The Nigerian National Blockchain Policy has been granted an approval for implementation by the Federal Government. Minister of communications and digital economy, Isa Pantami, disclosed this during the Federal Executive Council meeting at the state house in Abuja. According to a statement signed by Dr. Femi Adeluyi, Senior Technical Assistant, Research and Development to the Minister of Communications and Digital Economy, the minister announced that the National Information Technology Development Agency would be in charge of coordinating the policy’s activities, with an oversight from the Federal Ministry of Communications and the Digital Economy.
Blockchain is a decentralized system for keeping information in a way that makes altering, hacking, or manipulating the system difficult or impossible. Such records cannot be changed retrospectively without affecting subsequent blocks and requiring network consensus. The National Policy for Nigeria aligns with the National Digital Economy Policy and Strategy, which was unveiled by President Muhammadu Buhari on November 28, 2019. The policy was developed by the Federal Ministry of Communications and Digital Economy in accordance with the NDEPS’s 7th Pillar, which focuses on Digital Society and Emerging Technologies.
It has the potential to boost innovation, generate employment.
Recently, MarketsandMarkets projects that the value of the blockchain industry will increase from $7.5 billion in 2022 to $94.0 billion in 2027, which may add $1.76 trillion to the global economy by 2030. The Minister assured that the aim of the Policy is to establish a highly powered economy that facilitates secure transactions, sharing of data, and the trading of goods and services between individuals, companies, and the government, all of which will contribute to greater innovation, reliability, growth, and prosperity.
He went on to say that this Technology may potentially change everything from the financial sector and the healthcare industry to transportation and supply chain management. In addition, it has the potential to boost innovation, enhance public services, generate new employment opportunities, and fuel economic expansion. The National Blockchain Policy will benefit the country as a whole, in both the public and private sectors. Patami claims that these benefits have prompted governments across the world to take up prospective use of this groundbreaking technology.
Nigeria may gain from the predicted $1.76 trillion market growth.
Now that the National Blockchain Policy has been approved, Nigeria has followed the lead of other advanced economies in adopting the Technology on a national scale, including the UK, Switzerland, Estonia, Singapore, the UAE, and Denmark. At the same time, the Federal Executive Council tasked several regulatory authorities with creating regulatory tools for the widespread implementation of various technologies across the economy. Among the regulatory agencies are the Nigerian Communications Commission (NCC), the Securities and Exchange Commission (SEC), the Nigerian Universities Commission (NUC), and the Nigerian Investment and Trade Development Agency (NITDA).
The FEC also encourages other institutions of the federal and state governments as well as the private sector to implement them across numerous industries. This is called for to support the rollout of the NDEPS and bring about a digital Nigeria. Director General of NITDA, Kashifu Inuwa, claims that developing nations like Nigeria may gain from the predicted $1.76 trillion market growth if they adopt these strategies. In his view, there are four initiatives that make up the adoption strategy; the first is to set up consortiums that would build the ecosystem.
Nigeria can leverage blockchain to address several challenges.
Secondly, a legal framework is required such as the Nigeria Startup Act 2022 to give regulatory tools for all emerging technologies. Inuwa said the Start-Up Act and other measures would facilitate the third initiative, which is to incentivize the ecosystem so that more innovation cases may be developed. Lastly, is to construct a sandbox; with the aim of making Nigeria a desirable environment for these new options. Inuwa believed that Nigeria can leverage blockchain to address several challenges confronting the nation.