Nigerian Govt. Okays Use Of Blockchain Technology

The federal government of Nigeria under the leadership of President Muhammadu Buhari has finally adopt in approval, the use of blockchain technology while adopt the national policy.

This was disclosed by the Minister of Communications and Digital Economy, Professor Isa Pantami, after the Federal Executive Council meeting in Abuja this week.

Pantami said the new policy is the result of consultations with 56 institutions and individuals with the main objective of institutionalizing blockchain technology in Nigeria’s economic and security sectors.

“The Federal Government of Nigeria today approved the national blockchain policy for Nigeria. ⁣⁣

“This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing and reviewing the policy.

⁣“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types have been institutionalized in the country,” said the Minister.⁣

He pointed out that the Security Council has determined the regulator to cooperate with the National Information Technology Development Authority to develop regulatory instruments for all sectors.

The Wednesday’s approval underscores the potential of blockchain technology, despite studies predicting it could add $1.76 trillion to global GDP by 2030.

The approval also included the creation of a national steering group coordinated by NITDA.