- Nigeria adopts blockchain nationally, enhancing trust, innovation, and growth.
- National Blockchain Policy to reduce transaction costs and improve transparency.
- Government agencies and the private sector are urged to leverage blockchain in numerous fields.
Nigeria’s digital revolution took a bold step forward on Wednesday, May 3rd, as Prof. Ibrahim Pantami, Minister of Communications and digital economy, spearheaded the adoption of blockchain technology on a national level.
BREAKING: The Federal Executive Council today approved @FMoCDENigeria’s National Policy on Blockchain. What this means is that @NigeriaGov has now formally approved blockchain use in Nigeria. Relevant agencies are now expected to develop appropriate usage & regulatory frameworks.
— tolu ogunlesi (@toluogunlesi) May 3, 2023
As a result, the Federal Executive Council authorized the national blockchain policy for Nigeria to establish a blockchain-powered economy. That allows for the safe and transparent interchange of money, information, and goods among consumers, companies, and the government.
National Blockchain Policy to Boost Efficiency and Transparency
This strategy is consistent with the National Digital Economy Policy and Strategy ((NDEPS), which emphasizes digital society and emerging technologies. The financial industry, healthcare, transportation, and supply chain management are just a few areas. That might profit tremendously from blockchain technology. Increasing transparency, trustworthiness, and efficiency will improve user experiences while significantly lowering transaction costs.
The Federal Ministry of Communications and digital economy will oversee the policy’s implementation via the National Information Technology Development Agency (NITDA). In addition, the policy’s implementation will overseen by a steering committee comprising members from several industries.
Government Agencies and Private Sector Urged to Implement Blockchain
The Federal Executive Council has mandated that the appropriate regulatory agencies provide legislative instruments to facilitate blockchain technology’s widespread adoption throughout the economy. The Nigerian Investment and Trade Development Agency (NITDA), Central Bank of Nigeria (CBN), National Universities Commission (NUC), Securities and Exchange Commission (SEC), and Nigerian Communications Commission (NCC) are among these governmental entities.
Furthermore, all other Federal and State Government institutions and the private sector strongly encouraged to implement blockchain technologies in numerous fields. As these applications rolled out, they will help advance digital Nigeria’s National Digital Economy Policy and Strategy.
The approval of the National Blockchain Policy positions Nigeria to take advantage of the many possibilities presented by blockchain technology, which has the potential to spur innovation. Moreover, it will enhance public services, generate new employment, and stimulate economic development.
