Victor Ugochukwu · Dec 14, 2020 . 5min read
Nigeria pursuing a national plan for Blockchain adoption releases draft document
Nigeria's National Blockchain Adoption Strategy targets five key areas to realize its goal for a digital economy.
By Victor Ugochukwu · Oct 17, 2020 . 5min read
Nigeria’s federal government has decided not to take backbench any longer on the adoption of new technologies especially the blockchain and crypto. Nigeria has released a draft document detailing its strategy of blockchain adoption for the country.
The 37-page draft document goes with the title “National Blockchain Adoption Strategy” is an ambitious move to realize the dream of a “Digital Nigeria”. The nation’s Ministry of Communications and Digital Economy and the National Information Technology Development Agency (NITDA) worked together to formulate the strategy document. From the content of the draft document, it carries the underlying legal framework to regulate its budding cryptocurrency industry.
Key areas of Nigeria’s blockchain adoption draft document
As part of the President’s move to decouple Nigeria’s economic growth from dwindling oil revenues, blockchain tech adoption targets these five areas. They are:
- establishing regulatory oversight
- stimulating innovation and entrepreneurship which helps to grow the economy
- Promoting security, trust, and transparency in the value chain
- creating job opportunities and investment initiatives
National blockchain consortium
The draft document also hints on the creation of a National Blockchain Consortium. This will drive the government’s adoption efforts, especially within the public sector. Nigeria’s public sector is characterized by financial malfeasance, perhaps radical transparency through Blockchain will curb the menace.
Furthermore, the Nigerian economy has been on a state of decline with the naira; the nation’s local currency was almost having a free fall. Consequently, many of Nigeria’s youth have resorted to Bitcoin and cryptocurrencies to hedge against the economic woes. Moreover, it’s on record that Nigeria leads in terms of Bitcoin search traffic on Google.
More recently, Nigeria engulfed in a nationwide protest called #EndSARS. Hence, protesters have even resorted to Bitcoin for donations to aid their protest efforts. Moreso, rumours have it that the government may be planning to clamp down on donations routed through Nigerian banks. Therefore to forestall this from happening, protest organizers have set up and are already receiving donations in Bitcoin and Crypto.
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