NITDA, SiBAN engage stakeholders on implementation of National Blockchain Policy

The implementing of the National Blockchain Policy in Nigeria will strengthen the Nation’s digital economy, by expanding financial inclusion, security, accountability, increasing efficiency in service delivery, and creating job opportunities

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa reiterated this at the Policy Dialogue for the Implementation of the National Blockchain Policy in Lagos, South-West, Nigeria.

In a key address entitled “Driving Sustainable Economic Growth and Development through the Adoption of Blockchain Technology”, Inuwa spoke on the importance of the conversations around tech, stressing that Blockchain is a type of technology that is decentralised in nature and provides a secure way of recording and verifying information, making it trustworthy and resistant to tampering.

“As a groundbreaking advancement in the digital age, Blockchain has the potential to revolutionise our industries and could boost the global economy with US$1.76 trillion by 2030 according to research by PricewaterhouseCoopers (PwC). As a result, Governments all over the world including Estonia, Georgia, United Arab Emirates, Switzerland, and Singapore are exploring how to leverage Blockchain technology to boost innovation, improve service delivery, create job opportunities, and drive economic growth”. 

“While it is commendable that we have a Policy in place to catalyse the adoption of this ground-breaking technology and we are no more playing catch-up, the National Blockchain Policy is designed to be our roadmap for the adoption of Blockchain technology in Nigeria and its adoption presents a tremendous opportunity to promote the quality of services delivered by both public and private sectors”, Inuwa assured.

According to the NITDA boss, Nigeria is the first country to develop a Policy on Blockchain in Africa, noting that the mission for embarking on the strategic initiative is to encourage the use, adoption and integration of Blockchain technology in the various sectors of Nigeria’s digital economy, in order to increase efficiency, innovation, transparency, security, and trust.

The DG explained that the Policy identified talent development, innovation, and adoption as the key areas that Government will collaborate with relevant stakeholders to harness the potential of Blockchain technology in Nigeria with the belief that the focus on talent development will facilitate the creation, attraction, and retention of a skilled and knowledgeable workforce in the industry which will promote innovation and enhance the competitiveness of the National Blockchain ecosystem.

“We are optimistic that the focus on innovation will create an enabling environment that encourages experimentation, provide resources to support innovation, and address regulatory barriers. We are resolute that the focus on adoption will lead to acceptance and application of Blockchain in financial services as well as Government and Corporate Digital Services”, the DG assured.

The NITDA Boss said the engagement aims to develop a strategy that will drive the implementation with the hope that the strategy will outline all relevant stakeholders along with their various roles and responsibilities towards the implementation of the Policy.

Inuwa appreciated the Federal Ministry of Communications & Digital Economy for consistently providing NITDA in creating an enabling environment for all our stakeholders for their efforts in supporting and promoting the adoption of Blockchain technology in Nigeria.

Earlier in his welcome address, Acting Director, Digital Economy Development, NITDA, Engr Salisu Kaka alluded to the fact that Blockchain technology has emerged as a transformative force, revolutionizing industries and unlocking new possibilities across the globe.

On his part, the President of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), Obinna Iwuno said that implementing the National Blockchain Policy collaboratively will help create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government thereby enhancing innovation, trust, growth, and prosperity for all Nigerians.

“The Policy will enable Nigeria harness the full potential of Blockchain technology and position it as a leader in the global Blockchain ecosystem. I urge us all to embrace this transformative technology and work together to build a prosperous future for Nigeria powered by Blockchain,” Iwuno said

The two-day event which was organised by NITDA in collaboration with SiBAN featured different panel/discussion sessions where participants delved into various topics, ranging from regulatory frameworks and governance models to privacy and security considerations as well as presentations of communique at the end of deliberations.