We have taken steps to integrate blockchain into the national economy – Pandemic

The Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari on Wednesday approved the institutionalization of blockchain policy in Nigeria.

Minister of Communications and Digital Economy Isa Bandami disclosed this while briefing reporters on what transpired at the weekly FEC meeting.

He said the National Blockchain Policy for Nigeria will affect all sectors of the economy including the electoral process through guaranteed data management.
Although earlier launched by President Muhammadu Buhari on November 28, 2019, Bandami explained that the concept has eight pillars.

“To coordinate the implementation of this emerging technology pillar, the Federal Government of Nigeria has today approved the National Blockchain Policy for Nigeria. This policy was developed in consultation with our stakeholders.
„About 56 institutions and personalities are involved in the process of conceptualization, development and review of the policy. With the approval of the National Blockchain Policy for Nigeria today, we can safely say that Blockchain technology with all its components and variants has been institutionalized in the country,” he told reporters.
A study conducted by PricewaterhouseCoopers PwC predicts that blockchain technology could add $1.76 trillion to global GDP, indicating how this policy will positively impact Nigeria.

According to the minister, African countries are out of the equation in the first, second and third industrial revolutions.
He said that we are not far from the developed countries in the fourth industrial revolution, therefore, it is necessary for us to act proactively.

“With this consent. We join the very few countries that have legalized and recognized blockchain in the United Kingdom, Denmark, Switzerland, Estonia, Georgia, Singapore and the United Arab Emirates. These are some countries. There aren’t many of them. So now we have joined them and with the policy, we are proactive to ensure that we increase our talent development.

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“As provided by the Nigeria Startup Act 2022, we will identify our young innovators, give them all the support they need and ensure the use of technology, especially blockchain technology to ensure information integrity or data integrity.

„The same applies to the Independent National Electoral Commission, where you have to protect the integrity of data by adopting blockchain technology. In the process, we will reach a situation where the content or information or data in their possession cannot be changed. So with this approval, blockchain and all its components and variants are recognized in Nigeria, and the regulation Organizations must immediately develop regulatory tools within the sector for effective implementation and adoption,” he told State House reporters.

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