Nigeria will tomorrow unveil a policy implementation team for National Blockchain Policy for Nigeria that was approved this month by the Federal Executive Council (FEC), the IT regulator says.

Professor Isa Pantami, Communications and Digital Economy Minister, will launch the National Blockchain Policy and inaugurate the National Blockchain Implementation and Steering Committee tomorrow, Mrs Hadiza Umar, National Information Technology Technology Development Agency (NITDA) Corporate Affairs and External Relations Head, says in a statement.

The Federal Executive Council (FEC) approved the National Blockchain Policy for Nigeria on May 3, 2023 “to ensure that Nigeria benefits from the potential of Blockchain technology while ensuring responsible use and avoiding its perils,” according to the NITDA spokesperson.

Next steps for National Blockchain Policy for Nigeria

The implementation of the National Blockchain Policy for Nigeria, NITDA says, is envisioned to provide the country benefits like improved transparency and accountability in different sectors of the Digital Economy; increase efficiency in various adoption areas; enhance security in transactions; increase Financial Inclusion in Nigeria and create significant job opportunities across different sectors of the Digital Economy.

“As Nigeria moves into a more technology-driven world, NITDA adds, “Blockchain has emerged as a transformative force that offers unique benefits to various sectors. This National Blockchain Policy for Nigeria has identified talent development, innovation, and adoption as the key areas to harness the potential of Blockchain Technology in Nigeria. The Policy aims to grow domestic talent in Blockchain solutions development, foster innovation, and catalyse the adoption and use of Blockchain Technology.”

Mrs Umar says that NITDA has been at the forefront of driving and facilitating the spread and use of blockchain technology, through its various activities including capacity development, and awareness carried out during the Blockchain Day at the Digital Nigeria Day celebration, in October 2022.  

Furthermore, she says, “NITDA has trained over 30,000 young Nigerians in the field of Blockchain for the development of a skilled and knowledgeable workforce in the industry. This will equip the Nigerian youths with the ability to utilise Blockchain Technology in developing innovative solutions to our National challenges.”