Following the approval of National Blockchain Policy for Nigeria, the Federal Executive Council (FEC) has tasked concerned regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
These regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), among others.
The Federal Executive Council approved the National Blockchain Policy for Nigeria during its meeting yesterday, the 3rd of May, 2023. This followed the presentation of a memo by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami). The process of developing the Policy involved robust stakeholder engagements across the public and private sectors.
Pantami noted at the end of Wednesday’s cabinet meeting that the policy was developed in consultations with stakeholders involving more than 50 institutions and personalities.
The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.
A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers. Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network.
According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030. The National Blockchain Policy for Nigeria is line with the 7th Pillar of the National Digital Economy Policy and Strategy (NDEPS), which focus on Digital Society and Emerging Technologies.
Speaking further on its benefits, the Minister noted Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management.
“Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth. These benefits have inspired governments around the world to explore ways to leverage this important technology.
“With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain Technology at the national level.”
The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral Steering Committee has also been approved to oversee the implementation of the Policy.
All other Federal and State Government institutions, as well as the private sector are urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors. Deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.