Digital Economy Agreements (DEA): A Breakthrough for SMEs in Nigeria?

Abstract

The digital economy is the future. Digitalisation and technological disruption, accelerated by the impact of the COVID-19 pandemic, have transformed consumer behaviours and business models considerably and created new opportunities. For example, e-commerce has enabled manufacturers to reach consumers directly. The rise of platforms and apps with multiple integrated services from transport to finance and telemedicine have changed how services are consumed. Businesses are also increasingly reliant on electronic transactions and digital solutions, from sourcing to invoicing and payments. Secure and seamless cross-border data flows are essential to the growth of the digital economy and to ensure that consumer’s interests are safeguarded.

The digitalisation of trade has also brought greater attention to regulations which require the forced localisation of data or disclosure of source code. Fragmented rules on data protection has also led to varying restrictions for personal data transfer and increased compliance costs. 

The DEAs aim to address these challenges to better enable our businesses, including SMEs to connect internationally with partners overseas.