Exploring Nigeria’s National Blockchain Policy
Nigeria recently implemented its national blockchain policy, sparking anticipation and curiosity across the nation.
In the midst of this technological development, I had the privilege of sitting down with three prominent stakeholders in Nigeria’s technology space.
Together, we delved into an in-depth exploration of the policy’s implications for the average Nigerian, uncovering its potential impact and the ways organizations are poised to capitalize on these developments.
Join me on this enlightening journey as we unravel the layers of Nigeria’s newly minted national blockchain policy and its profound implications for the nation’s future.
Chuta Chimeziecoordinator of the Blockchain Nigeria User Group (BNUG) has been at the forefront of Nigeria’s blockchain implementation for years, he shared his thoughts on whether the policy came too late:
“Well, considering that preliminary work on the National Blockchain Policy and Strategy document was started in 2020, to which I was a key contributor, I’d say it’s better late than never.
Each county or jurisdiction faces different levels of challenges in navigating this unique technology and Nigeria is no different.”
On how this policy will affect an average Nigerian, Chuta believes that a policy document is the first step in the journey to drive the adoption of blockchain technology.
“Think of it as a kick-off whistle that heralds the start of a match. What this will do for Nigeria is quite enormous.
The National Blockchain Policy and Strategy document provides a framework for regulation, instills investor confidence, drives market development, protects consumers and promotes international cooperation.”
According to Chuta, by addressing these aspects, the policy will play a central role in facilitating the successful adoption and integration of blockchain technology into the country’s socio-economic landscape.
“It is even possible to have blockchain and Web3 content injected into our curriculum.”Chuta added.
Charles EmemboluDirector of Partnerships of Innovation Support Network (ISN Hubs) on how Nigerian hubs will position themselves more as innovative centers for the birth of blockchain solutions, said, “The Innovation Support Network as the name implies is really there to foster an enabling environment for the ecosystem in a way that is market driven and legal.”
According to Charles, this new policy will provide more clarity locally as ISN hubs are already calling engagements and plan to be in a position to foster growth for this technology stack.
On how ISN will ensure that government and private institutions help hubs play their roles in creating more blockchain innovation, Charles said, “The ISN will typically implement a triple helix approach depending on the right conversations, policy advocacy, programming and direction of funding support to expand solution and talent development in blockchain-related businesses.”
On the implication of this national Blockchain policy on an average Nigerian, Mohammed Ibrahim Ia, co-founder of Domineum, said the policy was developed to provide a framework for the adoption, implementation and regulation of blockchain technology in Nigeria.
“The policy aims to promote the use of blockchain technology to drive innovation, increase productivity and create new opportunities in various sectors of the Nigerian economy.”
According to Jega, the implication of this policy on an average Nigerian is that it could potentially lead to greater transparency, efficiency and security in various industries such as finance, healthcare and real estate.
Jega said blockchain technology could be used to create a more transparent and efficient land registration system, which could help reduce land disputes and improve property rights.
“In the financial sector, blockchain-based solutions can be used to improve the efficiency of payment systems and reduce the cost of transfers.”
In addition, he added that the policy could also lead to the development of new job opportunities and growth of the Nigerian digital economy.
“As blockchain technology becomes more widespread, there will be an increasing demand for skilled professionals with expertise in blockchain development, cybersecurity and other related fields.
Overall, the implementation of the Nigerian National Blockchain Policy has the potential to bring significant benefits to the average Nigerian, including improved transparency, efficiency and economic growth.”
Domineum is a blockchain-based platform that offers solutions for land registration, property management, identity verification, certificate verification, identity management and supply chain management.
According to Jega, Domineum is positioned to leverage the national blockchain policy because it is focused on promoting the adoption and implementation of blockchain technology in various sectors of the Nigerian economy, including land registry, identity and supply chain management.
“As a result, Domineum is well positioned to leverage this policy and contribute to the growth of the Nigerian digital economy.
“In the area of land registration, Domineum’s blockchain-based platform can help create a more transparent and efficient land registration system, which is one of the main goals of the national blockchain policy.
By using blockchain technology to securely store ownership information, the platform can help reduce land disputes and improve property rights.”
“In the area of supply chain management, Domineum’s platform can help increase transparency and efficiency in supply chain processes, which is another key objective of the National Blockchain Policy.
By providing a secure and transparent platform for tracking goods and verifying the authenticity of products, the platform can help reduce fraud and improve the efficiency of supply chain processes.”
“Overall, Domineum is well positioned to leverage the Nigerian national blockchain policy by providing innovative solutions that can help drive the adoption and implementation of blockchain technology in Nigeria,” Jega concludes
Featured Image (L-R): Chuta Chimezie, Coordinator, Blockchain Nigeria User Group (BNUG); Charles Emembolu, Director of Partnerships, Innovation Support Network (ISN Hubs); Mohammed Ibrahim Jega, Co-Founder, Domineum.
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