FG’s adoption of new blockchain policy will drive economic growth – Ophi

Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has applauded the Federal Government of Nigeria for the recent adoption of the nationwide blockchain policy, saying the policy will drive economic growth.

The groundbreaking policy, announced by Isa Pantami, Minister of Communications and Digital Economy on May 3, 2023, aims to institutionalize blockchain technology within Nigeria’s economic and security sectors.

According to the minister, the national blockchain policy is a culmination of extensive consultations with 56 prominent institutions and individuals, demonstrating the government’s commitment to inclusion and collaboration.

Rume Ophi commends this consultative approach, recognizing the importance of engaging stakeholders from various sectors to drive successful integration of blockchain technology.

“This is a historic moment for Nigeria,” said Rume Ophi, who is also a noted cryptanalyst and thought leader.

According to him, “Government’s decision to embrace blockchain technology paves the way for enormous opportunities and economic growth. It demonstrates Nigeria’s commitment to innovation and positions our nation at the forefront of the global blockchain revolution.”

He added that the approval of the national blockchain policy serves as a significant turning point for the country, as it recognizes the enormous potential of blockchain technology to drive economic development and enhance national security.

Ophi believes that the policy will enable Nigeria to regain its position as a leading hub for blockchain innovation, despite previous attempts to limit the growth of this sector with the previous restriction placed on it by the Federal Government.

He asked the government to use this policy as a catalyst for cooperation.

He urged relevant government authorities to proactively engage with stakeholders in the blockchain ecosystem to foster partnerships and collectively drive Nigeria’s blockchain industry forward.

“It is imperative that the government actively seeks cooperation with all stakeholders, including blockchain enthusiasts, developers, entrepreneurs and investors.

“By working together, we can create an ecosystem that nurtures innovation, facilitates job creation and propels Nigeria towards becoming a global leader in blockchain technology,” he said.

Ophi also urged the relevant authorities, especially the National Information Technology Development Agency (NITDA), to initiate the registration process for blockchain-based companies.

“This proactive measure will ensure transparency, accountability and regulatory compliance in the industry, while providing an enabling environment for businesses to thrive. The establishment of a National Governance Council, coordinated by NITDA, is an important part of the approved policy,” he said.

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Ophi lauded the step, recognizing the need for a centralized body that can drive policy implementation, facilitate strategic decisions and promote coordination among various stakeholders.

As Nigeria has already demonstrated its commitment to blockchain technology through the successful implementation of the Hyperledger Fabric blockchain by the Central Bank of Nigeria for the e-Naira digital currency, Ophi believes the nation is well positioned to harness the transformative power of blockchain in other sectors.

“With the adoption of the National Blockchain Policy, Nigeria has laid a strong foundation for the future of blockchain technology. Let us seize this opportunity to create an environment that encourages innovation, attracts investment and propels Nigeria to the forefront of the global blockchain revolution,” he said.