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The Federal Government is making plans to set up rules for e-commerce platforms and introduce cyber insurance to boost security in the digital economy.
The National Digital Economy and E-Governance Bill, currently being reviewed by the National Assembly, mandates the National Insurance Commission to create regulations, including those related to cyber insurance to enhance security in electronic commerce.
Section 40 of the bill specifies that NAICOM, in collaboration with the regulatory agency, will formulate and issue these regulations.
The proposed regulations are aimed at establishing a framework for the operation of e-commerce platforms in Nigeria with the goal of creating a safer and more secure online environment for users.
According to the guidelines outlined in Section 39 of the bill, platforms will be required to provide accurate and easily accessible information about themselves, including their legal name, address, and contact details.
Additionally, platforms must clearly display information about the goods and services they offer, including terms and conditions, payment methods, and refund policies.
The bill has already gone through the first reading in the House of Representatives and is currently undergoing its second reading.
The Minister of Communications, Innovation and Digital Economy, Bosun Tijjani, has been engaging with stakeholders from various sectors to refine the bill.
Tijani said the passing of the bill could inject $18.3bn into the nation’s economy.
