Stakeholders in the Blockchain Technology Association of Nigeria (SiBAN) has urged the Nigerian Government to craft a national Bitcoin strategy, taking cues from pro-cryptocurrency policies recently championed by U.S. President-Elect Donald Trump.
Obinna Iwuno, President of SiBAN, emphasized that embracing cryptocurrency, particularly Bitcoin, could position Nigeria as a trailblazer in the global digital economy.
“Nigeria cannot afford to fall behind in this rapidly evolving sector. We need policies that integrate cryptocurrency into our mainstream economy,” Iwuno stated in an interview.
While Nigeria holds the title of Africa’s largest economy, cryptocurrency adoption remains low, with only 5.93% of the population owning digital currencies, according to data from Triple-A. This is significantly behind countries like Vietnam and the United Arab Emirates, where adoption rates are 21.2% and 30.4%, respectively.
Globally, Bitcoin has gained significant momentum, with the United States and Japan leading in trading volumes and technological innovation.
Iwuno highlighted Trump’s recent pro-Bitcoin statements as a potential trigger for broader global adoption, urging Nigeria to take a proactive stance.
“A national Bitcoin strategy would provide the clarity and framework necessary for robust blockchain development,” he said. He proposed initiatives such as a Bitcoin Exchange-Traded Fund (ETF) and stablecoins tied to the naira as practical steps forward.
He also noted that greater cryptocurrency adoption could help Nigerians hedge against inflation and diversify income streams, especially with the rising popularity of Bitcoin and stablecoins for earning in foreign currencies.
“Nigeria has immense potential to thrive in the global crypto market if we act decisively,” Iwuno remarked. “Innovation must be prioritized, and our policies must align with global trends to secure our position as a leader in this space.”