Nigeria Appoints New Blockchain Policy Experts

Nigeria appoints new blockchain policy experts and fresh minds to evaluate the policies guiding the implementation of the National Blockchain Policy.

The National Information Technology Development Agency (NITDA) of Nigeria has undertaken a restructuring of the National Blockchain Policy Steering Committee (NBP-SC) to reevaluate the policies that govern the National Blockchain Policy’s execution.

The news was disclosed by NITDA’s Director-General, Kashifu Inuwa, via NITDA’s Director of IT Infrastructure Solutions, Oladejo Olawunmi, on Tuesday, May 21, during a three-day co-creation workshop in Abuja. The focus of the seminar was the execution of the National Blockchain Policy.

According to Inuwa, the review is an initiative to remain updated on advancements in blockchain technology and broaden its scope through the participation of more stakeholders, promoting widespread adoption and ensuring effective implementation.

As per the executive statement, the evaluation has been extended to encompass the health, education, and land registration sectors to incorporate emerging technologies and economic realities.

“Presently, we are still at the development stage of blockchain usage in Nigeria, and because of that, many people are not aware of its benefits. They think it is just about crypto alone, but it is vast.Blockchain can be used in any industry, like supply chain management, to ensure that the right products get to the consumer.”

Organizations can enhance cash flow, reduce expenses, and expedite transactions for customers by implementing payment methods that are both secure and transparent. This increases economic growth and activity despite Nigerians progressively adopting technology daily.

The committee, founded on May 3, 2023, comprises individuals representing the blockchain industry, government agencies, institutions, the private sector, and academia. A year later, the Director-General has yet to disclose the rationale behind its reformation.

According to Inuwa, the strategic reconstitution of the committee would unite a new cohort of seasoned experts and pioneering thinkers in the field of blockchain.

He stated that their varied areas of expertise will be crucial in formulating a comprehensive strategy for executing the National Blockchain Policy.

“We realized there was a need to infuse some more members into the committee to ensure that we have full membership from the public and private sector to prevent anything that had occurred in the past.”

In the past, stakeholders within the fintech and blockchain ecosystems have urged the federal government of Nigeria to enact regulations that facilitate the extensive adoption of the endorsed blockchain policy throughout the nation.

According to a global survey conducted in 2023, Nigeria has the most informed populace regarding cryptocurrencies worldwide.