FG launches national policy on blockchain technology

The Minister of Communications and Digital Economy, Prof. Isa Pantami, has inaugurated the National Committee on the implementation of the National Blockchain Policy for Nigeria.

The launch followed the approval and directive of President Muhammadu Buhari, earlier in the month. The President, while conveying his approval to the minister, directed that all relevant regulatory bodies, including the National Information Technology Development Agency (NITDA), the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC) develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy.

He further directed that all relevant government agencies should, with immediate effect, commence the implementation of the Policy, along with stakeholders to ensure the creation of a Blockchain-powered economy that enhances innovation, growth and prosperity for all.

According to a statement, signed by the spokesperson to the Minister, Uwa Suleiman, the policy, initiated and developed under the supervision of Pantami, is in furtherance of the economic diversification agenda of President Buhari and primarily aimed at strengthening the nation’s Digital Economy to further enhance its unprecedented contributions to national development and economic growth as recorded in the last four years. 

The National Blockchain Policy is developed to serve as a roadmap for Nigeria’s adoption and utilisation of emerging technology. The successful implementation of the policy, which lays out a comprehensive framework for integrating the technology into various facets of the economy, will ensure the growth of indigenous talent in blockchain technology solution development leading to a robust and globally competitive ecosystem, effectively addressing core issues including governance, security, interoperability, regulatory compliance, accountability and transparency. 

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It will boost innovation, improve government services, create job opportunities, drive economic growth, enhance public trust in governance and promote citizen engagement among others.
The membership of the Committee is made up of 29 institutions drawn from the public and private sectors, including academia. In a related development, 30, 000 Nigerians graduated from the blockchain technology training organised by the Federal Government to equip citizens with the requisite skills required to drive the policy. 
In attendance at the hybrid event were the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Chief Executive officers of agencies and parastatals of the sector, permanent secretaries of public institutions, the organised private sector (OPS), captains of industry and innovators to mention but a few.

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