The Nigerian Government, Wednesday, approved a national blockchain policy.
Prof. Isa Pantami, the Minister of Communications and Digital Economy, made this announcement following the weekly Federal Executive Council (FEC) meeting.
Blockchain is a decentralized digital ledger that records transactions securely and transparently.
The purpose of the new policy, according to Pantami, is to institutionalize blockchain technology in Nigeria’s economy and security sectors. It was developed after conversations with 56 institutions and individuals.
“The Federal Government of Nigeria today approves the national blockchain policy for Nigeria.
“This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing, and reviewing the policy.
“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types has been institutionalized in the country,” said the Minister.
He mentioned that the National Information Technology Development Agency and regulatory organizations are coordinating to develop regulatory instruments across all sectors as per the Security Council’s directive.
The clearance highlights the potential benefits of blockchain technology even though studies estimate that by 2030, blockchain will have increased global GDP by $1.76 trillion.
The decision also includes the creation of a national steering council that will be managed by NITDA.