SiBAN & NITDA to collaborate for blockchain adoption in Nigeria

by Arthur · June 6, 2023

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Kashifu Inuwa Abdullahi, CCIE, Head of The National Information Technology Development Agency (NITDA)recently met with SIBAN, the Stakeholders in Blockchain Technology Association of Nigeria.

The objective of the meeting was to discuss potential partnerships that could advance the adoption of blockchain technology in Nigeria. Obinna Iwunopresident i SiBAN and founder of Crypto Boot Campan online crypto and blockchain community with a focus on education, led the SiBAN team during the meeting.

The National Information Technology Development Agency (NITDA) was established in 2001 to execute the Nigerian information technology policy and oversee general IT development.

NITDA is responsible for developing, regulating and advising on information technology practices, activities and systems in Nigeria by establishing regulatory standards, policies and guidelines. In addition, it acts as a clearinghouse for all IT projects and infrastructure development in the country.

On the other hand, SiBAN is a self-regulatory body founded by stakeholders in Nigeria’s blockchain and cryptocurrency community. Their goal is to support players, educate users, promote adoption, ensure consumer protection and work with regulators to maximize the potential of blockchain technology.

Blockchain Policy in Nigeria

Nigeria is leading the way in Africa and globally with its adoption and use of crypto and blockchain technology. From May 2023, Nigeria has over 12 million crypto holders, placing them eighth worldwide for the number of crypto holders and first in Africa.

Nigeria is considered one of the hottest blockchain investment destinations in Africa. In 2021, it attracted 27.6% (second only to Seychelles) of all blockchain funds on the continent, in total 24.6 million dollars. The following year, it received 3.4% of all African blockchain funds, correspondingly 15.9 million dollars.

In May 2023, Nigeria launched its official blockchain policy aimed at driving the development of blockchain-based products and creating job opportunities for over 100 million young Nigerians.

But as agencies move toward promoting blockchain technology, two conflicting statements are worth mentioning. First, in February 2021, the CBN essentially put a stop to anything related to cryptocurrency in the financial system through a circular.

On the other hand, the Minister of Information and Digital Economy, Isa Pantami, at the launch of the National Blockchain Policy in May 2023, said blockchain and all its components are legal in Nigeria.