The Federal Government of Nigeria has launched a National Policy on Blockchain Technology and inaugurated the Implementation & Steering Committee to oversee its implementation.
The policy, which was launched by the Minister of Communications and Digital Economy, Professor Isa Pantami, is targeted at promoting the adoption of blockchain technology in Nigeria and positioning the country as a leading player in the global blockchain ecosystem.
While launching the Policy, Pantami recalled that the journey of Blockchain Technology officially started in Nigeria on 28th November 2019 at the International Conference Centre, Abuja where President Muhammadu Buhari unveiled and launched the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria.
He said, “In order to implement the seventh pillar, we had to develop other policies, including Policy on Artificial Intelligence and Robotics which brought about the establishment of the first ever National Centre for Artificial Intelligence and Robotics (NCAIR) in Africa, sited here in Abuja”.
“Also, in our efforts to implement the policy, particularly pillar number seven, we developed the National Blockchain Policy for Nigeria”, Prof. Pantami noted.
The Minister stressed the importance of technology to the nation’s Digital Economy drive, noting that the Fourth Industrial Revolution is comparatively the one that has not relegated the African Continent to the background, especially as African Nations, particularly Nigeria are actively participating in the revolution which he added is an extension of the third revolution.
“Blockchain Technology, Artificial Intelligence (AI), Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicle, Bio-Technology, 5G, Cyber Security, are all disruptive technologies brought by the Fourth Industrial Revolution and Nigeria is one of the, at least three countries in Africa, that are actively involved in the 4th Industrial Revolution,” he added.
According to Pantami, the success stories of exploits and displays of ingenuity by Nigerian innovators underscore the country’s position as a key player in Africa’s technological advancement and strengthen the country’s position as the leading startup hub in Africa.
While noting the development and subsequent approval of the National Blockchain Policy on the 3rd of May, 2023, Professor Pantami confirmed that the tech and all its components and types are no more illegal but now legal in the Country.
“This policy is to provide an enabling environment for your teaming young population who are mostly digital natives to partake in critical thinking, identify complex problems, come up with solutions for the implementation of adoption in Nigeria or any parts of the world”, Prof. Pantami noted.
The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullah, affirmed that the policy represents a significant leap and the opportunity to create an enabling environment through investments in talents, access to the technology and domestication.
The DG said “this will give our citizens the opportunity to create and capture value from the enormous benefits of the tech”.
Inuwa who quoted PWC that by 2030, the Blockchain Technology will add $1.76Trillion to the global GDP maintained that the plan is to ensure that Nigeria positions itself properly to benefit therefrom.
“If the policy is implemented, Nigeria can gain up to $4B”, Inuwa avowed.
The launch also featured the inauguration of the National Blockchain Policy Implementation/Steering Committee and graduation of 32,022 beneficiaries trained in Blockchain Technology.
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