Nigerian government approves national blockchain policy to boost digital transformation

By Cynthia Ezekwe 

The  Federal Executive Council (FEC) has approved the national blockchain policy for the country to boost digital transformation in the country.

The council gave the approval at a recent FEC meeting presided over by president Muhammadu Buhari.

Briefing state house correspondents, Isa Pantami, minister of communications and digital economy, said the approval is a significant move and a step towards the country’s digital transformation.

Pantami noted that the policy was developed with the input of 56 institutions and personalities, while stating that  the policy would institutionalise blockchain technology in Nigeria and ensure its adoption in various sectors such as banking, security, education, and commerce.

The minister also disclosed that  the Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Security and Exchange Commission (SEC), and National Universities Commission (NUC) have been directed to develop regulatory instruments within their sectors to facilitate the implementation of the policy, adding that the National Information Technology Development Agency (NITDA) would oversee the process, and a national steering council would be established to coordinate the efforts of relevant government institutions towards the implementation of the policy.

He further noted that  Nigeria has joined countries such as the UK, Denmark, Switzerland, Estonia, Georgia, Singapore, and the United Arab Emirates in legalising and approving blockchain technology.

“Blockchain technology would help to ensure data integrity and could add up to $1.76 trillion to the global GDP by 2030,’’ Pantami said.