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Nigeria could forfeit as much as $2 trillion in economic value if it fails to fully harness opportunities in the blockchain sector, according to Obinna Iwuno, immediate past president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
Iwuno issued the warning in an exclusive interview following the end of his tenure at the helm of the country’s leading virtual assets association, arguing that weak regulatory clarity and limited industry structure are slowing Nigeria’s progress in a fast-moving global sector.
Nigeria remains one of the world’s largest users of virtual assets, ranking second globally for cryptocurrency adoption as of 2024. The passage of the amended Investment and Securities Act in 2025 also marked a major milestone, formally recognising virtual assets and providing a framework for their regulation. However, Iwuno believes the country has yet to translate adoption into real economic value.
He described blockchain as the “fourth generation of the internet” and warned that Africa — and Nigeria in particular — cannot afford to miss the moment.
“Nigeria is at a critical crossroads,” he said, noting that while the Federal Government is pursuing a $1 trillion economic target, blockchain alone has the potential to deliver far more if properly structured. According to him, the country risks remaining a consumer of technology rather than becoming a producer unless decisive policy action is taken.
Iwuno argued that blockchain represents one of Africa’s strongest opportunities to leapfrog traditional development barriers, stressing that most emerging digital innovations will ultimately be built on blockchain infrastructure. Despite Nigeria accounting for more than 60 per cent of blockchain activity in Africa, he said leadership must extend beyond usage rankings to real innovation and product development.
Although Nigeria ranked second globally in adoption last year, Iwuno revealed that the country has since slipped, blaming the decline on insufficient regulatory commitment and industry coordination compared to other jurisdictions.
Reflecting on his time at SiBAN, Iwuno said a key focus of his leadership was securing regulatory recognition for blockchain and virtual assets, at a time when the sector was often misunderstood by law enforcement and regulators. He said his administration prioritised policy engagement, regulatory education, and relationship-building with government agencies to demystify blockchain technology.
However, he criticised the government’s current approach, describing efforts to tax the industry without first providing licences, funding, or a comprehensive legal framework as contradictory. He contrasted Nigeria’s position with countries such as South Africa, which has issued over 100 licences, and Dubai, which has emerged as a global crypto hub through clear policies and active funding support.
Iwuno also pointed to Ghana’s launch of a National Virtual Asset Literacy Initiative and its dedicated Virtual Asset Service Providers Act as examples of more structured approaches. By comparison, he said Nigeria has yet to issue a single licence to blockchain operators.
He warned that Nigeria’s focus on speculation and consumption, rather than building globally competitive blockchain products, is eroding its leadership position. “We cannot point to one Nigerian blockchain solution that has scaled globally,” he said, adding that without meaningful progress in sectors such as agriculture, minerals, and data management, Nigeria risks falling behind as the industry matures.
During his tenure, SiBAN evolved from a community-based group into a formally registered professional body. Achievements included registration with the Corporate Affairs Commission, trademarking, the establishment of a permanent secretariat in Abuja, the introduction of the industry’s first code of ethics, and partnerships with regulators such as the Securities and Exchange Commission, NITDA, and the Nigerian Financial Intelligence Unit.
To reclaim lost ground, Iwuno called for a National Blockchain Adoption Policy with a 10- to 20-year roadmap, alongside the creation of a Blockchain Innovation Fund to support capacity building and institutional use cases. He also highlighted blockchain’s potential to address Nigeria’s fragmented identity systems by enabling a unified, transparent digital infrastructure.
“The world is watching Nigeria,” he said. “But it won’t wait. If we delay too long, others will move ahead, and catching up will become far more difficult.”
Following his exit from SiBAN leadership, Iwuno plans to focus on private sector work through CBC Blockchain Services, with the aim of driving institutional blockchain adoption across Africa.
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