The Prerequisite of Economic Stability
During the SIBAN’s Digital Assets Summit 2023 held in Abuja, stakeholders gathered to discuss the trajectory of blockchain technology in Africa, specifically Nigeria. A consensus was reached, recognizing poverty eradication as a vital prerequisite for the fruitful incorporation of blockchain technology in mainstream society.
GT Igwe Chrisent, CEO of Sumotrust & Truzact — an online savings and investment platform — emphasized the critical need to address hunger and poverty effectively, which he sees as foundational steps towards a successful blockchain journey for the continent.
The Ceaseless Conversations
In Chrisent’s words, without addressing the prevalent issues of hunger and poverty, “we’ll keep having these conversations over and over again.” He highlighted the urgent need to focus on resolving fundamental problems before aiming to explore the vast potentials offered by blockchain technology.
Despite the seemingly daunting task of eradicating poverty, there lies an opportunity in the enhanced scalability that the technology brings. The CEO urged that people must be able to meet their basic needs to be fully ready to dive into the technological advancements that the blockchain technology promises.
The Surge of Crypto Interest Amid Challenges
Despite the highlighted challenges, Nigeria has seen a significant rise in the interest and adoption of cryptocurrencies, a testament to the nation’s readiness to embrace new technologies. The data from Google Trends shows that Nigeria holds a high rank in search interest for Bitcoin, placing second behind El Salvador.
This surge of interest, coupled with President Bola Tinubu’s manifesto promoting the incorporation of blockchain and cryptocurrencies in Nigeria’s banking and finance sector, indicates a potentially bright future for blockchain technology in Nigeria.
For Africa to journey successfully into the future powered by blockchain, the foundational issue of poverty must be addressed earnestly. The stakeholders at the summit hope that with a concerted effort towards alleviating poverty, Africa will be on the right path to fully integrating blockchain technology into its societal framework.
Chrisent and other stakeholders have set a progressive dialogue in motion, emphasizing the importance of securing basic amenities for all before steering towards a blockchain-driven future. The ball now lies in the court of decision-makers to prioritize poverty alleviation and pave the way for a technologically advanced African society.