The Nigerian crypto community has welcomed the recent approval of the National Blockchain Policy by the government. According to the policy draft, blockchain technology would help “facilitate the development of the Nigerian digital economy.” The blockchain industry in Nigeria has expressed its delight about the potential of this new policy.
The CEO of KiaKia, Olajide Abiola, believes that the blockchain technology policy could significantly impact various areas of governance and policymaking in Nigeria, particularly in managing digital identity. With the proper regulations, blockchain technology could also have a significant impact on e-payments and billings in Nigeria, as businesses would reduce costs and improve cash flow by offering secure and transparent payment options. This increased efficiency and convenience can lead to increased economic activity and growth.
The Federal Executive Council has instructed relevant regulatory bodies to create regulatory frameworks for implementing blockchain technology in different sectors of the economy. According to local blockchain expert Barnette Akomolafe from the crypto exchange app M7pay, this milestone is a great opportunity for governments to recognize the potential of blockchain technology, encouraging innovation and investment in the technology through policies and regulations that can lead to economic growth and job creation for Nigerian youth.
Binance’s West and East Africa director, Nadeem Anjarwalla, has commented that through the approval of the policy, Nigeria is positioning itself as a nation ahead of the curve, thereby supporting further blockchain innovation, user protection, security and economic competitiveness in the long term. He also commended the comprehensive approach taken in the reviewed policy document based on the six key initiatives, which include the establishment of Nigeria’s blockchain consortium, strengthening of the regulatory and legal framework, the focus of the provision of national digital identity, promotion of blockchain digital literacy and awareness, the creation of business incentive programs, and establishment of a national blockchain sandbox for proof of concepts and pilot implementation.
Nigeria is known to be one of the world’s most curious nations about cryptocurrencies. The new technology policy approved by the government will enable the industry to flourish, leading to further innovation, economic growth, and job creation for the country’s youth. The community is looking forward to seeing how this new policy will be implemented and the benefits that it will bring to Nigeria’s digital economy.
Blockchain technology has the potential to improve many areas of Nigerian society, and the approval of the National Blockchain Policy marks a significant step towards realizing this potential. The policy lays out a framework for how technology can be used to improve e-payments, billings, digital identity management, and more.
Moreover, the policy encourages innovation and investment in the industry in Nigeria. This is expected to lead to job creation and economic growth, which is especially important for a country with a large youth population and high levels of unemployment.
The policy has been widely praised by the local community, including startups, exchanges, and other industry players. They see the policy as a sign of the government’s support for technology and a recognition of its potential to improve the lives of Nigerians.
However, some experts caution that the success of the policy will depend on its implementation. It is important that the regulatory framework created by relevant bodies is flexible and encourages innovation while also ensuring consumer protection and security.
Nigeria is not the only country in Africa that has recognized the potential of the technology. Several other countries, including Kenya, South Africa, and Ghana, have also taken steps to develop their crypto ecosystems.
Overall, the approval of the National Blockchain Policy is a positive development for the Nigerian crypto industry and the country as a whole. If implemented correctly, it has the potential to improve many areas of Nigerian society and contribute to economic growth and job creation.
