Nigeria has recently taken a step towards a digital economy by approving a national blockchain policy.
Nigeria approves national Blockchain policy with eye on digital economy
The policy, which was developed by the Federal Ministry of Communications and Digital Economy, was announced on Wednesday. Although the announcement made no mention of cryptocurrency, it is hoped that this will pave the way for a blockchain-powered economy.
During its meeting on May 3rd, 2023, the Federal Executive Council approved Nigeria’s National Blockchain Policy, which had been presented by the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami). This policy was developed through consultations with stakeholders from both the public and private sectors.
As per PricewaterhouseCoopers (PwC), blockchain technology could potentially contribute $1.76 trillion to the global economy by 2030. The National Blockchain Policy for Nigeria is in alignment with the National Digital Economy Policy and Strategy (NDEPS), which was introduced by President Muhammadu Buhari on November 28th, 2019. The Federal Ministry of Communications and Digital Economy formulated the National Blockchain Policy in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.
Contemplating Nigeria’s National Blockchain Policy is a thought-provoking exercise. The policy’s vision is to create a Blockchain-powered economy that enhances innovation, trust, growth and prosperity for all. The approach to realising this vision is yet to be revealed and will require some time to unfold.
The tweet further stated that the Policy aims to establish a Blockchain-driven economy that fosters secure transactions, data sharing, and value exchange among individuals, businesses, and the Government. This move is expected to enhance innovation, trust, growth, and prosperity for all parties concerned. The implementation of the National Blockchain Policy is anticipated to have a positive impact on Nigeria’s public and private sectors.
“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.”
Regarding coordination and regulation, the National Information Technology Development Agency (NITDA) will oversee the coordination of the Policy under the supervision of the Federal Ministry of Communications and Digital Economy. Additionally, a Steering Committee with members from various sectors will be responsible for monitoring and ensuring the successful implementation of the policy.
Furthermore, the Federal Executive Council has directed several regulatory agencies, such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Universities Commission (NUC), and the Nigerian Communications Commission (NCC), to develop regulatory instruments that will facilitate the deployment of Blockchain Technology across various sectors of the economy.
The Ministry’s tweet about the policy did not provide any further details.
Although the policy document has yet to be published, cryptocurrencies were not mentioned at all in the tweet.
This omission is significant since Nigeria clamped down on cryptocurrencies in 2021 following the country’s emergence as one of the world’s fastest digital asset adopters. Whether they will be incorporated at all on a later date is unclear and remains to be seen.
SiGMA Group invited to return to Africa in 2024
Following the success of its debut summit in Nairobi, Kenya last January, SiGMA Group has been invited to return to Africa in 2024.
Dr. Jane Makau, the Chair of the Betting Control and Licensing Board in Kenya, expressed her gratitude to SiGMA Group for choosing Kenya as their debut destination in Africa. She welcomed attendees to Nairobi and emphasised the potential of the summit to discuss new trends and opportunities, showcase innovative tech products, and engage in business in Kenya.
SiGMA Group is excited to host its annual African Summit next year, where it looks forward to welcoming its clients and delegates. For more information about upcoming events, visit our website, and stay up-to-date with the latest industry news from around the world by visiting their news page.