FEC approves national blockchain policy for Nigeria

FEC approves national blockchain policy for Nigeria

The Federal Executive Council approved the National Blockchain Policy for Nigeria during its meeting today, May 3, 2023. This followed the presentation of a note by the Honorable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami).

The process of developing the policy involved robust stakeholder engagements across the public and private sectors.
According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy by $1.76 trillion by 2030. The National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on November 28, 2019. The Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy for Nigeria on behalf of the Federal Government of Nigeria, in line with the 7th pillar of the NDEPS, which focuses on digital society and emerging technologies.

The vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing and value exchange between people, businesses and governments, thereby increasing innovation, trust, growth and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors in the country.

Blockchain technology has the potential to revolutionize many industries, from finance and healthcare to transportation and supply chain management. Blockchain technology makes transactions more transparent, reliable and efficient, and that can result in significant cost savings and better user experiences. Furthermore, Blockchain technology can increase innovation, improve public services, create job opportunities and drive economic growth.

These benefits have inspired governments around the world to explore ways to harness this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, the United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain technology at the national level.

The activities of the policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral steering committee has also been approved to oversee the implementation of the policy.

The Federal Executive Council has further instructed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain technology across various sectors of the economy. These regulatory agencies include NITDA, Central Bank of Nigeria (CBN), National Universities Commission (NUC), Securities and Exchange Commission (SEC) and Nigerian Communications Commission (NCC) among others.

All other federal and state institutions, as well as the private sector, are encouraged to utilize Blockchain technologies in education, health, security, agriculture, and finance, among many other sectors. Deployment of these applications will further support the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.

Dr Femi Adeluyi
Senior technical assistant (research and development) to
Honorable Minister for Communications and Digital Economy
3 May 2023