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The Nigerian government has approved a new National Blockchain Policy to drive economic growth and improved governance. The approval was given by the Federal Executive Council (FEC), the country’s highest decision making body following a memo by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, based on stakeholder engagements across the public and private sectors.
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A Blockchain Policy for Nigeria has the potential to provide significant benefits, including increased transparency, improved efficiency, increased security, improved financial inclusion, and promoting innovation. Many believe by embracing this technology, Nigeria can position itself as a leader in the field of digital innovation, driving economic growth and development.
According to experts, Blockchain technology has the potential to provide several benefits to Nigeria, both in terms of economic growth and improved governance. Among others, the potential benefits of a blockchain policy for Nigeria include:
- Increased transparency: Blockchain technology is based on a distributed ledger system, which means that transactions are recorded and verified by a network of computers. This creates a level of transparency that is difficult to achieve with traditional systems, making it easier to detect fraud and corruption.
- Improved efficiency: Blockchain technology has the potential to streamline a variety of processes, such as supply chain management and payment processing. This can reduce the time and cost associated with these activities, leading to increased efficiency and productivity.
- Increased security: Blockchain technology is highly secure, with transactions being verified by multiple nodes in the network. This makes it difficult for hackers to manipulate the system, reducing the risk of cyberattacks and other security breaches.
- Improved financial inclusion: Blockchain technology has the potential to provide financial services to underserved populations, such as those without access to traditional banking systems. This can help to improve financial inclusion and promote economic growth.
- Promoting innovation: By embracing blockchain technology, Nigeria can position itself as a leader in the field of digital innovation. This can attract investment and talent, leading to the development of new products and services.
The PricewaterhouseCoopers (PwC) says Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030 to significantly redefine the direction of most countries’ economies.
The National Blockchain Policy for Nigeria is line with the National Digital Economy Policy and Strategy (NDEPS), which was launched by President Muhammadu Buhari on the 28th of November, 2019. The Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy for Nigeria in line with the 7th Pillar of the NDEPS, which focuses on digital society and emerging technologies.
“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country,” says Dr. Femi Adeluyi, Senior Technical Assistant (Research & Development) to Prof Pantami
in a statement released in Abuja.
The statement adds: “Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management. Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
“These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain Technology at the national level.
“The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), 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.
The Federal Executive Council has further directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy. These regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), among others.
“All other federal and state government institutions, as well as the private sector are urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors. Deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.”
