The Nigerian Communications Commission (NCC), in collaboration with partners in academia, the public sector, and proponents of technology for development, held a roundtable discussion on the economic benefits of Blockchain technology.
At a two-day event organised by the Commission in collaboration with the Bureau of Public Service Reforms (BPSR), stakeholders agreed that by effectively implementing policies outlined in NCC guidelines, regulations, and directions, Blockchain could serve as a foundation for innovation and growth.
The event, held in Abuja and termed ‘Distributed Ledger Technology (Blockchain) Ecosystem, Decentralisation, and Adoption Methods,’ did draw attendees from financial institutions, Ministries, Departments, and Agencies (MDAs), academia, the Nigerian military and paramilitary forces, the Nigerian Cyberwarfare Command, and the private sector.
The stakeholders, who spoke in turn at the event, recognized and expressed their profound appreciation for NCC’s efforts to foster a dynamic digital regulatory environment, its extraordinary contribution to the growth and development of novel and emerging technologies, and NCC’s adoption of adaptive mechanisms that have facilitated the growth and development of emerging technologies in Nigeria.
Addressing a large audience at the event, Dr. Haru Al-Hassan, NCC’s Director, New Media and Information Security, who delivered the opening remarks on behalf of the Commission’s Executive Vice Chairman, Prof. Umar Danbatta, stated that existing national digital economy frameworks, such as the Federal Government’s National Digital Economy Policy and Strategy (NDEPS), 2020-2030, as well as regulatory initiatives by the Commission, have been significant.
According to Al- Hassan, “sound regulatory policies are the bedrock of innovation and growth, and the Commission’s aspiration is for Distributed Ledger Technologies (DLTs), also known as Blockchain, and other innovative technologies and services to continue to thrive and contribute to Nigeria’s growth and development.”
In a similar context, Dr. Dasuki Arabi, Director-General, BPSR, addressed the audience that the Nigerian government was already attempting, via many programs, to integrate emerging technology into the current public service sector in a way that enhanced the sector’s efficiency. Additionally, he stated that Blockchain would play a critical role in the implementation of the National e-Government Masterplan.
The BPSR Chief Executive also cited the introduction of the Treasury Single Account (TSA), the Integrated Payroll and Personnel Information System (IPPIS), the Bank Verification Number (BVN), the automation of enforcement activities by several government agencies, including the Federal Road Safety Corps (FRSC), as well as automated performance measurement systems for public sector employees, as concrete examples of the public sector’s use of technology.
Dr. Abdul-Kareem Oloyede of the University of Ilorin, Kwara State; Amaka Ukwueze and Vivian Okonkwo of the University of Nigeria, Nsukka (UNN), Enugu State; and Col. Romi Legha of the Indian High Commission were also speakers at the event.
Oloyede defined the terms Blockchain and Bitcoin, stating that the former is the underlying technology for Bitcoin and other cryptocurrencies. Additionally, he claimed that Blockchain technology might be used to reduce costs and expenses, accelerate transactions, and strengthen data security for financial institutions, health care, and companies.
Ukwueze commended the Commission for taking the lead in discussions about DLTs, noting that Nigeria lacks a defined Blockchain policy at the moment, despite the fact that countries globally have begun integrating DLT into their corporate procedures.
Ukwueze made an appeal to the Federal Government to embrace Blockchain technology aggressively, to promote legal certainty for Blockchain applications, and to foster innovation through a flexible and adaptive regulatory environment. Ukwueze concluded by stating that “government regulatory enforcement systems must strive to encourage businesses to be consumer-centric and to ensure compliance.”
