Nigeria Launches Blockchain Policy, Inaugurates National Implementation Committee

The Nigerian Government has officially launched the National Blockchain Policy for Nigeria and inaugurated a 29-member Implementation/Steering Committee.

This is in order to fast-track the adoption and utilize the gains of emerging technologies in the Fourth Industrial Revolution.

The Minister of Communications and Digital Economy, Prof. Isa Pantami performed the unveiling on behalf of President Muhammadu Buhari in Abuja, Nigeria’s capital.

The official Launching and Unveiling of the National Blockchain Policy for Nigeria by @ProfIsaPantami alongside other dignitaries present in the event, held today at the Communications and Digital Economy Complex, Abuja.#DigitalNigeria #BlockchainNG pic.twitter.com/qQAsLnfOiz

— Prof. Isa Ali Ibrahim (@ProfIsaPantami) May 16, 2023

Prof Pantami recalled that the journey of Blockchain Technology officially started in Nigeria on 28th November 2019 at the International Conference Centre, Abuja where President Muhammadu Buhari unveiled and launched the National Digital Economy Policy & Strategy NDEPS, for a Digital Nigeria.

He explained that the seventh pillar which is ‘Digital Society and Emerging Technologies’ out of the eight captured in the Policy, is now achieving the desired progress as Blockchain remains one of the Emerging Technologies.

“In order to implement the seventh pillar, we had to develop other policies, including Policy on Artificial Intelligence and Robotics which brought about the establishment of the first-ever National Centre for Artificial Intelligence and Robotics (NCAIR) in Africa, sited here in Abuja. Also, in our efforts to implement the policy, particularly, pillar number seven, we developed the National Blockchain Policy for Nigeria,” he said.

The Minister stressed the importance of the technology to the Nation’s Digital Economy drive, noting that African Nations, particularly Nigeria are actively participating in the Fourth Industrial Revolution which he added is an extension of the third revolution.

“Blockchain Technology, Artificial Intelligence (AI), Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicle, Bio-Technology, 5G, and Cyber Security, are all disruptive technologies brought about by the Fourth Industrial Revolution and Nigeria is one of the, at least three countries in Africa that are actively involved in the 4th Industrial Revolution,” Pantami stated.

According to the Minister, the success stories of exploits and displays of ingenuity by Nigerian Innovators underscore the country’s position as a key player in Africa’s technological advancement and strengthen the country’s position as the leading startup hub in Africa.

While noting the development and subsequent approval of the National Blockchain Policy on the 3rd of May, 2023, He affirmed that the tech and all its components and types are no more illegal but now legal in the Country.

“This policy is to provide an enabling environment for your teaming young population who are mostly digital natives to partake in critical thinking, identify complex problems, come up with solutions for the implementation of adoption in Nigeria or any parts of the world,” Prof. Pantami noted.

The Director-General of the National Information Technology Development Agency, NITDA, Kashifu Inuwa said that the event signaled a remarkable milestone in the journey towards achieving a Digital Nigeria where citizens have access to the latest technology, skills, and a conducive environment to innovate in the realm of the Blockchain Technology.

Inuwa also affirmed that the policy represents a significant leap and presents the opportunity to create an enabling environment through investments in talent, access to technology, and domestication.

The NITDA Boss said: “This will give our citizens the opportunity to create and capture value from the enormous benefits of the tech.”

Inuwa who quoted PWC that by 2030, Blockchain Technology will add $ 1.76 trillion to the global GDP maintained that the plan is to ensure that Nigeria positions itself properly to benefit therefrom. If the policy is implemented, Nigeria can gain up to $4B,” he gave the assurance.

The National Blockchain Policy Implementation/Steering Committee comprised representatives from critical sectors of the economy.

The Launch also featured the graduation of 32,022 beneficiaries trained in Blockchain Technology which by implication, consolidates on the initiative commenced by the Federal Government.

Meanwhile, some of the graduates who shared their experiences promised to judiciously utilize the knowledge gained during the training.

They also expressed their gratitude to the Federal Government through the Ministry of Communications and Digital Economy and NITDA as well as the facilitators for affording them the platform to be trained.