FG Approves National Blockchain Policy To Boost Economic Growth, Innovation

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President Muhammadu Buhari
President Muhammadu Buhari

The Federal Executive Council (FEC) approved the National Blockchain Policy for Nigeria during its meeting on May 3, 2023.

The policy presented by the Minister of Communications and Digital Economy, Prof. Isa Pantami was developed through robust stakeholder engagement across the public and private sectors.

According to PricewaterhouseCoopers (PwC), blockchain technologies could boost the global economy by US$1.76 trillion by 2030. Nigeria’s National Blockchain Policy aligns with the National Digital Economy Policy and Strategy (NDEPS) unveiled by President Muhammadu Buhari in 2019. The policy aims 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.

The policy’s implementation is expected to have a positive effect on both the public and private sectors of the country. Blockchain technology has the potential to revolutionise many industries, including finance, healthcare, transportation, and supply chain management. It makes transactions more transparent, trustworthy and efficient and can result in significant cost savings and better user experiences.

Furthermore, blockchain technology can boost innovation, improve public services, create job opportunities and drive economic growth. Governments worldwide have explored ways to leverage this technology to reap its benefits. With the approval of the National Blockchain Policy, Nigeria joins leading technology countries, including the United Kingdom, Switzerland, Estonia, Singapore and Denmark, in adopting blockchain technology at the national level.

The National Information Technology Development Agency (NITDA) will coordinate the policy’s activities under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral steering committee will oversee the policy’s implementation.

The FEC has directed relevant regulatory bodies to develop regulatory instruments for deploying blockchain technology across various sectors of the economy, including NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC), the Nigerian Communications Commission (NCC), among others.

The government urges all other federal and state government institutions and the private sector to leverage blockchain technology in education, health, security, agriculture, finance and other sectors to support the implementation of the National Digital Economy Policy and Strategy for a digital Nigeria.

The approval of the National Blockchain Policy for Nigeria demonstrates the government’s commitment to promoting innovation, trust and growth in the digital economy while providing a secure environment for businesses and individuals.

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