Following this week’s Federal Executive Council meeting, which was presided over by President Muhammadu Buhari at the State House, Abuja, Prof. Isa Pantami, Minister of Communications and Digital Economy, announced that the Federal Government of Nigeria has approved a National Blockchain Policy.
The new policy, according to Pantami, is the result of discussions with 56 institutions and individuals whose ultimate objective is to institutionalise blockchain technology in Nigeria’s economy 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 mentioned that the National Information Technology Development Agency and regulatory bodies are coordinating to develop regulatory instruments across all sectors as per the Security Council’s directive.
The clearance on Wednesday highlights the potential benefits of blockchain technology even though studies estimate that by 2030, blockchain would have increased global GDP by $1.76 trillion.
The decision also includes the creation of a national steering council that will be managed by NITDA.
