In a step towards harnessing the transformative potential of blockchain technology, Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, has released a Whitepaper detailing the country’s efforts to develop a holistic National Blockchain Policy. This policy aims to provide a structured, inclusive, and forward-looking framework for blockchain adoption in Nigeria, leveraging input from top blockchain researchers of Nigerian descent worldwide.
Building on Existing Progress
It’s worth noting that Nigeria has already taken a significant step in this direction. In May 2023, the Federal Government of Nigeria, under the Muhammadu Buhari administration, approved the National Blockchain Policy, which aims to drive economic growth, enhance transparency, and improve security across various sectors. This existing policy covered trends shaping key areas such as financial inclusion, supply chain transparency, and digital identity.
Given the recent development of the National Blockchain Policy in 2023, it’s essential to ensure continuity in policy development and implementation. The new policy initiative should build on the existing framework, addressing any gaps or challenges that have arisen since its implementation. By doing so, Nigeria can maintain momentum in its digital transformation journey and maximize the benefits of blockchain technology.
The Promise of Blockchain and Key Objectives of the National Blockchain Policy
Blockchain technology has emerged as a key driver of transparency, security, and efficiency in various industries globally. According to the World Economic Forum, blockchain could add $1.76 trillion to the global economy by 2030, underscoring its transformative potential. For Nigeria, blockchain technology could drive significant advances in financial inclusion, supply chain transparency, and digital identity.
- Improve Transparency and Accountability: Enhance transparency and accountability in different sectors of the digital economy.
- Increase Efficiency: Improve efficiency in various adoption areas, such as financial inclusion and supply chain management.
- Enhance Security: Enhance security in transactions, reducing the risk of fraud and cybercrime.
- Promote Financial Inclusion: Increase financial inclusion in Nigeria, providing access to financial services for underserved populations.
- Create Job Opportunities: Create significant job opportunities across different sectors of the digital economy.
Read also: Nigeria approves national blockchain policy, but crypto remains in limbo.
A Collaborative Approach
The development of the National Blockchain Policy is a collaborative effort, building on the foundational work of the National Blockchain Strategy issued by the National Information Technology Development Agency (NITDA) in 2023. The policy will leverage input from top blockchain researchers of Nigerian descent worldwide, ensuring a robust and inclusive framework.
Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, emphasized the importance of this inclusive approach, saying: “This Policy aims to provide a structured, inclusive, and forward-looking framework for Blockchain adoption in Nigeria. The inclusive approach ensures that Nigeria’s Blockchain policy is not only technically sound, but also locally relevant, with broad-based support that reflects the realities and aspirations of our nation.”
Promoting Public Trust and Awareness
The Minister further noted that through this collaborative process, the government aims to facilitate comprehensive policy development, promote public trust and awareness, and spark innovation that leads to real-world solutions.
“Through this collaborative process, we aim to facilitate comprehensive policy development, promote public trust and awareness, and spark innovation that leads to real-world solutions,” Dr. Tijani added.
Read also: Informally Stubborn- Africa’s Blockchain Yearning for a Better Formal Structure
Moving from Rhetoric to Action
Nigeria’s economic future hinges on its ability to harness the transformative potential of blockchain technology. However, the country has been stuck in a cycle of policy creation without meaningful implementation. It’s time for Nigeria to move from rhetoric to action. Nigeria needs to take action in order to achieve the following:
- Economic Growth: Blockchain technology can drive economic growth, enhance transparency, and improve security across various sectors.
- Global Competitiveness: Nigeria’s failure to implement blockchain policies effectively risks falling behind other countries that are already leveraging this technology to drive innovation and growth.
- Job Creation: Blockchain adoption can create new job opportunities and stimulate entrepreneurship, but this requires concrete action and implementation.
Nigeria’s policymakers must prioritize action over rhetoric, demonstrating a commitment to tangible results and impact. This requires:
- Implementation: Executing policies and translating them into tangible outcomes
- Coordination: Ensuring coordination and clarity in policy implementation
- Bold Execution: Demonstrating bold execution and commitment to driving blockchain adoption
By moving from rhetoric to action, Nigeria can unlock the full potential of blockchain technology and drive economic growth, innovation, and development. The time for action is ticking away.
Read also: Nigeria’s Blockchain Policy: Industry Stakeholders Call for Action Over Rhetoric
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