The Federal Government of Nigeria is set to review the policies governing the implementation of its National Blockchain Policy.
This aims to incorporate new emerging technologies and economic realities, expanding the policy’s reach to sectors such as land registration, health, and education.
Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), announced the review at a three-day co-creation workshop in Abuja.
The event focused on validating trends in blockchain technology and integrating new stakeholders to ensure inclusive adoption and implementation.
Blockchain, as defined by Investopedia, is a digital database that allows for simultaneous use and sharing of information within a large decentralized, publicly accessible network.
The Nigerian government, under former President Muhammadu Buhari, had approved the blockchain policy last year to support secure transactions, data sharing, and value exchange between people, businesses, and the government. However, recent innovations necessitate a review of the policy.
Represented by Oladejo Olawuni, Director of Information Technology and Infrastructure Solutions, Inuwa stated the transformative potential of digital technology. He highlighted the need for Nigeria to capitalize on blockchain technology, projected to boost the global economy by $1.7 trillion by 2030.
“In Nigeria, we are still at the developmental stage of blockchain usage,” Inuwa said. “Many people are not aware of its benefits beyond cryptocurrency.
Blockchain can enhance industries like supply chain management, ensuring the right products reach consumers.”
The workshop aimed to review and validate the implementation policy and plan for the National Blockchain Policy developed last year.
The event also featured the reconstitution of the National Blockchain Policy Steering Committee, tasked with overseeing the policy’s implementation.
This committee includes representatives from government agencies, industry experts, academia, and other stakeholders in the blockchain ecosystem.
