This was revealed by the Minister of Communications and Digital Economy, Isa Pantami, during the Federal Executive Council meeting held at the state house in Abuja.
In a statement signed by the Senior Technical Assistant, Research and Development to the Honourable Minister of Communications and Digital Economy, Dr Femi Adeluyi, thw minister disclosed that the activities of the policy would be coordinated by the National Information Technology Development Agency, under the supervision of the Federal Ministry of Communications and Digital Economy.
The National Blockchain Policy for Nigeria aligns with the National Digital Economy Policy and Strategy which was unveiled and launched by the president, Maj Gen. Muhammadu Buhari (retd) on November 28, 2019.
The policy was developed by the Federal Ministry of Communications and Digital Economy, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.
According to data by PricewaterhouseCoopers, Blockchain Technologies could boost the global economy with $1.76 trillion by 2030.
The statement partly reads, “Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management. Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.
“These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark, and other leading technology countries in adopting Blockchain Technology at the national level.”
The Federal Executive Council further directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
These regulatory agencies include NITDA, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission, among others.
The FEC also urged all other Federal and State Government institutions, as well as the private sector to leverage Blockchain Technologies in education, health, security, agriculture, and finance, among many other sectors in view of the fact that deploying these applications will further support the implementation of the NDEPS for a digital Nigeria.
A multi-sectoral Steering Committee has also been approved to oversee the implementation of the policy.
