The Federal Executive Council has directed the National Information Technology Development Agency (NITDA) and other relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
The other regulatory agencies include the Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), and the Securities and Exchange Commission (SEC) and among others.
The directive followed the approval of the National Blockchain Policy for Nigeria by the Federal Executive Council during its meeting held on the 3rd of May, 2023.
Dr Femi Adeluyi, Senior Technical Assistant (Research & Development) to the Minister of Communications and Digital Economy said in a statement that the approval was sequel to the presentation of a memo by the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami).
Digital TimesNG learnt that the process of developing the Policy involved robust stakeholder engagements across the public and private sectors.
According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030.
Adeluyi said the National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on the 28th of November, 2019.
“The Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy for Nigeria on behalf of the Federal Government of Nigeria, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.
“The vision of the Policy 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,” Adeluyi said in the statement.
He stated that the implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country, noting that 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,” Adeluyi further explained.
He said that 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.
The activities of the Policy he said, shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy.
He also announced the approval for the setting up of a multi-sectoral Steering Committee to oversee the implementation of the Policy.
The statement urged all other Federal and State Government institutions, as well as the private sector to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors.
“Deploying these applications will further support the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria,” the statement further disclosed.