The policy development was conducted through stakeholder consultations in both the public and private sectors and is aligned with the national digital economy policy and strategy, which focuses on digital society and emerging technologies.
The Nigerian government has recently approved a national policy on blockchain technology aimed at developing a regulatory framework to govern the adoption of the technology. The policy seeks to establish a blockchain-based economy that facilitates secure transactions, data sharing, and value exchange among individuals, businesses, and the government.
The Federal Ministry of Communications and Digital Economy (FMCDE) developed the policy on behalf of the federal government of Nigeria, in line with the seventh pillar of the national digital economy policy and strategy.
The policy was developed through stakeholder consultations in both the public and private sectors and is expected to have a positive impact on the public and private sectors in Nigeria. The National Information Technology Development Agency (NITDA) will coordinate policy initiatives under the supervision of the FMCDE, while a multisectoral steering committee has been established to oversee policy implementation.
Initiatives aimed at establishing a consortium for blockchain in Nigeria, strengthening the regulatory and legal framework, promoting digital identity, creating blockchain business incentive programs, fostering digital literacy and awareness of blockchain technology, and establishing a national blockchain sandbox for testing and piloting are included in the strategy for blockchain adoption.
Nigeria’s Eyes on the Prize: Blockchain Could Boost Global GDP by $1.76 Trillion by 2030
A report by PwC shows that Nigeria and the rest of Africa could benefit greatly from the widespread adoption of blockchain technology. With potential contributions of $1.76 trillion to the global GDP by 2030, Nigeria is not about to be left behind in this game-changing technology.
That’s why the recent approval of the national blockchain policy by the Nigerian government is a bold move towards creating a digital economy that harnesses the power of blockchain technology. With improved transparency, reduced fraud, and enhanced efficiency across various sectors of the economy, Nigeria is positioning itself to take full advantage of the opportunities that blockchain offers.
Regulatory Frameworks for the Implementation of Blockchain Technology
The Federal Executive Council has instructed relevant regulatory bodies, such as NITDA, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission to create regulatory frameworks for the implementation of blockchain technology in different sectors of the economy. The development of these regulatory frameworks is expected to create an enabling environment for the adoption and implementation of blockchain technology in Nigeria.
Despite this new policy, transactions using cryptocurrency remain illegal in the country. However, the government’s approval of the national policy on blockchain technology signals a willingness to explore the potential of blockchain technology in Nigeria’s digital economy.
The policy is expected to provide a regulatory framework for the development and implementation of blockchain-based solutions that can enhance efficiency, transparency, and security in various sectors of the economy.