An Overview of the Electronic Transactions Bill 2017

Abstract

In the wake of the computer age and globalization, the need to use electronic transactions in our everyday life cannot be eroded. For any economy to grow, trans-border transactions are inevitable and electronic transaction aids this relationship. The rate of e-commerce in the Nigerian economy is on the increase, as most businesses- both small and medium scale now use social platforms and digital marketing strategies to drive awareness for their products and services. The Electronic Transactions Bill (the Bill) seeks to provide a legal and regulatory framework for conducting transactions using electronic or related media, the protection of the rights of consumers and other parties in electronic transactions, as well as facilitating electronic commerce in Nigeria and data protection. The Bill also seeks to strengthen the provisions of Section 84 of the Evidence Act 2011 on the admissibility of electronic evidence by providing a broad legal frame work. Currently, the e-commerce market in Nigeria is worth approximately $13 billion (thirteen billion dollars), according to a report by London based Economist Intelligence Unit (EIU). Experts in the Nigerian financial service sector have also estimated that Nigeria’s e-commerce market value could rise to $50 billion over the next 10 years. Recently, the National Bureau of Statistics (NBS) predicted that the e-commerce sector is expected to contribute about 10 percent, of a projected N10 trillion, to the nations’ Gross Domestic Product (GDP) by 2018. The Bill has long been passed by the National Assembly but still awaits presidential assent. This article would highlight some provisions of the Bill.