In short: Nigeria's Federal Ministry of Communications and Digital Economy has approved the National Blockchain Policy to promote blockchain technology in the country. The move is part of Nigeria's efforts to diversify its economy and move towards a blockchain-powered economy. The National Information Technology Development Agency will coordinate the policy initiatives, while the multisectoral steering committee will monitor policy implementation. The policy will create a secure and innovative platform for secure transactions, data sharing, and value exchange between people, businesses, and government, aiming for the growth and prosperity of Nigeria.
Quick analysis:
Nigeria is making big moves towards diversifying its economy with the approval of the National Blockchain Policy by the Federal Ministry of Communications and Digital Economy (FMCDE). The country has seen a surge in crypto adoption in recent years, and the adoption of this policy paves the way for formal utilization of the technology in Nigeria.
The FMCDE has high hopes for the policy's implementation, believing it will create a positive impact on both the public and private sectors. It is part of the National Digital Economy Policy and Strategy (NDEPS) unveiled by President Muhammadu Buhari in November 2019 to promote the diversification of the economy through the adoption of digital technologies.
The policy's vision is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government. The National Information Technology Development Agency (NITDA) will oversee the policy initiatives, with a multisectoral steering committee monitoring policy implementation. The relevant regulatory bodies, including NITDA, the Central Bank, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, will also develop regulatory structures for blockchain implementation across various economic sectors.
Nigeria's SEC plans to support tokenization of real-world assets such as equities, bonds, and real estate, but cryptocurrency is not on the roadmap. Despite this, Nigeria ranks 11th on the Chainalysis 2022 Global Crypto Adoption Index and 17th for peer-to-peer exchange trade volume.
The approval of the National Blockchain Policy is a welcomed development for Nigeria's economy and its people, providing a much-needed boost amidst economic challenges faced in recent years. With blockchain technology set to boost the global economy by $1.76 trillion by 2030, it is no surprise that businesses around the world are moving towards adopting it. As Nigeria steps up its game, we look forward to seeing the positive impact it will create.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
Quick analysis:
Nigeria is making big moves towards diversifying its economy with the approval of the National Blockchain Policy by the Federal Ministry of Communications and Digital Economy (FMCDE). The country has seen a surge in crypto adoption in recent years, and the adoption of this policy paves the way for formal utilization of the technology in Nigeria.
The FMCDE has high hopes for the policy's implementation, believing it will create a positive impact on both the public and private sectors. It is part of the National Digital Economy Policy and Strategy (NDEPS) unveiled by President Muhammadu Buhari in November 2019 to promote the diversification of the economy through the adoption of digital technologies.
The policy's vision is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government. The National Information Technology Development Agency (NITDA) will oversee the policy initiatives, with a multisectoral steering committee monitoring policy implementation. The relevant regulatory bodies, including NITDA, the Central Bank, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, will also develop regulatory structures for blockchain implementation across various economic sectors.
Nigeria's SEC plans to support tokenization of real-world assets such as equities, bonds, and real estate, but cryptocurrency is not on the roadmap. Despite this, Nigeria ranks 11th on the Chainalysis 2022 Global Crypto Adoption Index and 17th for peer-to-peer exchange trade volume.
The approval of the National Blockchain Policy is a welcomed development for Nigeria's economy and its people, providing a much-needed boost amidst economic challenges faced in recent years. With blockchain technology set to boost the global economy by $1.76 trillion by 2030, it is no surprise that businesses around the world are moving towards adopting it. As Nigeria steps up its game, we look forward to seeing the positive impact it will create.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
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