This week, the Federal Executive Council of Nigeria approved a national blockchain policy, making it the newest government to do so.
Isa Pantami, the minister of communications and digital economy for a West African country, said that blockchain technology would help make sure data is correct and could add up to $1.76 trillion to the global GDP by 2030. She said this based on a PwC study.
The Federal Ministry of Communications and Digital Economy developed the policy in 2019 through the National Digital Economy Policy and Strategy (NDEPS). Its goal is to use blockchain technology to support secure transactions, data sharing, and value exchange across sectors, aiming to improve innovation, trust, growth, and prosperity.
The National Information Technology Development Agency (NITDA) will be in charge of making sure the policy is carried out. A multi-sectoral steering group has also been approved to ensure the procedure is carried out.
The Central Bank of Nigeria, the Securities and Exchange Commission, and the Nigerian Communications Commission have been told to develop rules for how blockchain technology can be used in different parts of the economy.
By adopting the national blockchain policy, Nigeria joins other leading technology countries like the UK, Switzerland, Estonia, Singapore, and the UAE in embracing blockchain technology nationally.
People in the private sector and other parts of the government have been asked to use blockchain technology in all areas to help with the NDEPS.