FG: Adoption of Blockchain Policy Will Boost Innovation, Create Job Opportunities, Drive Economic Growth

Emma Okonji

Following the approval of Nigeria’s Blockchain Policy that was recently signed by President Muhammadu Buhari, the federal government (FG) has said the policy, which has become a working document for the development Nigeria’s digital ecosystem, will enhance technology innovation, create job opportunities and drive economic growth of the country.

These were the views of President Buhari, when he signed the policy document recently. 

With the signing and adoption of Blockchain Policy for Nigeria, the country has joined other countries of the world like Estonia, Georgia, United Arab Emirates (Dubai), Switzerland, and Singapore that have also adopted and signed Blockchain Policy. 

Developed by the Ministry of Communications and Digital Economy, the Blockchain Technology (BT) is an emerging technology that offers a unique opportunity for various sectors of the economy to experience greater transparency, increased efficiency and more secure transactions.

“As the leading digital economy in Africa, we have again taken the lead in developing a policy for the adoption of this important technology. We will use BT to boost innovation, improve public services, create job opportunities, reduce corruption and drive economic growth. As the world prepares for a BT-driven injection of $1.76 trillion to the global GDP by 2030, our development and implementation of the National Blockchain Policy for Nigeria will prepare us to be active players and to benefit from this emerging global source of revenue. The National Blockchain Policy for Nigeria has therefore been developed to serve as a roadmap for Nigeria’s adoption and utilisation of BT. The Policy lays out a comprehensive framework for integrating BT into different spheres of our national life in order to fully realise the potential of BT,” Buhari said while signing the policy document.

He therefore ordered the National Information Technology Development Agency (NITDA), the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), as well as other relevant regulatory bodies, to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy. Buhari also directed all relevant government agencies to immediately commence implementation of the policy, along with stakeholders to ensure that Nigeria creates a Blockchain-powered economy that enhances innovation, growth, and prosperity for all.

Highlighting the benefits of blockchain technology, the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, said: “Blockchain will provide us with immense opportunities to improve efficiency, security, and transparency across various sectors of the economy. The National Digital Economy Policy and Strategy (NDEPS), was developed to realign the Nigerian economy to take advantage of the numerous opportunities that digital technology offers. As part of the implementation of the NDEPS, the Federal Ministry of Communications and Digital Economy, on behalf of the Federal Government of Nigeria has developed the National Blockchain Policy in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.”

Blockchain Technology has become a groundbreaking advancement in the digital age with the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management. Governments all over the world are exploring how to leverage Blockchain Technology to boost innovation, improve public services, create job opportunities, and drive economic growth.

Digital technologies such as Blockchain have been widely adopted globally. According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy with $1.76 trillion by 2030.