The Nigerian government approves the national blockchain policy – BitcoinKE

The Nigerian government approves the national blockchain policy – BitcoinKE

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The Federal Executive Council of Nigeria has approved the National Blockchain Policy for Nigeria as presented by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami).

“With the approval of the National Blockchain Policy, we can confidently say that blockchain technology with all its components and types has been institutionalized in the country,” Prof. Ibrahim said.

According to a press release sent to newsrooms, the policy is aimed at creating a blockchain-powered economy that supports secure transactions, data sharing and value exchange between people, businesses and governments, thereby increasing innovation, trust, growth and prosperity. for all.

The National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy (NDEPS), which was launched by President Muhammadu Buhari in 2019. The policy was developed by the Federal Ministry of Communications and Digital Economy, in line with the 7th Pillar of the NDEPS, which focuses on a digital society and new technologies.

According to PriceWaterhouseCoopers (PwC), blockchain technologies could increase the global economy by $1.76 trillion by 2030. The implementation of the national blockchain policy in Nigeria is expected to have a positive effect on both the public and private sectors in the country.

According to the document, blockchain technology has the potential to revolutionize many industries, from finance and healthcare to transportation and supply chain management. It makes transactions more transparent, reliable and efficient, resulting in significant cost savings and better user experiences. Furthermore, the government sees blockchain as something that can increase innovation, improve public services, create job opportunities and drive economic growth.

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National Information Technology Development Agency (NITDA) will coordinate the activities of the policy under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral steering committee has also been approved to oversee the implementation of the policy as per the government.

Furthermore, Nigeria’s Federal Executive Council has instructed relevant regulatory bodies including:

  • NITDA
  • Central Bank of Nigeria (CBN)
  • National Universities Commission (NUC)
  • Securities and Exchange Commission (SEC)
  • The Nigerian Communications Commission (NCC)

among other things, to develop regulatory instruments for the distribution of blockchain technology across various sectors of the economy.

The private sector and all other federal and state institutions are encouraged to harness blockchain technologies in education, health, security, agriculture and finance, among other sectors to further support the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.

With the approval of the National Blockchain Policy, Nigeria joins other leading technology countries, including the UK, Switzerland, Estonia, Singapore and the United Arab Emirates, in adopting blockchain technology at the national level.

The National Blockchain Policy for Nigeria is expected to strengthen the country’s position as a technology hub in Africa and attract investment in the digital economy sector.

See also

Bank in 2018, Kenya launched a distributed ledger and AI task force with the ultimate goal of implementing the same across various government entities. 5 years later, the report’s recommendations have not been implemented.

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