Home Business Nigerian Government Approves National Blockchain Policy
Business

Nigerian Government Approves National Blockchain Policy

The Nigerian Government on Wednesday approved a national blockchain policy.

This announcement was made by Prof. Isa Pantami, the Minister of Communications and Digital Economy, after the weekly Federal Executive Council (FEC) meeting.

The Blockchain is a decentralized digital ledger that records transactions securely and transparently.

According to Pantami, the purpose of the new policy is to institutionalize blockchain technology in Nigeria’s economy and security sectors. It was developed after conversations with 56 institutions and individuals.

“The Federal Government of Nigeria today approves 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.

“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types has been institutionalized in the country,” said the Minister.

He mentioned that the National Information Technology Development Agency and regulatory organizations are coordinating to develop regulatory instruments across all sectors as per the Security Council’s directive.

The clearance highlights the potential benefits of blockchain technology even though studies estimate that by 2030, blockchain will have increased global GDP by $1.76 trillion.

The decision also includes the creation of a national steering council that will be managed by NITDA.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Brand TalkBusinessOpinion

NATCOMS Addresses Speculations on MTN’s Alleged Bid for 9Mobile

Amid ongoing speculation about the potential acquisition of 9mobile by MTN Nigeria,...

Business

Businesses Increase Salaries by N4.6 Trillion in a Half-Year Period, According to NBS

To address the escalating inflationary pressures in the nation, companies implemented an...

Brand TalkBusiness

Fadama Cares Empowers 200,000 Farmers in Ekiti State

The Fadama Care Office in Ekiti State has reported that over the...

BusinessGlobal News

OPEC Delays Meeting on Production Quotas for Nigeria and Angola

The meeting to finalize output levels for 2024, scheduled by the Organisation...