Federal government intends to create regulations for e-commerce platforms and provide cyber insurance to enhance security in the digital economy.
This was revealed in the National Digital Economy and E-Governance Bill currently before the National Assembly, according to The Punch.
To increase security in electronic trade, the National Insurance Commission is required by law to create regulations, which must include provisions on cyber insurance.
Section 40 of the bill highlights that NAICOM, in consultation with the regulatory agency, will develop and issue these regulations.
The proposed regulations aim to provide a framework for the operation of e-commerce platforms in Nigeria, promoting a safer and more secure online environment for users.
Platforms are required under the guidelines, which are stated in Section 39 of the bill, to publish accurate and easily accessible information about themselves, such as their full name, address, and phone number.
Platforms also need to be transparent about the terms and conditions, payment options, and provide guidelines of the products and services they are offering.
“A person using electronic communications to sell goods or services to consumers shall provide information about the terms, conditions, and costs associated with a transaction in a manner that is accessible, concise, and comprehensive to the consumer
“This includes terms, conditions, and methods of payments, as well as details of and conditions related to withdrawal, termination, return, exchange, cancellation, and refund policy information,” the 54-page document stated.
The bill has passed its first reading in the House of Representatives and is currently in its second reading.
The Minister of Communications, Innovation and Digital Economy, Bosun Tijjani, had engaged stakeholders from various sectors to refine the bill’s provisions. The bill’s final draft is expected to be released to the public on July 23, 2024.
According to Tijani, approving the law may boost the country’s GDP by $18.3 billion.
