• Nigeria has adopted a national blockchain policy, designed to increase trust and innovation while reducing transaction costs.
• The Nigerian government is encouraging the private sector and government agencies to leverage blockchain technology in various fields.
• The Federal Executive Council will oversee the policy’s implementation via the National Information Technology Development Agency (NITDA).
Nigeria Adopts National Blockchain Policy
Nigeria has adopted a new national blockchain policy in order to enhance trust, innovation and growth within its digital economy. This strategy is consistent with the country’s National Digital Economy Policy and Strategy (NDEPS) which emphasizes digital society and emerging technologies.
Promoting Transparency & Reducing Costs
The blockchain policy seeks to provide a safe and transparent interchange of money, information and goods among consumers, companies and the government. It aims to increase transparency, trustworthiness, efficiency and user experiences while significantly lowering transaction costs.
Government Agencies & Private Sector Involvement
The Federal Ministry of Communications and Digital Economy will be responsible for overseeing the implementation of this policy via the National Information Technology Development Agency (NITDA). Moreover, relevant regulatory bodies are expected to develop suitable usage frameworks for blockchain technology adoption in various industries such as finance, healthcare, transportation or supply chain management.
Steering Committee Appointed
A steering committee comprising members from different industries will also be appointed by the Federal Executive Council in order to monitor progress on implementing this new policy.
The nationwide adoption of blockchain technology across all sectors promises great potential for Nigeria’s digital revolution as it continues on its path towards success.