Blockchain

Nigeria Kickstarts Blockchain Policy: Committee Inaugurated, 32,022 Trained

Nigeria’s Minister of Communications and Digital Economy, Prof Isa Pantami, has launched the National Committee tasked with enacting the National Blockchain Policy. The committee members represent a broad spectrum of 29 public and private institutions, including academia.

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During the launch ceremony in Abuja on Tuesday, the Federal Government celebrated the graduation of 32,022 citizens from a blockchain technology training programme. This initiative was conceived to impart the necessary skills to implement the policy.

On May 3, President Muhammadu Buhari greenlighted the blockchain policy, mandating all relevant regulatory bodies to devise regulations for integrating blockchain technology across various economic sectors.

Nigeria’s National Blockchain Policy was formulated as a strategic roadmap for the country’s uptake and application of emergent technologies.

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In his remarks, Pantami underscored that the policy aligns with the seventh pillar of the National Digital Economy Policy and Strategy for a Digital Nigeria – ‘Digital Society & Emerging Technologies’.

He highlighted the impact of disruptive technologies brought about by the Fourth Industrial Revolution and Nigeria’s active participation.

Pantami maintained that effective policy execution would foster a globally competitive ecosystem, address critical issues, and bolster innovation, government services, job creation, economic growth, and public trust, among other benefits.

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The implementation of the National Blockchain Policy marks the 21st policy initiated under Pantami’s leadership.


Editor’s Note: Pioneering the Blockchain Revolution in Nigeria

Unleashing Potential: Nigeria’s Bold Leap into Blockchain

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In the burgeoning world of technology, Nigeria is making commendable strides. The recent inauguration of the National Committee on the implementation of the National Blockchain Policy signals the country’s commitment to harnessing the transformative potential of blockchain technology.

With membership drawn from a diverse array of public and private institutions, the committee is poised to foster a unified approach to policy implementation. This approach is central to the successful integration of blockchain technology across sectors of the economy.

The Federal Government’s initiative to train over 32,000 Nigerians in blockchain technology underscores its commitment to building local expertise. These individuals are now armed with the skills necessary to drive the successful implementation of the policy, creating a vital pool of talent for the future.

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At the heart of the policy is a commitment to utilize blockchain technology for economic advancement. The potential benefits are immense, from improving government services to fostering innovation and job creation.

The commitment to blockchain technology extends beyond economics. It can enhance transparency and accountability in governance, instilling greater public trust.

However, the journey towards fully integrating this emerging technology will not be without challenges. Regulatory bodies must grapple with governance, security, interoperability, regulatory compliance, and accountability questions.

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Charting the Course for a Blockchain Future

As Nigeria moves forward in this journey, policymakers must ensure a careful, considered approach. They must navigate potential pitfalls, crafting regulations that support innovation while protecting the public interest.

The National Committee’s role will be crucial in this process, and its members bear a significant responsibility. As custodians of the National Blockchain Policy, they must prioritize transparency, robust stakeholder engagement, and continued investment in capacity-building.

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Did You Know?

  • Blockchain technology is a distributed ledger technology that allows data to be stored across a network of computers.
  • Nigeria is among the top countries in Africa in terms of blockchain technology and cryptocurrency use.
  • The National Digital Economy Policy and Strategy was unveiled in 2019 to transform Nigeria into a leading digital economy.
  • The Fourth Industrial Revolution refers to the current and developing environment in which disruptive technologies and trends such as the Internet of Things (IoT), robotics, virtual reality (VR), and artificial intelligence (AI) are changing the way we live, work, and interact.

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Author

  • Sharon Chima

    Sharon Chima is an Editor and news writer who loves sewing and interior decorating. She is devoted to her two daughters and will do anything for them. She's got a bright personality that always shines through in any situation, so she has no problem sharing who she is with the world! Sharon enjoys writing about her passions: sewing and interior decorating. And, of course, all things family-related. Email: sharon.chima@yohaig.ng

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