The Federal Executive Council of Nigeria became the most recent government to approve a national blockchain policy this week when it established a national blockchain strategy.
Blockchain technology, according to Isa Pantami, the Minister for Communications and Digital Economy of Nigeria, could boost the global GDP by $1.76 trillion by 2030 and ensure that data is accurate. Her statement was supported by a PwC analysis.
Through the National Digital Economy strategy and Strategy (NDEPS), the Federal Ministry of Communications and the Digital Economy formulated the strategy in 2019. It aims to increase innovation, trust, growth, and prosperity by utilising blockchain technology to allow safe transactions, data sharing, and value exchange across industries.
To ensure that the policy is followed, the National Information Technology Development Agency (NITDA) will be in charge. Additionally, a multi-sectoral steering group has been authorised to oversee the procedure’s execution.
The Nigerian Central Bank, Securities and Exchange Commission, and Nigerian Communications Commission have been tasked with creating regulations for the application of blockchain technology across the economy.
Nigeria has joined other top technology nations such as the UK, Switzerland, Estonia, Singapore, and the UAE in embracing blockchain technology at the national level by adopting the national blockchain policy.
To assist with the NDEPS, the business sector and other elements of the government have been asked to deploy the technology everywhere.