Nigeria’s participation in the Digital Cooperation Organization (DCO) is expected to open new opportunities for digital trade, innovation, and economic growth, as the body unveiled its Model Digital Economy Agreement (MDEA) during its first session.
The agreement, described as an interoperable rulebook for digital trade, covers 12 key policy areas, including trade facilitation, cross-border data flows, cybersecurity, artificial intelligence, e-transactions, payments, and small business inclusion.
“If adopted and implemented, the MDEA can enable an estimated USD 2.1 billion in additional intra-DCO digital trade annually —just in digitally delivered services. The overall impact will extend further as digital trade in goods and other sectors also expand,” the DCO said in a statement released on Monday announcing the outcome of its inaugural meeting.
The 16-member countries of the Digital Cooperation Organization (DCO) are Bahrain, Bangladesh, Cyprus, Djibouti, The Gambia, Ghana, Greece, Jordan, Kuwait, Morocco, Nigeria, Oman, Pakistan, Qatar, Rwanda, and Saudi Arabia.
By bringing together nations that are closely aligned, DCO seeks to accelerate coordination and cooperation in the digital economy, creating exciting opportunities.
By working together, members aim to ensure similar standards and regulations, enabling firms to expand rapidly.
As Africa’s fastest-growing tech ecosystem, Nigeria stands to gain significantly from aligning with the DCO’s standards.
The MDEA emphasizes openness while preserving regulatory autonomy, a balance that would allow Nigeria to attract more foreign investment into its digital economy while ensuring data protection and consumer safeguards.
Membership also creates opportunities for Nigerian fintechs, startups, and SMEs to scale across borders by operating under similar rules with 15 other member states spanning Africa, Asia, the Middle East, and Europe.
The DCO’s permanent headquarters is Riyadh, Saudi Arabia, and its supreme authority is the Council, consisting of representatives designated by the Ministers of Communications and Information Technology (or equivalent heads and/or entities) of the DCO’s current Member States.
Chairmanship of the Council is periodic among the representatives of the members, with the Council determining the duration of each session.