BREAKING: FG Approves National Blockchain Policy; Aims To “Institutionalize” Sector
The Nigerian Federal Government approved a National Blockchain Policy on Wednesday in Abuja. This information was made public by the Minister of Communications and Digital Economy, Prof. Isa Pantami, during this week’s Federal Executive Council meeting, which was held at the State House in Abuja under the chairmanship of President Major General Muhammadu Buhari (ret.).
The new policy, according to Pantami, was developed after discussions with 56 institutions and individuals whose ultimate objective is to institutionalize blockchain technology in Nigeria’s economy and security sectors. The minister remarked:
“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,”
He pointed out that in order to develop regulatory instruments for all sectors, the Security Council had ordered regulatory organizations to communicate with the National Information Technology Development Agency. The clearance on Wednesday highlights the potential benefits of blockchain technology even though studies estimate that by 2030, blockchain will have increased global GDP by $1.76 trillion. The decision also includes the creation of a national steering council that NITDA will supervise.
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