Nigeria’s Data Protection Revenue Surges to N6.2bn in 2023

Nigerias data protection revenue hits N62bn in 2023 – Report
Nigerias data protection revenue hits N62bn in 2023 – Report

The Nigeria Data Protection Annual Report for 2023 has disclosed a significant increase in the country’s data protection revenue, reaching N6.2 billion compared to N5.5 billion in 2022. This report was unveiled during the Nigeria Data Protection Commission’s second-anniversary dinner and awards ceremony in Abuja.

Established on Feb. 4, 2022, the Nigeria Data Protection Commission (NDPC) was tasked with safeguarding data privacy and protection in Nigeria, aligning citizens’ rights with global standards.

According to the report, several key areas experienced substantial growth. The Compliance Audit Report saw a surge from 1,864 reports from 2020 to 2021 to 3,451 reports from 2022 to 2023. Additionally, the sector generated 10,123 jobs in 2023, up from 9,577 in 2022, and witnessed an increase in compliance revenue to N325 million from N94.4 billion in 2022.

Moreover, the number of verified Data Protection Officers rose from 1,928 in 2022 to 1,955 in 2023, and the number of investigations conducted escalated from 117 in 2022 to 177 in 2023.

Mr. Babatunde Bamigboye, the Head of Legal, Enforcement, and Regulations at NDPC, lauded the commission’s remarkable achievements. He emphasized the foundation laid by the Nigeria Data Protection Act (NDPA) in ensuring data privacy and protection, along with the ongoing efforts to develop a general application and implementation directive.

Furthermore, Bamigboye highlighted the advancements in auditing, the increasing number of organizations submitting audit reports, and NDPC’s admission to the Global Privacy Assembly (GPA). He also underscored the growing recognition of the significance of adequacy in cross-border data transfer by the courts.

As a member of the GPA, Nigeria can benefit from mutual legal assistance, capacity building, information sharing, and intergovernmental collaboration. Additional milestones include the launch of the Nigeria Data Protection Strategic Roadmap and Action Plan 2023-2027, the initiation of bilateral cooperation with other jurisdictions, and the issuance of the Data Protection Compliance Organisations code of conduct.

These developments reflect the evolving and strengthening data protection ecosystem in Nigeria. This progress positions the country to engage in global collaborations and take effective measures to enhance data protection.

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