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The Nigerian Federal Government has approved a national blockchain policy in a bid to institutionalize blockchain technology in Nigeria’s economy and security sectors.
This is coming after Nigeria was known globally as a Nation clamping down on blockchain and cryptocurrency activities, which did not go down well with the country’s youth that makes up about 60% of the population.
The announcement was made by the Minister of Communications and Digital Economy, Isa Pantami, after the Federal Executive Council meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
It is the hope of regulatory bodies and everyone involved that the blockchain policy drive innovation and stimulates economic growth, particularly in the areas of financial services, agriculture, healthcare, and the public sector. Blockchain technology will also play a critical role in enhancing transparency and accountability in government operations, curbing corruption, and reducing fraud.
According to the Minister, the policy was a result of consultations with 56 institutions and key individuals’ influences on the subject matter. The consultations were aimed at developing and reviewing the policy to ensure that all blockchain technology components and types have been institutionalized in the country, in essence keeping things regulated and safe for the average Nigerian. With the approval of the national blockchain policy, the Nigerian government has taken a significant step toward tapping into the potential benefits of blockchain technology.
Furthermore, the Nigerian Security Council has directed regulatory bodies to collaborate with the National Information Technology Development Agency (NITDA) to develop regulatory instruments in all sectors. This directive underscores the government’s commitment to harnessing the potential of blockchain technology while ensuring that it is effectively regulated to protect the interests of all stakeholders.
The approval of the national blockchain policy in Nigeria is a welcome development and puts Nigeria at the forefront of blockchain adoption in Africa. Studies have predicted that blockchain technology would add $1.76tn to the global GDP by 2030, and Nigeria’s embrace of this technology will undoubtedly position the country to benefit from this growth.
As part of the approval, a national steering council will be established and coordinated by NITDA. The council will oversee the implementation of the policy and ensure that the benefits of blockchain technology are fully realized across various sectors of the economy.
Source: Vanguardngr
HOW DOES THIS APPLY TO YOU
As this new development unfolds over the coming weeks and months, it will become clear the amount of control the government will put in place if there are any limitations as we’ve previously seen, if this explicitly means Nigerians can now transact freely using cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin, etc. While we wait, it will be beneficial as a business or a business-minded individual to begin to position yourself and your business to harness this new opportunity.
On our channel and in our community, one of the greatest concerns of freelancers and digital entrepreneurs in developing economies like Nigeria we’ve noticed is the problem of receiving payment from international clients. Blockchain technology and Cryptocurrency solves this problem effectively, and if the Nigerian government is now ready to embrace it, then it is great news for you because, in addition to all the other methods of receiving payment (which are often not hassle-free), you can accept cryptocurrency, therefore, accessing the international market seamlessly.
In conclusion, the Nigerian government’s approval of the national blockchain policy is a significant step towards unlocking the potential of blockchain technology and positioning Nigeria as a leader in blockchain adoption in Africa, as well as enabling the highly enterprising young Nigerians to thrive in their many endeavors. The policy will not come without challenges of course, challenges such as abuse by fraudulent individuals for their nefarious activities, and flying transactions under the radar through crypto airways to facilitate illegal activities, but on the brighter flip side, it will drive innovation, enhance transparency and accountability, and stimulate economic growth, leading to a better and more prosperous future for Nigeria.
