Nigeria begins review of its blockchain technology policy

Amaka Nwaokocha11 hours agoNigeria begins review of its blockchain technology policyThe steering committee’s work is actively toward Nigeria taking a leadership position in African blockchain development.1198 Total views33 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe assessment of the policies guiding the implementation of the Nigeria Blockchain Technology Policy began on July 17, as confirmed by the Chairman of the steering committee, Chimesie Chuta.

Chuta took to the X social platform to announce that the Steering Committee began its work on reassessing the policies guiding the implementation of the country’s National Blockchain Policy.Revamping the blockchain policy

The National Information Technology Development Agency (NITDA) in Nigeria revamped the National Blockchain Policy Steering Committee (NBPSC) on Tuesday, May 21, during a three-day co-creation workshop in Nigeria’s capital, Abuja, to reevaluate and refine the regulatory framework governing the nation’s blockchain strategy.Source: Chimezie Chuta

According to NITDA’s Director-General, Kashifu Inuwa, the committee’s restructuring will tap into the expertise of seasoned professionals and renowned thought leaders in the blockchain industry. Their collective insights will play a crucial role in developing a comprehensive strategy for effectively implementing the National Blockchain Policy.

The reassessment aims to integrate cutting-edge technologies and evolving economic landscapes, broadening its scope to encompass land registration, healthcare, and education sectors. The policy’s implementation will favorably impact Nigeria’s public and private sectors.

Related: Internet Computer Protocol promotes blockchain engagement in Africa

The National Blockchain Policy, approved in May 2023, aims to develop a blockchain-driven economic framework that facilitates trusted transactions, seamless data sharing, and efficient value exchange across the ecosystem involving individuals, businesses, and government agencies.Nigeria embraces blockchain technology

Industry stakeholders in Nigeria’s blockchain and fintech sectors have advocated for the government to introduce supportive regulations, paving the way for the widespread adoption and effective implementation of the national blockchain policy.

Nigeria has shown increasing interest in blockchain technology through its policies and support. Recently, NITDA announced its intention to set up specialized research hubsdedicated to cutting-edge technologies like artificial intelligence and blockchain strategically located across the country’s six geopolitical zones.

The research centers will concentrate on strategic areas, such as connected devices, blockchain innovation, drone technology, additive manufacturing, artificial intelligence, and robotic engineering, driving advancements and applications in these domains.

NITDA also has plans to develop a blockchain ecosystem, "Nigerium," to maintain data control and strengthen national security. Nevertheless, stakeholders stress that the project’s success hinges on leveraging indigenous talent, tackling fundamental infrastructure and policy obstacles, and ensuring a genuinely homegrown solution.

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