Nigerian President Elect Tinubu’s strategy for blockchain
Seasoned politician Bola Tinubu was declared winner of Nigeria’s still disputed presidential election. He is known as ‘the political godfather’ by the electorate. The official results show that he won 37 percent of the vote. His main rival Atiku Abubakar polled 29 percent and the Labour Party’s Peter Obi 25 percent.
Tinubu is a very wealthy politician who had the means to invest in a campaign based on his success in transforming Lagos into a modern city while he was governor. After the all-night parties to celebrate his victory, it is reported that Lagos is now back to normal and life is back on track.
I take this opportunity to appeal to my fellow contestants to let us team up together. It is the only nation we have. It is one country and we must build it together,”- Bola Tinubu, President Elect of Nigeria
Commitment to develop blockchain technology
A departure from the policies of the Buhari administration, the Tinubu manifesto promises to “encourage the prudent use of blockchain technology in finance and banking and the use of crypto assets.”
In June 2022 the Nigerian Exchange announced that it would adopt blockchain technology to settle trade across its platform in 2023. While government interference in the blockchain space has been minimal, the National Blockchain Adoption Strategy developed by the National Information Technology Development Agency (NITDA) in 2020. It provides an insight into the adoption of blockchain technology in Nigeria.
Tinibu’s manifesto for technology and e-commerce maps out a plan for the blockchain ecosystem and how it can help the country to develop its financial services sector to improve the country’s economy. Tinubu’s strategy is to implement training and build a bring future in technology to benefit Nigeria’s massive younger generation and present new job opportunities for them. The plans spur employment growth, implementation, and scale could the outcome has been met positively by business lobby groups.
As part of our reforms, we will establish an advisory committee to review the existing regulatory environment governing blockchain technology and virtual asset services and, where necessary, suggest changes create a more efficient and business-friendly regulatory framework. We will also encourage to expand the use of our digital currency, the eNaira,” – Bola Tinubu’s electoral manifesto
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