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FG needs infrastructure for cyber regulation – LCCI

By on September 8, 2015

The President, Lagos Chamber of Commerce and Industry, Mr. Remi Bello, says the business world in the 21st century is increasingly being driven by cutting-edge information technology.

As a result, he urged the Federal Government to put in place necessary infrastructure for cyber regulation.

Bello spoke in Lagos at a seminar organised by the financial services group of the chamber.

The event had ‘Current issues in the Nigerian financial sector’ as its theme.

Bello, who was represented by the Honourary Vice President, LCCI, Dr. Remi Alo, said the Nigerian financial sector was currently facing a lot of challenges which bother on foreign exchange and cybercrime.

He submitted that both problems must be resolved in a sustainable manner.

Bello said, “This seminar is organised with the intent to review the issues and possibly proffer solutions on dealing with foreign exchange issues and impacts of cybercrime on our businesses. Nigeria’s digital economy has evolved into one of the fastest growing sectors in job creation and contribution to growth of the Nigerian economy.”

He reiterated that it was obvious that sustainable businesses must be driven by Information and Communications Technology for service delivery and operations.

While hinting that recent developments in the financial sector had been generating concerns in the business community, the LCCI president said, “It is imperative that government must make concrete arrangements for cyber regulations and enforcements.”

Bello, who stressed that developed economies had deployed the ICT to drive economic growth and development, maintained that the Federal Government needed to build local capacity to understand the nation’s cyber infrastructure properly.

The Chief Executive Officer, Lead Capital Plc, Mr. Abimbola Olashore, maintained that a sustainable diversification of the economy was the way out of the country’s economic bottlenecks, adding that financial operators should seek to promote export and restrict importation of goods that could be provided locally.

He said, “All we are seeing now is a drop in Nigeria’s oil revenue occasioned by the fall in the crude oil prices.

“So, when you have a drastic fall in your revenue, the next thing is what are you also doing to curtail your importation, especially of goods that are not critical to the Nigerian economy?”

 

[Punch]