FEC Okays National Blockchain Policy

The Federal Executive Council (FEC) has approved the National Blockchain Policy (NBP) in line with global technological standards for the growth of the economy. This was disclosed by the Minister of Communications and Digital Economy, Prof. Isa Pantami while briefing newsmen after the weekly council meeting chaired by President Muhammadu Buhari yesterday.

According to him, the Blockchain technology was relevant to so many sectors in banking, security, education, commerce and others. Pantami explained that regulatory bodies such as the Central Bank of Nigeria, the Nigerian Communications Commission, the Securities and Exchange Commission and the National Universities Commission have been asked, with approval, to come up with regulatory instruments in their sector for the implementation of the NBP for countries.

He added that there were so many opportunities in blockchain technology; research conducted by PricewaterhouseCoopers (PWC) predicted that by 2030, blockchain technology could add $1.76 trillion to global GDP.

The Minister of Transport, Mu’azu Jaji Sambo, who also briefed, disclosed that the council approved the sum of N9.74 billion for the rehabilitation of portable water facilities for Apapa and TinCan inland ports in Lagos State. Meanwhile, the Minister of Civil Aviation, Hadi Sirika, has said the Senate could not stop the ongoing demolition exercise at the Murtala Muhammed International Airport in Lagos.

Sirika, who also insisted that there was no going back on the commencement of operations of the nation’s national carrier, Nigeria Air, a few weeks to the end of Buhari’s administration, said the motion that ordered a halt to the demolition of FAAN buildings at the airport had no effect.

He said: “First of all let us put it in perspective, the intention of the government is to remove the structure that houses the office of the CEO of FAAN and these commercial buildings. “It is a structure that is made of wood; it has been there for 40 years.

It has caught fire twice even during our administration. To make way for better development for what Lagos has become, it is the gateway; we want to put hotels there, malls, offices, cinemas and the rest of it so that FAAN can make more money and the rest of it. “And the people in that whole building are 150 or 200.

The government is of course going to continue, the Senate is advisory, it is an executive function, we are not bound by any court and the government cannot be stopped from giving development to the people.

“The other day some houses were demolished by the Lagos government in our camp. We have been involved in that case for a while, we went up to the Supreme Court and won and they had to give way to development. This is in the national interest.”