The Nigerian Government has approved a national policy on blockchain technology that aims to incorporate the use of the decentralized digital ledger in the country's economy and security sectors. The announcement was made by Prof. Isa Pantami, the Minister of Communications and Digital Economy, following the Federal Executive Council meeting on Wednesday.
Blockchain technology provides a secure and transparent way of recording transactions, and the new policy seeks to institutionalize its use in Nigeria. The policy was developed in collaboration with 56 institutions and individuals, and its approval marks a significant step towards realizing the potential benefits of blockchain technology in the country.
With the policy in place, the National Information Technology Development Agency (NITDA) and regulatory bodies will work together to develop regulatory instruments across all sectors, as directed by the Security Council. A national steering council will also be established to oversee the implementation of the policy.
Prof. Pantami stated that the approval of the national blockchain policy for Nigeria reflects the government's commitment to promoting digital innovation and improving the economy. He also highlighted the potential impact of blockchain technology, with studies estimating that it could increase global GDP by $1.76 trillion by 2030.
The approval of the national policy on blockchain technology underscores Nigeria's growing recognition of the importance of digital technology in driving economic growth and development. The move is expected to attract investment and drive innovation, positioning Nigeria as a leader in blockchain adoption in Africa.
Play audio
No comments