Assessment and Revamping of Nigeria’s Blockchain Technology Policy: A Closer Look

The assessment of the policies guiding the implementation of the Nigeria Blockchain Technology Policy has kicked off, with the Steering Committee led by Chairman Chimesie Chuta beginning its work on July 17. This move comes after the National Information Technology Development Agency (NITDA) revamped the National Blockchain Policy Steering Committee (NBPSC) in May to reassess and refine the regulatory framework governing the nation’s blockchain strategy.

According to NITDA’s Director-General, Kashifu Inuwa, the restructuring of the committee will involve tapping into the expertise of seasoned professionals and renowned thought leaders in the blockchain industry. Their insights will be crucial in developing a comprehensive strategy for effectively implementing the National Blockchain Policy, which aims to facilitate trusted transactions, seamless data sharing, and efficient value exchange across various sectors.

The reassessment of the policy aims to integrate cutting-edge technologies and evolving economic landscapes, expanding its scope to include sectors such as land registration, healthcare, and education. This move is expected to have a positive impact on Nigeria’s public and private sectors, driving advancements in blockchain technology.

Nigeria has been increasingly embracing blockchain technology, with industry stakeholders advocating for supportive regulations to enable widespread adoption and effective implementation of the national blockchain policy. NITDA has also announced plans to set up specialized research hubs dedicated to cutting-edge technologies like artificial intelligence and blockchain across the country’s six geopolitical zones.

Furthermore, NITDA is working on developing a blockchain ecosystem called “Nigerium” to enhance data control and national security. However, stakeholders emphasize the importance of leveraging indigenous talent, addressing infrastructure and policy challenges, and ensuring a truly homegrown solution for the success of the project.

Overall, the reassessment of the Nigeria Blockchain Technology Policy and the country’s embrace of blockchain technology signify a significant step towards driving innovation and economic growth in the region.