Nigerian government promotes blockchain national strategy

0 14
Avatar for ekrem
Written by
3 years ago

Blockchain a national strategy in Africa

Nigeria's federal government, which has Africa's largest population and economy, is planning to introduce blockchain technology as a national strategy.

According to this document (draft), the Nigerian government is using digital technology to step up its efforts to diversify its economy in order to move away from an economy that is highly dependent on its main industry, the oil and gas sector.

In order to promote the creation and development of a "digital Nigeria" that is efficient, safe, productive and viable, the strategy of adopting blockchain technology has stood up.

The document introduces the value of blockchain to promote trust between the government and the private sector, considerations and challenges in evaluating blockchain use cases, and lessons learned from blockchain implementation experience in developed countries.It is intended to be a guide for the introduction of the blockchain system in Nigeria.

Strategic framework

The document outlines the roadmap and strategies for adopting blockchain technology, and sets strategic goals and specific initiatives that should be specifically pursued through all federal ministries.

Source:FMoCDE

Vision: using blockchain as a technology to enable the transition to the digital economy


Mission : Promote the adoption of blockchain technology in government, increase efficiency, transparency and accountability in governance and open up opportunities for job creation in the transformational challenges of the digital economy.

The strategic framework consists of five goals, six initiatives, and a government policy and regulatory framework.

Strategic goal

  • Establishing regulatory and supervisory methods

  • Promote innovation and entrepreneurship

  • Improving safety, reliability and transparency in the value chain

  • Promote investment opportunities and job creation

  • Governance

The following six initiatives are listed as initiatives to achieve these goals.

  • Establishment of Nigeria Blockchain Consortium

  • Strengthening regulatory and legal framework

  • Creating a framework for national digital IDs

  • Incentive program for blockchain business

  • Promote knowledge and awareness about blockchain

  • Establishment of public blockchain sandbox for proof of concept and pilot operation

The following government frameworks support the promotion of blockchain adoption.

  • National Digital Economic Strategy and Policy (2020-2030)

  • National IT Policy (formulated in 2012)

  • E-Government Master Plan

  • Nigeria Cloud Policy (formulated in 2019)

  • National Broadband Plan (2020-2025)

  • Data Protection Regulations (formulated in 2019)

Nigeria has a high level of cryptocurrency usage


According to a cryptocurrency usage report released in September by blockchain analysis company Chainalysis, Nigeria ranked 8th .

The first legal currency pair supported by leading exchange Binance is the Nigerian naira, which is also available in the social payment app Bundle, which mainly targets the African market P2P cryptocurrency trading is also the most popular among African countries.
In terms of regulation, the situation has been ambiguous for a long time, but last month the Securities and Exchange Commission (SEC) announced that it would treat all digital assets and token offerings as securities.
The above-mentioned strategic document aiming at the spread of blockchain also mentions the strengthening of the legal framework for virtual currencies, and it is expected that the momentum for regulatory development will increase in Nigeria in the future.

2
$ 0.03
$ 0.03 from @TheRandomRewarder
Avatar for ekrem
Written by
3 years ago

Comments