‘Blockchain-Powered’ Economy: Nigeria Approves National Policy

In a significant stride towards a digital economy, the Nigerian government has given its seal of approval to a comprehensive national blockchain policy. Crafted by the Federal Ministry of Communications and Digital Economy, this strategic move aims to propel the nation into an era of secure transactions, seamless data sharing, and efficient value exchange across individuals, businesses, and governmental entities.

By fostering innovation, cultivating trust, and fostering growth, this visionary policy aspires to create an ecosystem powered by blockchain technology, paving the way for prosperity for all stakeholders involved.

Although the precise details of the policy document have not yet been disclosed to the public, the ministry’s official statement, conveyed through a tweet, has shed light on its overarching objectives. Notably absent from the tweet is any mention of cryptocurrencies, which underwent strict regulatory measures in 2021 after Nigeria emerged as one of the world’s most rapid adopters of digital assets.

The Federal Executive Council, also known as the cabinet, has issued directives to key regulatory bodies, including the Central Bank of Nigeria and the Securities and Exchange Commission (SEC), to devise regulatory frameworks to facilitate the implementation of blockchain technology across diverse sectors of the economy. It is worth noting that Nigeria’s SEC recently contemplated permitting tokenized coin offerings backed by equity, debt, or property—excluding cryptocurrencies—through licensed digital asset exchanges, according to a report by Bloomberg earlier this week.

To ensure effective execution and adherence to the policy’s objectives, a multi-sectoral Steering Committee has been granted approval. This committee will oversee and guide the implementation of the blockchain policy, fostering collaboration among stakeholders and reinforcing the government’s commitment to embracing digital transformation.

The approval of Nigeria’s national blockchain policy marks a significant milestone on the path towards a digitalized future. As the country positions itself as a frontrunner in blockchain adoption, it sets the stage for a dynamic and progressive economy, empowering individuals, businesses, and the government to embrace the potential of this transformative technology.