance was important to investor confidence and financial progress.
“The difference is not technology; it’s trust, and trust has a price,” Olaniyan mentioned, explaining that weak info governance might improve perceived dangers, discourage traders, and make entry to capital tougher for African companies.
She maintained that knowledge technique must be handled as a core enterprise consideration, moderately than merely a expertise or regulatory problem.
“The desire for digital sovereignty is legitimate. African countries need the ability to protect sensitive data, enforce appropriate rules, supervise critical systems, and develop domestic capabilities,” she mentioned.
However, she cautioned that storing knowledge domestically doesn’t routinely assure its safety.
“Domestic coverage alone does not guarantee security. A locally hosted system can still fail,” she mentioned, warning that overly restrictive insurance policies might improve prices and complicate cross-border enterprise.
Olaniyan urged expertise leaders to pursue interoperability and safe partnerships that will enable African companies to function throughout markets whereas complying with knowledge safety necessities.
“We should not have to choose between sovereignty and innovation, security and growth, or local capacity and local connectivity,” she mentioned.
She added that Africa wanted digital techniques succesful of defending delicate info whereas connecting markets, attracting funding and enhancing the competitiveness of native companies.
In her remarks, the convener of CIO & C-Suite Projects Africa, Mrs. Abiola Laseinde, expressed appreciation to members and companions, highlighting the rising continental attain of the initiative.
Laseinde mentioned representatives from 13 African nations have been current on the occasion, describing their participation as an illustration of the convention’s increasing affect past Nigeria.
She mentioned: “Thirteen African nations are represented in this room tonight, and Nigeria is one of them. You have made this a truly continental evening, and we are grateful.”
Laseinde additionally acknowledged the contribution of the occasion’s jurors, technical companions, sponsors, volunteers, and undertaking staff, noting that their efforts had helped maintain the initiative.
The convention introduced collectively expertise and enterprise leaders to debate the position of digital transformation in Africa’s financial growth, whereas the awards recognised people, groups and organisations contributing to the continent’s digital future.
