By Francesca Hangeior
The United States of America Consul General to Nigeria, Will Stevens, has underscored the critical need for predictable regulation to accelerate the growth of Nigeria’s digital economy.
This came as the envoy said the US and Nigeria are complicated federal democracies and that “you can’t just go one oga at the top and make it so. You have to go through all the leaders at different levels, even in the United States, to get approval.”
The US envoy made this disclosure on Monday at the Lagos Business School during a fireside chat themed, “Unleashing Potential: Thriving in the Digital Age.”
Stevens pointed out that the uncertainties and lack of transparency create hesitation among businesses, preventing them from making long-term investments and strategic decisions.
While the country has made notable progress in recent years, the absence of clear and predictable regulations remains a significant obstacle to unlocking its full digital potential, the envoy stated.
“It’s about predictability and transparency in governance. This applies to all governments in any democracy, from the state and local level to the federal level.
“Companies need to know and be able to predict what the regulatory environment will be and how it’s going to impact them. When they get phone calls or things pop at the last minute, it makes them question their future investments.”
According to Stevens, a predictable business environment is vital for building trust and confidence among investors, and entrepreneurs.
He urged Nigerian policymakers to prioritize transparency, consistency, and predictability in their regulatory approach to create an enabling environment for digital growth.