FG Looks to Drive Blockchain Adoption

The Federal Government of Nigeria is looking to drive blockchain adoption as part of its plans to establish emerging technology centers across the country.

This was made known by the Minister of Communications and Digital Economy, Dr. Isa Pantami during the Digital Africa Annual Conference with the theme: “Building A New Africa with AI and Blockchain.”

Pantami stated that the government was working toward establishing innovation centers that will explore capacity-building protocols for artificial intelligence, the Internet of Things, robotics, cloud computing, and blockchain technology, among other fields.

He noted that the seventh pillar of the National Digital Economy Policy and Strategy (NDEPS) focuses exclusively on developing emerging technologies among the populace.

As part of his address, the communications minister said the move was part of efforts to promote an innovation-driven culture in Nigeria, adding:

“We are also actively preparing to take advantage of blockchain technologies for our digital economy, and we recently developed a National Blockchain Adoption Strategy.

Back in October 2020, Nigeria’s National Information Technology Development Agency (NITDA) issued a draft strategy framework for blockchain. The document included a six-point agenda for utilizing the novel technology including national digital identity and regulatory sandboxes for pilot implementations.

Addressing the conference, NITDA director-general Kashifu Inuwa stated that Nigeria can be a growth driver for AI and blockchain in Africa. In November 2020, Inuwa remarked that the country could generate up to $10 billion in revenue from blockchain by 2030.

Back in February, Nigeria’s vice president, Yemi Osinbajo, stated that crypto and blockchain will revamp Nigeria’s financial landscape. The vice president’s comments followed on the heels of a ban imposed by the central bank prohibiting financial institutions from servicing cryptocurrency exchanges.

Pantami in his speech also addressed the need to expand broadband infrastructure, provide people with digital skills, and also providing an enabling environment for digital entrepreneurs to thrive. 

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