Digital Economy: NITDA committed to activating Blockchain Technology for governance, industries, innovation

*Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency, has restated the IT regulator is fully committed to supporting the growth of Blockchain and digital assets to revolutionise governance, industries, finance, healthcare, and supply chain management in the Nigerian ecosystem

Isola Moses | ConsumerConnect

As Nigeria intensifies efforts at activating and maximising the benefits of digital economy, Malam Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), has said that Blockchain Technology, with its inherent principles of transparency, security, and decentralisation can streamline governance and enthrone accountability in the country.

ConsumerConnect reports Inuwa noted this in his Thursday, September 9 in his keynote address delivered at the Blockchain Technology Association of Nigeria (SiBAN) Digital Assets Summit 2023, in Abuja, FCT.

The SiBAN Digital Assets Summit 2023 was described as a gathering of visionaries, innovators, and thought leaders who are at the forefront of shaping the future of Blockchain Technology and digital assets in Nigeria and beyond.

Maximisng potential of Blockchain Technology, digital assets in Nigeria

The Director-General of NITDA disclosed the NITDA is fully committed to supporting and nurturing the growth of the Blockchain and digital assets ecosystem in Nigeria as it has emerged as a disruptive force that has the potential to revolutionise good governance with transparency, as well as industries, ranging from finance and healthcare to supply chain management and governance.

He also said: “We recognise the potential for Blockchain technology to enhance transparency in government, improve service delivery, and foster innovation in various sectors of the Nigerian economy.

He further stated: “Moreover, we acknowledge the importance of providing a regulatory framework that ensures the responsible and safe use of digital assets within our financial system.

“It underscores the transformative power of blockchain technology and digital assets, and the profound impact they are having on industries, economies, and societies worldwide.”

The NITDA Chief applauded SiBAN and all the industry stakeholders for their dedication to advancing Blockchain technology and digital assets in Nigeria.

Inuwa urged the organisers to ensure the conference serves as a platform for robust discussions, knowledge sharing, and collaborative initiatives that will drive our nation’s digital transformation.

The SiBAN Digital Assets Summit 2023 stands as a testament to the commitment of SiBAN to fostering dialogue, collaboration, and innovation in this rapidly evolving field, he averred.

Inuwa as well informed the audience: “As we gather here today (Thursday), we find ourselves at a pivotal moment in history, where the convergence of technology, finance, and innovation is reshaping the very foundations of our global economy.

“It is not merely a technology but a catalyst for trust, accountability, and empowerment.

“Digital assets, including cryptocurrencies and tokens, are redefining the way we think about value, ownership, and exchange.

“They are democratising access to financial services, enabling cross-border transactions, and empowering individuals to have greater control over their financial destinies.”

The Director-General urged the stakeholders “as we embrace these transformative technologies, we must also be vigilant stewards of their development and adoption.

“It is incumbent upon us to ensure that blockchain and digital assets are harnessed for the greater good, that they are secure, compliant, and inclusive, and that they serve as tools for economic empowerment and social progress.”

Inuwa also said: “As we embark on this journey together, let us remain steadfast in our commitment to harnessing the full potential of Blockchain Technology and digital assets to create a brighter, more inclusive future for all.”

Delivering his address at the summit, Obinna Iwuno, President of SiBAN, disclosed the summit was organised to deepen awareness about Blockchain technology and other digital assets.

Iwuno solicited seamless adoption of the technology and synergy between policy makers and industry players in Nigeria.

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