Digital Nigeria 2022, Day 2: Blockchain Adoption Could Boost Nigeria’s GDP, If…

by Arthur · October 28, 2022

“Developing countries like Nigeria, if we position ourselves, can increase GDP by at least 0.5 percent, which is almost 25 billion US dollars” – Blockchain Summit @ Digital Nigeria 2022, Day 2

ABUJA, NG, October 28, 2022 – (ACN Newswire) – Developing nations like Nigeria have a chance to benefit from the US$1.76 trillion market if they can position themselves to adopt and leverage Blockchain technologies, Kashifu Inuwa , Director General of the National Information Technology Development Agency (NITDA), said during Day 2 of the Digital Nigeria 2022 International Conferences, Exhibitions and Awards.

The NITDA boss said “Developing countries like Nigeria, if we position ourselves, we can increase the GDP by at least 0.5 percent which is almost $25 billion. So today we are here to explore how we can position ourselves. The government has has done it. It’s in place. We’ve developed blockchain adoption strategies.”

He disclosed that the NITDA Blockchain adoption strategy has four initiatives. “First, to establish a consortia that will build the ecosystem. And today we are here to build that ecosystem and society! Second, to strengthen the regulatory instruments and have legal framework. and last week the president signed the Nigerian the startup legislation into law. , now the Nigeria Startup Act 2022, which will provide legal instruments for all emerging technologies, including blockchain.”

Inuwa noted “Third, initiatives to stimulate the ecosystem that will encourage the building of use cases using blockchain, adding that the Startup Act would also achieve this. And fourth is to build sandbox. We are going to work with you to develop proof-of-concept and proof-of-value sandbox around blockchains. So, everything that this government is doing is aimed at making Nigeria attractive for blockchain investment.”

He listed the benefits of Blockchain to include “Track and trace. We can use it to solve our supply chain challenges. We can use it to track records like land titles. We can use it to track certificates, vaccine and so many things, anything you can think of that needs trust.Technology can also address payment system challenges and financial inclusion, adding that it can also be used to strengthen our identity management.

“Not only personal identity, but also the identities of things. We are talking about the Internet of Things. That means that everything connected to the Internet must be identified. With Blockchain, you can achieve that when you use blockchain and IoT. You can even use it to to manage public expenditure. In the budgeting process, you can use it to link every single Naira to what it is budgeted for. You can track it, and ensure that there is traceability of every Naira spent by the government.”

Blockchain Summit @ Digital Nigeria 2022: And some more..

The session witnessed panel discussions on Blockchain Technology Prioritization, Implications for Digital Asset Innovation, Impacts of Blockchain on the Digital Economy: The Myth, the Truth and the Possibilities, and One World Connected with Blockchain. The highlights of the summit were the inauguration of Blockchain Campus Ambassadors and the development of Blockchain Technology in Nigeria, in storybook form.

“Blockchain is here to stay and we are rapidly moving away from traditional process to the digital transformation process,” concluded Ibrahim Jega, co-founder of Domineum Blockchain Solutions, who together with NITDA had hosted nearly 2,000 guests at this year’s Blockchain Summit @ Digital Nigeria 2022, Day 2.

Source: DomineumNITDA