Nigeria’s Blockchain Leaders Seek Regulatory Boost

Blockchain and fintech leaders in Nigeria are urging the government to establish a forward-looking regulatory framework to propel the adoption of blockchain technology. During a recent policy dialogue organized by the National Information Technology Development Agency (NITDA) and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), concerns were raised about the speed of policy implementation.

Nigeria took a pioneering step by enacting its National Blockchain Policy on May 3, 2023, becoming the first African country to adopt this technology on a national level. However, industry players are calling for more swift and comprehensive execution.

Obinna Iwuno, president of SIBAN, believes that Nigeria is fully prepared for thorough implementation, which could position the nation as a digital economy leader in Africa. He emphasized collaboration and technology adoption for a prosperous future.

Kashifu Inuwa, NITDA’s general director, highlighted blockchain’s potential to drive economic growth, create jobs, and enhance financial inclusion. While acknowledging the policy’s existence, he stressed the importance of its successful adoption for public and private sector improvement.

Preye Itonyo, Deputy Director of NITDA’s Digital Economy Development Department, underscored the need for collaboration between industry stakeholders and the government to establish Nigeria as a global blockchain hub. The stakeholders collectively emphasize that a well-executed regulatory framework could facilitate widespread blockchain adoption and enhance Nigeria’s competitiveness on the international stage.