Blockchain is a technology used for secure data sharing and recording transactions without the need for intermediaries. The government aims to establish a blockchain-based economy that will make transactions, data sharing, and value exchange between individuals, businesses, and the government easier and more secure.
The policy is based on consultations with stakeholders from the public and private sectors and is in line with the government's digital economy policy. The National Information Technology Development Agency (NITDA) will coordinate the policy's initiatives, and a steering committee has been established to oversee its implementation.
The policy aims to create a regulatory framework for the adoption of blockchain technology in different sectors of the economy. This will include establishing a consortium for blockchain in Nigeria, strengthening the regulatory and legal framework, promoting digital identity, creating blockchain business incentive programs, fostering digital literacy and awareness of blockchain technology, and establishing a national blockchain sandbox for testing and piloting.
The government believes that the widespread adoption of blockchain technology across various industries could potentially contribute $1.76 trillion to the global gross domestic product by 2030. Therefore, relevant regulatory bodies, such as the NITDA, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, have been instructed to create regulatory frameworks for the implementation of blockchain technology.
Despite this new policy, transactions using cryptocurrency remain illegal in Nigeria. The government has not yet approved cryptocurrencies as a legal tender, and it views them as a high-risk investment. However, the policy shows that Nigeria is interested in the potential of blockchain technology and aims to create a favorable environment for its development.
The approval of a national policy on blockchain is expected to bring several benefits to Nigeria. It can lead to the establishment of a blockchain-based economy that facilitates secure transactions, data sharing, and value exchange between individuals, businesses, and the government, which can improve the efficiency and transparency of various sectors. The adoption of blockchain technology can also potentially contribute to the country's economic growth, as predicted by PricewaterhouseCoopers. The policy can promote digital literacy and awareness of blockchain technology, which can create job opportunities and enhance the country's digital economy. Additionally, the establishment of a national blockchain sandbox for testing and piloting can encourage innovation and the development of new blockchain-based solutions.
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