Nigeria Reviews Blockchain Policy

The steering committee is actively working to establish Nigeria as a forerunner in developing blockchain technology in Africa.

As confirmed by the Chairman of the steering committee, Chimesie Chuta, the evaluation of the policies governing the Nigeria Blockchain Technology Policy implementation commenced on July 17.

Chuta announced on the X social platform that the Steering Committee has commenced reevaluating the country’s national blockchain policy implementation policies.

Revision of the blockchain policy

The National Blockchain Policy Steering Committee (NBPSC) was restructured by the National Information Technology Development Agency (NITDA) in Nigeria on Tuesday, May 21, as part of a three-day co-creation workshop in the nation’s capital, Abuja. The seminar aimed to reassess and refine the regulatory framework governing the nation’s blockchain strategy.

Kashifu Inuwa, the Director-General of NITDA, has stated that the committee’s restructuring will leverage the knowledge of seasoned professionals and renowned thought leaders in the blockchain industry.

Their collective insights will significantly influence the development of a comprehensive strategy for effectively implementing the National Blockchain Policy.

The reassessment is designed to expand its scope to include the land registration, healthcare, and education sectors and incorporate cutting-edge technologies and evolving economic landscapes. Nigeria’s public and private sectors will benefit from the policy’s implementation.

The National Blockchain Policy, adopted in May 2023, is designed to establish a blockchain-driven economic framework that enables the efficient exchange of value, seamless data sharing, and trusted transactions among individuals, businesses, and government agencies.

Nigeria adopts blockchain technology

Industry stakeholders in Nigeria’s blockchain and fintech sectors have urged the government to establish supportive regulations to facilitate the national blockchain policy’s widespread adoption and effective implementation.

Nigeria has demonstrated a growing interest in blockchain technology through its policies and support. NITDA recently disclosed its intention to establish specialized research centers strategically situated throughout the country’s six geopolitical zones and exclusively dedicated to cutting-edge technologies such as blockchain and artificial intelligence.

The research institutes will focus on strategic areas, including drone technology, blockchain innovation, additive manufacturing, artificial intelligence, robotic engineering, and connected devices, to drive advancements and applications in these fields.

NITDA also has plans to develop a blockchain ecosystem, “Nigerium,” to maintain data control and strengthen national security. Nevertheless, stakeholders stress that the project’s success hinges on leveraging indigenous talent, tackling fundamental infrastructure and policy obstacles, and ensuring a genuinely homegrown solution.