Nigeria approves National Blockchain Policy for secure transactions, value for consumers

*Prof. Isa Ali Pantami, Minister for Communications and Digital Economy, explains the new policy is envisioned to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between consumers, businesses, and government, while enhancing innovation, trust and prosperity for all

Isola Moses | ConsumerConnect

The Federal Executive Council (FEC) of the Nigerian Government has approved the National Blockchain Policy for the West African country.

Dr. Femi Adeluyi, Senior Technical Assistant (Research & Development) to the country’s Minister for Communications and Digital Economy, disclosed this development in a statement issued Wednesday, May 3, 2023, in Abuja, FCT.

Adeluyi noted the approval of the national Blockchain policy was sequel to the presentation of a memo to the Council by the Minister of Communications and Digital Economy, Prof. Isa Ali Pantami.

The Ministerial aide said: “The Federal Executive Council approved the National Blockchain Policy for Nigeria during its meeting today, the 3rd of May, 2023.

“This followed the presentation of a memo by the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami).

“The process of developing the Policy involved robust stakeholder engagements across the public and private sectors.”

NCC, CBN, SEC, NITDA, others directed to develop regulatory instruments for Blockchain

The statement also disclosed the FEC directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the Nigerian economy.

Adeluyi stated: “These regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), among others.

“All other Federal and State Government institutions, as well as the private sector are urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors.”

The Federal Government further noted: “Deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.”

How Blockchain technologies support NDEPS implementation

In terms of the inherent benefits of the new technologies to the Nigerian economy, the government said: “According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030. “The National Blockchain Policy for Nigeria is line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on the 28th of November, 2019.”

Adeluyi further stressed “the Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy for Nigeria on behalf of the Federal Government of Nigeria, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.

“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 Government, thereby enhancing innovation, trust, growth, and prosperity for all.

“The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.”

He noted the Blockchain Technology has the potential to revolutionise several industries, from finance and healthcare to transportation and supply chain management.

“Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences.

“Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.

According to Adeluyi, “these benefits have inspired governments around the world to explore ways to leverage this important technology. “With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain Technology at the national level.

He added: “The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy.

A multi-sectoral Steering Committee has also been approved to oversee the implementation of the Policy,” he stated.

Besides the NCC, CBN, SEC, NUC and NITDA, the statement further said: “All other Federal and State Government institutions, as well as the private sector are urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors.

“Deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.”

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