When former Nigerian President Muhammad Buhari launched the national blockchain policy in May, the aim was to create “an efficient, safe, and economically viable Digital Nigeria” anchored on blockchain. To achieve this vision, the government must move quickly in implementing regulations that support blockchain development, says one of the top industry voices in the country.
The policy was launched through the Federal Ministry of Communications and Digital Economy just before President Buhari completed his eight-year term. The National Information Technology Development Agency (NITDA) spearheads its implementation.
While the policy was a step in the right direction, Obinna Iwuno says the government must do more. Obinna is the president of the Stakeholders in Blockchain Association of Nigeria (SiBAN), a local organization that advocates for blockchain adoption and friendlier regulations for the sector.
Speaking to one news outlet, Iwuno noted that he believes regulations are key in fostering blockchain adoption. Nigeria, despite being the regional industry leader, has yet to implement a legal policy guide for the sector. It has, however, cracked down on digital assets, with the central bank cutting the sector off from the banking industry.
Despite the challenges, Nigeria dominates the digital assets sector in Africa.
“We are ready for full adoption now, and the blockchain policy initiated by the government positions Nigeria as a trailblazer in the continent’s digital economy landscape if fully implemented,” Iwuno said.
And while he says the government must take the lead, Iwuno noted that Nigeria’s private sector is ready to collaborate with public entities on blockchain. The country boasts some of the region’s largest blockchain firms, including enterprise blockchain company Domineum Blockchain Solutions.
Led by Mohammed Jega and Geoffrey Weli-Wosu, Domineum has been working with NITDA and other government agencies to implement the BSV blockchain in the public sector to enhance efficiency, curb corruption, and cut costs.
The company has also been on a mission to educate the masses about the power of blockchain, and in partnership with nChain and NITDA, it aims to impart blockchain skills to 500,000 Nigerian youth.
Watch: Digital Nigeria 2023 highlights Nigeria’s effort to leapfrog into the modern world
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