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Nigeria has embarked on a major plan to digitize its economy over 10 years. The country is betting on blockchain to bring growth and prosperity in the years to come.
Nigeria’s Federal Executive Council on Wednesday (May 3rd, 2023) approved the national blockchain policy, the Federal Ministry of Communications and Digital Economy reported in a statement posted on Twitter. The approval follows a memo presented by Isa Ali Pantami, the Minister of Communications and Digital Economy.
« The vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing, and the exchange of value between people, businesses, and government, thereby enhancing innovation, trust, growth, and prosperity for all,” the statement said.
While Nigeria is adopting a national policy on blockchain, the authorities remain convinced that it will accelerate the process of development of the digital economy in the country. In this context, the continent’s leading economic power, in terms of GDP, had launched a blockchain adoption strategy in 2020 and hopes to generate revenues in the order of $10 billion through blockchain technology by 2030.
A recently published report by PricewaterhouseCoopers, on which Nigeria is based, states that blockchain happens to be one of the “fastest developing technologies in the world”. It could generate $1.76 trillion worldwide by 2030, which would then represent 1.4% of global GDP.
According to the federal government, the implementation of the national blockchain policy will have a positive effect on the public and private sectors in Nigeria. It will revolutionize many industries, from finance and healthcare to transportation and supply chain management.
It will also result in significant cost savings and improved user experience. This will stimulate innovation, improve public services and create job opportunities.
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