Babatunde Irukera, chief executive officer (CEO) of the Federal Competition and Consumer Protection Commission (FCCPC), says the federal government should prioritise creating a conducive environment for digital experts and investors rather than participating.
Irukera spoke on Wednesday at the 2023 National Young Consumer Contest awards organised by the agency in Abuja.
The event, themed, ‘Fair Digital Finance’, had schools across the country participate in the contest.
The commission’s CEO said encouraging young people in digital finance through initiatives like the contest raises awareness and fosters innovation, leading to a brighter future for the industry.
I don’t think the government needs to participate that much. I think the biggest role of the government is to unlock the environment for all these experts, our young people and our intrapreneurs to find full expression for their passion,” he said.
“That’s the role that we have as regulators and that is one of the reasons why we’re highlighting that issue to these young people.
“What we as regulators should do is to secure the space for them to be able to do their thing. Also, the government is to invest, encourage and maybe provide funding in some instances or capital.”
Speaking further on the need for awareness, the FCCPC boss said the digital market is the future of Africa.
He added that the exposure of the current generation to technology positions them as the driving force behind future advancement.
“Digital market is perhaps the fastest emerging economic bloc, globally, and in Nigeria, still room for growth and is one of the fastest growing environments for fintech startups,” Irukera added.
“This generation, the Gen Z’s and the young people are actually the future of richer markets. They’re the ones who are most conversant and most comfortable with technology.
So engaging them at this early stage does two things. It inspires them to participate even from a business, [or] career standpoint, and it also engages them from an expectation from a consumer protection standpoint.
“If you listen to some of the most remarkable things these young people were talking about, cybersecurity, data management, data privacy, internet penetration, universal access, financial inclusion, those are the buzzwords globally today.”
Irukera said he believes that with the right guidance and platform for young people, Nigeria can secure a promising future in digital finance