Adopting the Metaverse Technology in Enhancing the Nigerian Economy: Legal and Regulatory Issues

Abstract

The rapid growth of the metaverse which is a virtual space that integrates augmentedreality, virtual reality, and blockchain technologies brought immense economicopportunities and challenges across the world. While developed nations increasinglyposition to leverage these opportunities, developing countries like Nigeria may faceunique obstacles in utilising the metaverse technology. It is in this regard, that thisstudy examines the legal and regulatory issues as it concerns the economic challengesposed by the metaverse in Nigeria's economy, indicating how regulatory gaps,infrastructure limitations, and inadequate legal frameworks can serve to impacteconomic participation in the growth of virtual spaces. Concerning this, the study willemploy the use of doctrinal methods of study, relying on primary and secondarysources of research materials. The data obtained from these sources were analysedusing a descriptive and analytical method of study. The study found that the conceptof metaverse has gained global recognition, and it could aid in the development of theNigerian economy. The study further found that several legal and social issues mayarise in utilising the metaverse concept in the Nigerian economy. Given the review ofcurrent legislation on virtual assets, decentralized finance, and immersive digitalinteractions, these challenges include data privacy, digital property rights, taxation,consumer protection, and cybersecurity. Hence, the study, therefore, concludes andrecommends that there is a need for Nigeria to implement a decent regulatoryapproach, considering both rights and interests when operating its economy throughmetaverse technology and economically maximizing the opportunities the metaversetechnology presents to Nigeria.