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Nigeria Enhances Blockchain Policy Committee with New Expert Inclusions

ByDayne Lee

May 25, 2024

Nigeria Enhances Blockchain Policy Committee with New Expert Inclusions

Nigeria’s National Information Technology Development Agency (NITDA) has taken significant steps to revamp the National Blockchain Policy Steering Committee (NBPSC). This strategic decision was announced by Kashifu Inuwa, the Director-General of NITDA, via Oladejo Olawunmi, the Director of IT Infrastructure Solutions, during a comprehensive three-day co-creation workshop held in Abuja on May 21, 2023. This workshop was dedicated to refining and implementing the National Blockchain Policy.

The reform aims to align the committee with the latest advancements in blockchain technology and to broaden the scope of the policy to include key sectors such as land registration, healthcare, and education. Inuwa emphasized the necessity of updating the committee to incorporate emerging technologies and adapt to new economic realities, ensuring that blockchain’s benefits extend beyond cryptocurrency and are leveraged across various industries.

Importance of Blockchain in Diverse Sectors

Inuwa highlighted the potential of blockchain to revolutionize multiple sectors by ensuring the authenticity of products in supply chain management and by offering secure, transparent payment options. These improvements are anticipated to reduce costs, enhance cash flow, and provide consumers with faster, more convenient transactions, thereby boosting overall economic activity and growth in Nigeria.

Initially established on May 3, 2023, the NBPSC includes members from government bodies, private sector firms, academic institutions, and the blockchain industry. The strategic reform of the committee aims to introduce a new wave of experienced professionals and thought leaders in blockchain technology. Their expertise is expected to be crucial in developing a robust implementation plan for the National Blockchain Policy.

Inuwa’s Vision for the Committee

Inuwa articulated the need to expand the committee’s membership to ensure a balanced representation from both the public and private sectors, thus preventing past oversights and enhancing the committee’s effectiveness. He stressed the importance of a diversified committee that could tackle the multifaceted challenges and opportunities that blockchain technology presents.

The restructuring comes in response to calls from stakeholders within the Nigerian blockchain and fintech ecosystem for the federal government to establish regulations that facilitate the widespread adoption of blockchain technology. Stakeholders have emphasized the need for clear and supportive regulatory frameworks to harness blockchain’s full potential responsibly and effectively.

Global Recognition of Nigeria’s Blockchain Engagement

A 2023 global survey underscored Nigeria’s prominent position in the blockchain and cryptocurrency sectors, identifying it as having the most cryptocurrency-aware population worldwide. This distinction highlights the importance of a structured and well-defined national blockchain policy to capitalize on this awareness and to guide the responsible integration of blockchain technologies into the Nigerian economy.

The reformation of Nigeria’s National Blockchain Policy Steering Committee marks a significant move towards harnessing the transformative potential of blockchain technology across various sectors. By aligning the committee with the latest technological advancements and broadening its expertise, Nigeria is poised to become a leader in blockchain innovation and application, setting a precedent for other nations to follow.

Featured image credit: Chickenonline via pixabay

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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