Why FG approved national blockchain policy

The Federal Government of Nigeria on Wednesday approved the National Blockchain Policy.

This was disclosed by the Minister of Communications and Digital Economy, Isa Pantami, during the Federal Executive Council meeting held at the State House in Abuja.

In a statement signed by the Senior Technical Assistant, Research and Development to the Honorable Minister of Communications and Digital Economy, Dr Femi Adeluyi, the minister disclosed that the activities of the policy would be coordinated by the National Information Technology Development Agency, under the supervision of the Federal Ministry of Communications and digital economy.

The National Blockchain Policy for Nigeria is in line with the National Digital Economy Policy and Strategy which was unveiled and launched by the President, Major General Muhammadu Buhari (retd) on November 28, 2019.

The policy was developed by the Federal Ministry of Communications and Digital Economy, in line with the 7th pillar of the NDEPS, which focuses on digital society and new technologies.

According to data from PricewaterhouseCoopers, Blockchain Technologies could increase the global economy by 1.76 trillion dollars by 2030.

The statement reads in part: “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 boosts innovation, improves public services, creates job opportunities and drives economic growth.

“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 public and private sector in the country.

“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 UK, Switzerland, Estonia, Singapore, the United Arab Emirates, Denmark and other leading technology countries to adopt Blockchain technology at the national level.”

The Federal Executive Council 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, National Universities Commission, Securities and Exchange Commission and Nigerian Communications Commission among others.

The FEC also encouraged all other federal and state institutions as well as the private sector to utilize Blockchain technologies in education, health, security, agriculture and finance, among many other sectors in light of the fact that deployment of these applications will further support its implementation by NDEPS for a Digital Nigeria.

A multi-sectoral steering committee has also been approved to oversee the implementation of the policy.