Aiming to Boost Global GDP
The approval of Nigeria’s national blockchain policy is a significant step toward the country’s digital transformation. With the policy, Nigeria aims to establish a blockchain-based economy that will facilitate secure transactions, data sharing, and value exchange among individuals, businesses, and the government. This could potentially contribute $1.76 trillion to the global gross domestic product by 2030, according to a PwC report.
Collaboration Between Public and Private Sectors
The Federal Ministry of Communications and Digital Economy developed the national blockchain policy through stakeholder consultations in both the public and private sectors. This cooperative approach ensures a comprehensive and effective strategy for the implementation of blockchain technology across various industries in Nigeria.
Policy Initiatives and Oversight
The National Information Technology Development Agency (NITDA) will be responsible for coordinating policy initiatives under the supervision of the FMCDE. A multisectoral steering committee has also been established to oversee policy implementation, ensuring a smooth transition toward a blockchain-based economy.
Regulatory Frameworks for Implementation
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, have been instructed to create regulatory frameworks for the implementation of blockchain technology in different sectors of the economy. This will help to ensure the technology is adopted safely and securely across industries.
Blockchain Adoption Strategy
The strategy for blockchain adoption in Nigeria includes several key initiatives, such as establishing a consortium for blockchain, 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.
Cryptocurrency Transactions Remain Illegal
Despite the new policy’s focus on embracing blockchain technology, transactions using cryptocurrency remain illegal in Nigeria. It remains to be seen how the government will navigate the relationship between blockchain and cryptocurrencies in the future.
Conclusion: A Promising Future for Nigeria’s Digital Economy
In conclusion, the approval of Nigeria’s national blockchain policy is a major milestone for the country’s digital economy. As the government works closely with public and private sectors to develop a regulatory framework and implement blockchain technology across industries, Nigeria is poised for significant growth and innovation. While the future of cryptocurrencies in the country remains uncertain, the focus on blockchain adoption showcases Nigeria’s commitment to embracing emerging technologies and securing its position as a global player in the digital landscape.