AN OVERVIEW OF THE NATIONAL BLOCKCHAIN POLICY FOR NIGERIA 2023
The National Blockchain Policy for Nigeria was formally introduced in May 2023 to further the nation’s vision of diversifying the economy. The policy aimed to provide training and capacity-building programs to equip Nigerians with the necessary skills to leverage Blockchain Technology and promote its adoption in the public and private sectors. The policy addresses concerns such as governance, interoperability, security, and regulatory compliance.[9]
According to the policy, Blockchain adoption in Nigeria has many benefits, which include strengthening the digital economy, expanding financial inclusion, enhancing transparency and accountability, and promoting job creation.[10] It emphasizes the importance of talent development, innovation, and adoption as key areas for harnessing the potential of Blockchain Technology in Nigeria.
The policy directs relevant government agencies such as the National Information Technology Development Agency (NITDA), the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC), and the Nigerian Communications Commission (NCC) to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.[11]
Moreover, it focuses on talent development,[12] innovation,[13] and Blockchain adoption[14] in financial services, government, and corporate digital services.[15] In furtherance of this, the policy outlines the government’s commitment to make the necessary legal, financial and human resources available as well as an enabling environment for their effective utilisation. In partnership with relevant persons, organisations, agencies, international bodies, etc., the government, by the policy, will promote the adoption of Blockchain technology, foster innovation and encourage the widespread use of the technology across all sectors of the nation.[16] The policy also aims to improve the quality of services delivered by the public and private sectors, catalyze innovation, create jobs, and enhance governance in order to stimulate economic growth.[17]
The expected outcomes of the policy include improved transparency and accountability, enhanced security, financial inclusion, job creation, etc.[18] By creating a supportive environment for Blockchain Technology, the policy aims to attract investment, promote research and development, and foster entrepreneurship. According to PricewaterhouseCoopers, Blockchain Technologies could boost the global economy with $1.76 trillion by 2030.[19]
The implementation structure of the policy involves the collaboration of government organizations, businesses, and other stakeholders to ensure the adoption, innovation, talent development, and responsible use of Blockchain Technology.[20] This will no doubt see the policy serving as a catalyst for innovation and economic growth, leading to the development of new business models, products, and services. The policy also highlights the success of the National Digital Economy Policy and Strategy in realigning the Nigerian economy to take advantage of digital technology.
Overall, the National Blockchain Policy for Nigeria aims to maximize the benefits of Blockchain Technology for the development of the country, laying a solid foundation to achieve its potential in various sectors of the economy.