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Nigeria is taking steps to integrate blockchain technology into its economic ecosystem. To achieve this goal, the Federal Executive Council recently approved a national blockchain policy formulated by the Federal Ministry of Communications and Digital Economy. By adopting this policy framework, they hope to establish a solid foundation for seamless, secure interactions among citizens, enterprises and public entities via distributed ledger technology.
"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," the Federal Ministry of Communications and Digital Economy wrote in a tweet on Thursday.
PRESS STATEMENT
— Fed Ministry of Communications & Digital Economy (@FMoCDENigeria) May 3, 2023
FEDERAL GOVERNMENT APPROVES NATIONAL BLOCKCHAIN POLICY FOR NIGERIA
The Federal Executive Council approved the National Blockchain Policy for Nigeria during its meeting today, the 3rd of May, 2023. This followed the presentation of a memo by the Honourable… pic.twitter.com/CE7UrAKfjI
Both public and private sectors were involved in crafting the policy, with suggestions of applying blockchain in healthcare, transportation, supply chain and finance industries. The ministry encourages public and private entities to explore blockchain solutions.
Nigeria is also advancing its adoption of tokenised assets with the Securities and Exchange Commission (SEC) considering allowing tokenised coin offerings on certified digital exchanges. Additionally, the SEC intends to require fintech firms to register as digital sub-brokers, crowdfunding intermediaries, fund managers and other roles. These moves are anticipated to serve as the initial phase of regulatory efforts.
To facilitate digital payments, the government released the Central Bank Digital Currency, eNaira, in October 2021. Since then, over 13 million users have created e-wallets, reflecting high demand. As of December 2022, the government legalised cryptocurrencies despite their earlier ban by the central bank in 2021.