In 2020, Nigeria adopted a 10-year strategic plan to boost blockchain adoption. The plan banks on the blockchain to foster growth and prosperity in the years to come. 

The Federal Executive Council of Nigeria approved, Wednesday (May 3), the National Blockchain Policy, according to a press statement from the Federal Ministry of Communications and Digital Economy. The said approval follows a memo presented by Digital Minister Isa Ali Pantami, we learn.

“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country,” the press statement reads. 

The executive believes that blockchain technologies can accelerate the development of the country’s digital economy. To capitalize on the said technologies, in 2020, the country launched a blockchain adoption strategy. The country hopes the strategy will lay the groundwork to generate around $10 billion in revenues from the blockchain  by 2030. 

Nigeria bases its revenue estimates on a recently published PricewaterhouseCoopers report which states that blockchain happens to be one of the "fastest growing technologies in the world." The report explains that by 2030, the technology could generate $1.76 trillion in revenues worldwide, representing 1.4% of the global GDP.   

According to the federal government, the implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors in Nigeria. It will revolutionize many sectors, from finance and healthcare to transportation and supply chain management.

It can also make “transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences.”

 “Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth,” the press statement informs. 

Samira Njoya