By 
Nigerian government has launched a National Policy on Blockchain Technology and inaugurated an implementation & steering committee to oversee its execution. Launched by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, the policy is to promote the adoption of blockchain technology in Nigeria and to position the country as a leading player in the global blockchain ecosystem; and also to fast track the adoption of emerging technologies across sectors.
RELATED: Nigeria signals blockchain future with launch of National Blockchain Policy
According to Pantami, the journey to get an official policy drive for blockchain technology in Nigeria started 28th November, 2019 at the International Conference Centre, Abuja where President Muhammadu Buhari unveiled the National Digital Economy Policy & Strategy (NDEPS) for a Digital Nigeria.
He said the” seventh pillar of the NDEPS: ‘Digital Society & Emerging Technologies’ out of the eight captured in the policy, is now achieving the desired progress as blockchain remains one of the emerging technologies.”
Adding: “In order to implement the seventh pillar, we had to develop other policies, including Policy on Artificial Intelligence and Robotics which brought about the establishment of the first ever National Centre for Artificial Intelligence and Robotics (NCAIR) in Africa, sited here in Abuja
“Also, in our efforts to implement the policy, particularly, pillar number seven, we developed the National Blockchain Policy for Nigeria”, Prof. Pantami noted.
Prof. Pantami stressed the importance of the technology to the nation’s Digital Economy drive, noting that the Fourth Industrial Revolution is comparatively the one that has not relegated African Continent to the background, especially as African Nations, particularly Nigeria are actively participating in the revolution which he added is an extension of the third revolution.
“Blockchain Technology, Artificial Intelligence (AI), Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicle, Bio Technology, 5G, Cyber Security, are all disruptive technologies brought by the Fourth Industrial Revolution and Nigeria is one of the, at least three countries in Africa, that are actively involved in the 4th Industrial Revolution.”
According to the minister, the success stories of ingenuity by Nigerian innovators has not only underscored the country’s position as a key player in Africa’s technology advancement but also strengthened the its position as the leading startup hub in Africa.
While noting the development and subsequent approval of the National Blockchain Policy on the 3rd of May, 2023, Pantami affirmed that the blockchain and all its components and types are no longer illegal in Nigeria.
“This policy is to provide an enabling environment for your teaming young population who are mostly digital natives to partake in critical thinking, identify complex problems, come up with solutions for implementation of adoption in Nigeria or any parts of the world,” said Pantami.
The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullah, earlier told the audience that the event signaled a remarkable milestone in the journey towards achieving a Digital Nigeria where citizens have access to the advanced technology, skills and a conducive environment to innovate notably in the realm of the blockchain technology.
He said the policy represents a significant leap and the opportunity to create an enabling environment through investments in talents, access to the technology and domestication.
“This will give our citizens the opportunity to create and capture value from the enormous benefits of the tech,” said Abdullahi who quoted a report by PWC that by 2030, the blockchain technology will add $1.76Trillion to the global GDP maintained that the plan is to ensure that Nigeria positions itself properly to benefit therefrom.
“If the policy is implemented, Nigeria can gain up to $4 billion,” the NITDA boss stressed.
