The Nigerian Federal Government has given its approval to a new National Blockchain Policy.
PulseNets reports that this was announced by the Minister of Communications and Digital Economy, Prof Isa Pantami, during a recent Federal Executive Council meeting held at the State House in Abuja.
The policy, which was the result of consultations with 56 institutions and personalities, aims to institutionalize the use of blockchain technology in Nigeria’s economy and security sectors.
According to Pantami, the Security Council has directed regulatory bodies to collaborate with the National Information Technology Development Agency (NITDA) to develop regulatory instruments for all sectors. The move comes as studies predict that blockchain technology could add $1.76tn to the global GDP by 2030.
“The Federal Government of Nigeria today approved the national blockchain policy for Nigeria.
“This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing and reviewing the policy.
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“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types have been institutionalized in the country,” said the Minister.
In addition, the approval includes the establishment of a national steering council to be coordinated by NITDA.
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