Nigeria Begins Review of Its Blockchain Technology Policy

The review of Nigeria's blockchain technology policies commenced on July 17, as confirmed by the Chairman of the Steering Committee, Chimesie Chuta. Chuta announced on the X social platform that the committee has started reassessing the policies guiding the implementation of the National Blockchain Policy.

Revamping the Blockchain Policy

The National Information Technology Development Agency (NITDA) revamped the National Blockchain Policy Steering Committee (NBPSC) on May 21 during a three-day co-creation workshop in Abuja. The aim is to reevaluate and refine the regulatory framework governing Nigeria's blockchain strategy. According to NITDA’s Director-General, Kashifu Inuwa, the committee's restructuring will leverage the expertise of seasoned professionals and renowned thought leaders in the blockchain industry. Their insights will be crucial in developing a comprehensive strategy for implementing the National Blockchain Policy.

The reassessment aims to integrate cutting-edge technologies and adapt to evolving economic landscapes, extending its scope to include land registration, healthcare, and education sectors. The policy's implementation is expected to positively impact Nigeria's public and private sectors. Approved in May 2023, the National Blockchain Policy aims to create a blockchain-driven economic framework that facilitates trusted transactions, seamless data sharing, and efficient value exchange among individuals, businesses, and government agencies.

Nigeria Embraces Blockchain Technology

Stakeholders in Nigeria's blockchain and fintech sectors have advocated for supportive government regulations to pave the way for the widespread adoption and effective implementation of the national blockchain policy. Nigeria has shown increasing interest in blockchain technology through its policies and support. Recently, NITDA announced plans to set up specialized research hubs for advanced technologies like artificial intelligence and blockchain, strategically located across the country's six geopolitical zones.

These research centers will focus on areas such as connected devices, blockchain innovation, drone technology, additive manufacturing, artificial intelligence, and robotic engineering, driving advancements in these domains. Additionally, NITDA plans to develop a blockchain ecosystem called "Nigerium" to maintain data control and strengthen national security. However, stakeholders emphasize that the project's success depends on leveraging indigenous talent, addressing fundamental infrastructure and policy challenges, and ensuring a genuinely homegrown solution.