Nigeria: Stakeholders Weigh In on Minister Tijani’s Push for New Blockchain Policy Despite Existing Framework

The recent announcement by Nigeria’s Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to develop a new National Blockchain Policy has sparked a mix of curiosity and concern within the tech and regulatory ecosystem.

While the initiative signals an ongoing commitment to emerging technologies, several experts are questioning the rationale behind creating an entirely new policy barely two years after the initial framework was approved by the federal government.

Concerns Over Policy Continuity

Chimezie Chuta, Chairman of the Nigeria National Blockchain Policy Implementation Steering Committee, expressed concerns about policy continuity. He highlighted that the existing blockchain policy—approved in May 2023—was the result of nearly four years of collaboration involving hundreds of stakeholders, culminating in a presidential endorsement.

According to Chuta, instead of starting from scratch, the existing policy could be reviewed and updated to reflect current realities. He stressed the effort and resources already invested in building the current framework, citing extensive stakeholder engagements, forums, and workshops that required substantial logistical support.

“The previous policy involved deep collaboration across the ecosystem, and though many contributed voluntarily, the associated costs were significant,” he remarked.

Old Framework vs New Vision

The 2023 National Blockchain Policy was designed to make Nigeria a continental leader in blockchain innovation. It laid out strategies for adoption in key areas including digital identity, financial inclusion, regulatory compliance, and supply chain transparency. It also instituted a governance model led by the National Steering Committee, which began implementation efforts in early 2024.

Minister Tijani’s new proposal—detailed in a recent white paper—covers many of the same domains. It underscores blockchain’s potential for enabling tamper-proof digital identity, improving financial compliance in underserved communities, and facilitating transparency in agricultural supply chains.

Despite these overlaps, Tijani maintains that the new approach will be more inclusive and locally relevant. He revealed plans to engage 21 researchers to support the policy development process—an effort that signals a compliance analyticsand regulatory intelligence-driven approach to blockchain governance.

Diverging Perspectives

While some industry voices are skeptical, others see potential in the Ministry’s renewed interest. Senator Ihenyen, Executive Chair of the Virtual Asset Service Providers Association (VASPA) and Lead Partner at Infusion Lawyers, supports the initiative. He believes the new direction does not disregard previous efforts but rather seeks to elevate the strategy into a ministerial-level policy.

“This may be an opportunity to transition from a document issued by NITDA to one that is fully backed and implemented by the Ministry, with room for regulatory change management, public-private partnerships, and measurable outcomes,” he said.

Ihenyen emphasized that the existing strategy—though functional—might be viewed as insufficient for driving comprehensive blockchain adoption across sectors like finance, identity management, and governance.

A Path Forward for Blockchain Governance

As the blockchain landscape evolves, so does the need for adaptive and responsive regulatory frameworks. While Minister Tijani’s new plan has reignited debates over regulatory compliance, it also opens doors to rethink compliance automation, regulatory reporting software, and RegTech solutions tailored to Nigeria’s context.

For now, the existing blockchain policy remains in effect, as it has not been formally revoked. However, the unfolding conversation reflects broader themes of regulatory risk management, policy agility, and the need for consistent governance, risk, and compliance (GRC) principles.

Whether this new policy initiative results in duplication or enhancement will largely depend on execution—and the extent to which stakeholder input, regulatory monitoring, and compliance assessment are embedded in the process.

As Nigeria continues to position itself at the forefront of financial crime prevention, digital innovation, and compliance technology, the blockchain policy debate is a defining moment for the nation’s RegTech industry.