NiRA Urges Policy Changes to Stop Capital Flight from Domains

The Nigeria Internet Registration Association (NiRA), represented by Mr. Adesola Akinsanya, has emphasized the urgent need for policy intervention to curb capital flight associated with the purchase of foreign domain names.

NiRA warns that this trend could lead to the loss of billions of naira annually as Nigerian businesses continue to rely on foreign domain services, such as .com and .za, rather than utilizing the country's .ng domain. This reliance not only drains the economy but also undermines Nigeria's digital ecosystem, despite the country's growing internet population and digital economy.

NiRA highlights that the cumulative effect of this trend across millions of business transactions translates into significant capital flight, putting pressure on foreign exchange reserves. The organization has called on the government to prioritize the issue strategically, advocating for stronger policy interventions that would encourage the use of .ng domains and retain greater value within Nigeria's digital infrastructure.