The Federal Executive Council has approved the National Blockchain Policy for Nigeria, which aims to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and government. The implementation of this policy is expected to have a positive impact on both the public and private sectors of the country.
The development of the policy involved robust stakeholder engagements across the public and private sectors, with the National Information Technology Development Agency (NITDA) coordinating its activities under the supervision of the Federal Ministry of Communications and Digital Economy. The council has also directed relevant regulatory bodies, including the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, to develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy.
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, it can boost innovation, improve public services, create job opportunities, and drive economic growth.
According to PwC, blockchain technologies could boost the global economy with US$1.76 trillion by 2030. The National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on November 28, 2019.
The policy is expected to place Nigeria on the map of leading technology countries like the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, and Denmark, which have adopted blockchain technology at the national level.
The vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and government, thereby enhancing innovation, trust, growth, and prosperity for all. It is hoped that deploying these blockchain applications will further support the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.
The approval of the National Blockchain Policy is a significant milestone for Nigeria as it seeks to position itself as a leading technology hub in Africa. This development underscores the government’s commitment to leveraging emerging technologies to drive innovation, growth, and development in the country. With this policy in place, Nigeria is set to take advantage of the numerous benefits that blockchain technology offers.
