This week, Abuja is hosting a major turning point in Nigeria’s blockchain future: the formal launch of the National Blockchain Policy; and inauguration of the National Blockchain Implementation & Steering Committee.
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The ceremony will be carried out Tuesday, 16th of May 2023 by Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim Pantami to signal Nigeria’s push for blockchain adoption across various sectors of the economy.
The Nigerian government has identified blockchain as a transformative force that offers unique benefits to various sectors so it is launching the National Blockchain Policy focusing on talent development, innovation, and adoption all geared at leveraging benefits of blockchain technology in Nigeria..
The “policy aims to grow domestic talent in blockchain solutions development, foster innovation, and catalyse the adoption and use of blockchain technology,” said an official statement by the National Information Technology Development Agency (NITDA).
The IT regulatory and development body has been at the forefront of driving the spread and use of blockchain technology nationally through various activities including capacity development, and awareness carried out during the Blockchain Day at the Digital Nigeria Day celebration, in October 2022.
Also, NITDA is facilitating the training of over 30,000 young Nigerians in blockchain technology in order to build a skilled workforce across sectors.
To further drive blockchain adoption, the Federal Executive Council (FEC), Nigeria’s highest decision making body, approved the National Blockchain Policy for Nigeria 3rd May 2023 to ensure that Nigerians benefit from the potential of blockchain through responsible use of the technology.
The implementation of the National Blockchain Policy for Nigeria is expected to provide the following benefits:
- improve transparency and accountability in different sectors of the digital economy;
- increase efficiency in various adoption areas;
- enhance security in transactions;
- increase financial inclusion in Nigeria;
- creating significant job opportunities across different sectors of the digital economy.