The Nigerian Government has directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
The directive was given after the Federal Executive Council (FEC) at its weekly meeting approved a National Blockchain Policy 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.
The regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC).
According to the directive, which was issued by the Minister of Communication and Digital Economy, Prof. Isa Pantami at the meeting, all other Federal and State Government institutions, as well as the private sector were urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors.
The Government assured that deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.
The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral Steering Committee has also been approved to oversee the implementation of the Policy.
The Government said it is confident that the implementation of the National Bloackchain Policy will have a positive effect on both the public and private sectors of the country.
Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management. Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain Technology at the national level.
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