FEC Approves Three Landmark Policies to Drive Innovation, Digital Trade, and Services Exports

FEC Approves Three Landmark Policies to Drive Innovation, Digital Trade, and Services Exports

In a major step toward building a modern, knowledge-driven economy, the Federal Executive Council (FEC) has approved three transformative policies designed to accelerate Nigeria’s digital and industrial growth.

The policies—presented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole—are targeted at strengthening the country’s intellectual property framework, boosting participation in Africa’s digital economy, and expanding Nigeria’s global services export capacity.

The new initiatives form part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to diversify the economy and create sustainable jobs through innovation, technology, and talent development.

The three policies approved are:

1. National Intellectual Property Policy and Strategy (NIPPS):
   This is Nigeria’s first unified framework for protecting and commercialising intellectual property rights. It seeks to connect innovators, creators, and investors, transforming ideas into economic assets and creativity into capital. Developed with support from the World Intellectual Property Organization (WIPO) and over 200 stakeholders, the policy positions Nigeria as a regional hub for innovation and intellectual property management in West and Central Africa.

2. Ratification of the AfCFTA Protocol on Digital Trade:
   With this ratification, Nigeria cements its leadership role in shaping Africa’s digital economy. The protocol provides a unified framework for e-commerce, data governance, cybersecurity, and consumer protection across the continent. It also offers a predictable regulatory environment for digital transactions, opening new opportunities for fintech, e-commerce, and creative technology enterprises within the $3.4 trillion African Continental Free Trade Area (AfCFTA) market.

3. National Coordination Mechanism for Services Exports, led by the National Talent Export Programme (NATEP):
   This mechanism aims to strengthen Nigeria’s competitiveness in global services and digital outsourcing. It targets the creation of one million new jobs and an annual GDP contribution of $10 billion by 2030, positioning Nigeria as Africa’s leading hub for professional and digital service exports.

According to Dr. Oduwole, the approved policies “represent a bold step toward transforming Nigeria into a digital and knowledge-based economy driven by ideas, data, and talent.”

Collectively, the reforms are expected to unlock fresh investment opportunities, promote innovation, and empower Nigerian businesses to compete globally.