Can the new Nairobi International Finance Centre (NIFC) compete with Johannesburg and Dubai to help finance trade and industry in East Africa ... and beyond? Acting CEO Oscar Njuguna believes that there is plenty of room for everyone.
The bill, leaked in August, would allow the National Information Technology Development Agency (NITDA) to issue licenses to digital economy businesses, collect taxes and punish those who don’t comply. NITDA already exists as part of the ministry of information and digital economy, but as yet has little power.
The proposed legislation lists the promotion of local and foreign investment in information technology and the digital economy among its aims. Analysts fear the opposite will be the case if the bill becomes law. There are “uncomfortable” elements in the bill, says Ikemesit Effiong, head of research at SBM Intelligence in Lagos.