During its meeting on May 3rd, 2023, the Federal Executive Council of Nigeria approved the National Blockchain Policy for Nigeria. The Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), presented the memo that led to the approval of the policy. To develop the policy, stakeholders from the public and private sectors were involved in robust engagements.
The National Blockchain Policy for Nigeria aligns with the National Digital Economy Policy and Strategy (NDEPS) unveiled and launched by President Muhammadu Buhari in November 2019. The Federal Ministry of Communications and Digital Economy developed the policy on behalf of the Federal Government, in line with the 7th Pillar of the NDEPS. The pillar focuses on Digital Society and Emerging Technologies.
The policy’s vision is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange among people, businesses, and the government. This will enhance innovation, trust, growth, and prosperity for all. The implementation of the policy will have a positive effect on both the public and private sectors of the country.
According to PwC, Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030. Blockchain Technology can revolutionize various industries, from finance and healthcare to transportation and supply chain management, by making transactions more transparent, trustworthy, and efficient. It can result in considerable cost savings and better user experiences while boosting innovation, improving public services, creating job opportunities, and driving economic growth.
Nigeria joins leading technology countries, such as the United Kingdom, Switzerland, Estonia, Singapore, and the United Arab Emirates, in adopting Blockchain Technology at the national level. The National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy, will coordinate the activities of the policy. A multi-sectoral Steering Committee will oversee the policy’s implementation.
The Federal Executive Council has directed regulatory bodies, including NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC), and the Nigerian Communications Commission (NCC), to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
The policy encourages all Federal and State Government institutions, as well as the private sector, to leverage Blockchain Technologies in various sectors, including education, health, security, agriculture, and finance. Deploying these applications will support the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.
