The Nigeria Data Protection Commission (NDPC) has projected N13.8 billion revenue from data protection ecosystem in 2025, as against N12 billion revenue generated in 2024.
Dr Vincent Olatunji, National Commissioner of NDPC said this in an interview with the News Agency of Nigeria (NAN) in Abuja.
Olatunji who explained the significance of data protection sector to the economy, commended the enactment of the Nigeria Data Protection Act (NDPA) 2023.
He said the NDPA had given the country a better global outlook in terms of digital businesses and reposing confidence in its data protection journey.
He said awareness campaigns, public sensitisation on data privacy was yielding results with increased number of Data Protection Complaince Organisations (DPCOs), data controllers and processors, culminating in job creation and more resources.
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“The projection will have to do with number of DPCOs that we have registered, these are businesses we have been able to open up by licensing professionals, skilled personnel to set up their businesses.
“They go to data controllers and processors and help them understand privacy, take them through compliance to the law.
“The average data processor, controller will employ about five to ten people depending on the number of their clients, and some of them collect as high as N10 million to N20 million for audit filing for multinational companies.
“When you bring all these together and what they earn, the entire staff, that is how we were able to arrive at that figure and they also do a lot of support services that have to go with compliance,’’ he said.
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According to him, the NDPC in 2024 registered about 256 DPCOs and few months into this year, it added 55 DPCOs.
He said that in 2024, about N12 billion was generated as revenue from audit filing, registration fees and remediation fees.
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“The figure for this year may not double but we are looking at 15 per cent increase added to the N12 billion of last year.
“If there is growth within the ecosystem, there is money in this ecosystem for us to fund our activities and give money to the government but people don’t see it yet.
“We are trying to get to the level where we see compliance as a culture, it will generate money for government and give comfort to whoever coming to your facility or coming to do business with you,’’ Olatunji said.
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On his projection for a consolidated data protection ecosystem in five years, Olatunji said Nigeria was already a model to some African countries and that the country was striving to maintain status quo.
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“We want to build an economy that has the culture of compliance, an ecosystem that is adaptive to revenue generation for government and contributes to our Gross Domestic Product.
“We see a country where an average foreign investor will come in and have trust, confidence in our digital economy.
“There is this projection that the digital economy of Nigeria is worth between one dollar to three trillion dollars and we see data protection ecosystem contributing significantly to that in the next five years,’’ he said.
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The NC said the country was on the path of building a resilient data protection ecosystem, with the NDPA.
According to him, the numbers are increasing and in the next five years, the country will have a robust data protection ecosystem that protects the rights and freedom of Nigerians.
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“We are building an ecosystem that will project Nigerians positively in the committee of nations, drive direct foreign investment, generate revenue, create massive jobs and wealth for our youths.”
(NAN)www.nannews.ng
