Nigeria has become one of the leading countries in Africa to adopt blockchain technology and cryptocurrency usage after its federal executive council approved a national blockchain policy on May 3, 2023.Â
The policy intends to establish a blockchain-based economy that facilitates safe transactions, data sharing, and value exchange between individuals, enterprises, and the government.
The Federal Ministry of Communications and Digital Economy (FMCDE) developed the policy in line with the seventh pillar of the national digital economy policy and strategy, focusing on digital society and emerging technologies.Â
The FMCDE cited a PricewaterhouseCoopers (PwC) report that blockchain technology could contribute $1.76 trillion to the global gross domestic product by 2030.
Under the supervision of the FMCDE, the National Information Technology Development Agency (NITDA) will manage the implementation of the policy.
In addition, a multisectoral steering council has been formed to oversee policy initiatives.
The blockchain policy would foster innovation, trust, growth, and prosperity for all Nigerian stakeholders.
The federal executive council also asked regulatory organizations such as the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigerian Communications Commission (NCC) to develop regulatory frameworks for blockchain technology in various economic sectors.
