Data and the Expanding frontiers of the Natural Resources Industry: Do we need a legal regime for its exploitation?

Abstract

While what constitutes natural resources may be fixed and often concealed or located in a remote part of the earth, it is clear that there are other categories of natural resources not requiring deep exploration in muddy fields but bursting open at every corner. Holmes provided a cue to fully tapping into its resourcefulness, seemingly pointing to economics and statistics as the drivers. The question to ask is ‘will this vehicle in motion remain stable and will it not crash without brakes?’ The new resource is data and the place of the law in stabilizing its use is what is open for discourse in this paper. The sheer size of Nigeria, especially in terms of population attracts ample commercially viable opportunities and data will enhance business; production and market penetration. Data, however, goes beyond borders and across jurisdictions making its regulation an interesting subject. In considering a legal regime for data, ownership will be a front burner and questions will arise of who the ‘oil majors’ of the data world really are.