The Federal Executive Council of Nigeria has approved the National Blockchain Policy for Nigeria as presented by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami).
“With the approval of the National Blockchain Policy, we can safely say that blockchain technology with all its components and types have been institutionalised in the country,” Prof. Ibrahim said.
According to a press release sent to newsrooms, the policy is aimed at creating a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government, thereby enhancing innovation, trust, growth, and prosperity for all.
The National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy (NDEPS), which was launched by President Muhammadu Buhari in 2019. The policy was developed by the Federal Ministry of Communications and Digital Economy, in line with the 7th Pillar of the NDEPS, which focuses on a digital society and emerging technologies.
According to PriceWaterhouseCoopers (PwC), blockchain technologies could boost the global economy by $1.76 trillion by 2030. The implementation of the National Blockchain Policy in Nigeria is expected to have a positive effect on both the public and private sectors of the country.
According to the document, blockchain technology has the potential to revolutionize many industries, from finance and healthcare to transportation and supply chain management. It makes transactions more transparent, trustworthy, and efficient, resulting in considerable cost savings and better user experiences. Furthermore, the government sees blockchain as something that can boost innovation, improve public services, create job opportunities, and drive economic growth.
The National Information Technology Development Agency (NITDA) will coordinate the activities of the policy under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral steering committee has also been approved to oversee the implementation of the policy according to the government.
Moreover, Nigeria’s Federal Executive Council has directed relevant regulatory bodies, including:
- Central Bank of Nigeria (CBN)
- National Universities Commission (NUC)
- Securities and Exchange Commission (SEC)
- Nigerian Communications Commission (NCC)
among others to develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy.
The private sector and all other federal and state government institutions are urged to leverage blockchain technologies in education, health, security, agriculture, and finance, among other sectors to further support the implementation of the National Digital Economy Policy and Strategy for a digital Nigeria.
With the approval of the National Blockchain Policy, Nigeria joins other leading technology countries, including the United Kingdom, Switzerland, Estonia, Singapore, and the United Arab Emirates, in adopting blockchain technology at the national level.
The National Blockchain Policy for Nigeria is expected to enhance the country’s position as a technology hub in Africa and attract investments in the digital economy sector.
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