Nigeria Reforms Blockchain Policy Committee with New Experts
Nigeria’s National Information Technology Development Agency (NITDA) has reconstituted the National Blockchain Policy Steering Committee (NBP-SC) to re-evaluate policies guiding the implementation of the national blockchain policy.
NITDA Director-General, Kashifu Inuwa, announced this news through NITDA’s Director, IT Infrastructure Solutions, Oladejo Olawunmi, during a three-day co-creation workshop in Abuja on Tuesday, May 21. Blockchain policy.
Inuwa said the review is part of its efforts to expand its scope by keeping up with blockchain innovation and engaging additional stakeholders to drive comprehensive adoption and successful implementation.
According to the administration, the review is part of an effort to expand coverage into land registration, health and education, incorporating new and emerging technologies and economic realities.
“Currently in Nigeria, blockchain utilization is still in the development stage and many people are not aware of its benefits. They think it’s just about cryptocurrencies, but the scale is huge. Blockchain can be used in any industry, such as supply chain management, to ensure the right products reach consumers.”
By providing secure and transparent payment options, businesses can reduce costs, improve cash flow, and provide consumers with faster, more convenient transactions. This leads to increased economic activity and growth even as Nigerians increasingly adopt technology on a daily basis.
First established on May 3, 2023, the committee is comprised of members from government agencies, institutions, the private sector, academia, and the blockchain industry. However, even after a year, the Secretary General has not revealed the reason for the reorganization.
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Inuwa said the strategic reorganization of the council will bring together a new wave of experienced professionals and leading talent in the blockchain space. He said their diverse expertise will play a key role in creating a robust implementation plan for the national blockchain policy.
“We realized we needed to get more members on the committee to ensure full membership from the public and private sectors to prevent what has happened in the past.”
Stakeholders in the blockchain and fintech ecosystem have previously called on the Federal Government of Nigeria to implement regulations that promote widespread integration of approved blockchain policies.
A 2023 global survey found that Nigeria has the most cryptocurrency-aware population in the world.
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