Why Federal Government of Nigeria approved national blockchain policy. Read full details!

Why Federal Government of Nigeria approved national blockchain policy. Read full details!

During the Federal Executive Council meeting held at the state house in Abuja on Wednesday, the Federal Government of Nigeria approved the National Blockchain Policy.

The Minister of Communications and Digital Economy, Isa Pantami, disclosed that the activities of the policy would be coordinated by the National Information Technology Development Agency, under the supervision of the Federal Ministry of Communications and Digital Economy.

The National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy unveiled by the president on November 28, 2019. It focuses on Digital Society and Emerging Technologies.

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The policy’s vision is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and government. The implementation of the National Blockchain Policy is expected to have a positive impact on both the public and private sectors of the country, with benefits such as improved public services, cost savings, better user experiences, innovation, job opportunities, and economic growth.

Governments worldwide are exploring ways to leverage this important technology, and Nigeria joins leading technology countries in adopting Blockchain Technology at the national level.

The Federal Executive Council directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy, including NITDA, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, among others.

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The FEC also urged all other Federal and State Government institutions, as well as the private sector, to leverage Blockchain Technologies in education, health, security, agriculture, and finance, among many other sectors, to further support the implementation of the NDEPS for a digital Nigeria.

A multi-sectoral Steering Committee has also been approved to oversee the implementation of the policy. According to PricewaterhouseCoopers, Blockchain Technologies could boost the global economy with $1.76 trillion by 2030.

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