Nigeria is committed to harnessing the potential of blockchain technology to drive economic growth. This is not an impossible mission. In August 2023, the National Bureau of Statistics (NBS) published that the Information and Communications Technology (ICT) sector contributed about 19.54% to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2023. The blockchain industry alone, projects PwC in 2020, will contribute about 1.76% to the global economy by 2030. So it boils down to what Nigeria is doing or will do to leverage this technology to grow the economy.
This was contained in the welcome address presented by Engr. Salisu Kaka, Acting Director, Digital Economy Development Department (DEDD), NITDA, at the recently held Stakeholders Policy Dialogue on the Implementation of the National Blockchain Policy, 9 August 2023, Lagos. The stakeholder policy dialogue is titled ‘Driving Sustainable Economic Growth and Development through the Adoption of Blockchain Technology’. It was organized by NITDA in partnership with the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
Engr. Kaka believes that blockchain technology can help Nigeria enhance transparency and security both in the public and private sectors in the country. With the stakeholder policy dialogue, NITDA envisages that stakeholders would develop regulatory frameworks and governance models that will help ensure security and privacy for various blockchain applications across various sectors, including healthcare, energy, and supply chain.
Beyond having a robust discussion about blockchain technology in Nigeria, Engr. Kaka also hopes that the stakeholder policy dialogue would “lay the foundation for thriving blockchain ecosystems that benefits everyone”.
Engr. Kaka expressed his gratitude to distinguished panelists and participants for the expertise and insight they would be sharing for an enriching dialogue towards the effective implementation of the National Blockchain Policy. Similarly, Engr. Kaka thanked SiBAN for partnering with NITDA on the stakeholder policy dialogue and for its “commitment to advancing the understanding and the implementation of blockchain technology”. He described it as “highly commendable”.
SiBAN is a member of the National Blockchain Policy Steering Committee set up by the Federal Government of Nigeria to implement the National Blockchain Policy. The blockchain policy’s three-pronged focus areas are talent development, innovation, and adoption.
Engr. Kaka rounded off his welcome address by emphasizing that NITDA would continue to drive important policy innovations that leverage technology to empower individuals and the society at large. With Engineer Kaka at the event were other dignitaries from NITDA. The Director General of NITDA, Kashifu Inuwa Abdullahi, CCIE, also attended the event. SiBAN will be having a return leg from 6 to 7 September 2023, Abuja FCT, with its Digital Assets Summit.
Nigeria’s vision for blockchain technology 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.”
Credit: To SiBAN for the broadcast of the Stakeholder Policy Dialogue on its YouTube channel as well as to LenzOne for making the link available on the SiBAN platform on 9 August 2023.