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During the second reading of the Bill to Amend the Banks and Other Financial Institutions Act (BOFIA 2025) on December 4, 2025, Senator Natasha Akpoti-Uduaghan raised concerns about disparities in earnings for Nigerian content creators on global digital platforms.
Representing Kogi Central, she emphasised the need to protect Nigeria’s digital economy and support young creators who rely on social media as a source of income. She also noted that while a promotional video earning 1,000 views on Facebook in the United States generates between $10 and $30, the same content in Nigeria earns as little as 50 cents.
“Social media has become a very critical source of income for our youths,” Senator Natasha said. “These huge discrepancies threaten financial inclusion and the growth of our digital economy.”
She urged the financial sector and global tech firms to engage more actively to ensure fairness, transparency and equitable earnings for Nigerian creators, warning that the current inequities could undermine the country’s growing population of digital entrepreneurs.
The BOFIA amendment, sponsored by Senator Tokunbo Abiru of Lagos East, aims to enhance oversight of institutions deemed crucial to Nigeria’s financial stability. Following the debate, the bill was referred to the Senate Committee on Banking, Insurance, and Financial Institutions for further legislative consideration.
