Nigeria approves new policy to build a “blockchain-powered” economy

Nigeria takes a step towards its transition to a digital economy by approving a national blockchain strategy.

The government statement made no mention of cryptocurrency, which the government banned in 2021.

As part of Nigeria’s endeavor to transition to a digital economy, the government has established a national blockchain strategy. The policy was developed by the Federal Ministry of Communications and Digital Economy on 3 May, as per aThe clearance came in response to a document given by Minister of Communications and Digital Economy Isa Ali Ibrahim.in the announcement, predicting that widespread adoption of blockchain technology across various industries could potentially contribute $1.76 trillion to global GDP by 2030, representing 1.4% of global GDP.

According to the press statement, the policy’s objective is to build a blockchain-powered economy. This can help in improving innovation, trust, growth, and prosperity for all.

Furthermore, under the direction of the FMCDE, the NITDA will be in charge of coordinating policy initiatives. A multi-sectoral steering committee was formed as well.The blockchain adoption strategy includes initiatives aimed at establishing a consortium for blockchain in Nigeria, strengthening the regulatory and legal framework, promoting digital identity and creating blockchain business incentive programs.However, the statement made no mention of cryptocurrency.

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