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Nigeria Restructures Blockchain Policy Committee to Keep Pace with Global Innovation
The National Information Technology Development Agency (NITDA) has confirmed a restructuring of the country’s blockchain policy team to keep pace with global innovation. The new changes at the National Blockchain Policy Steering Committee (NBPSC) will focus on real-world use cases that are unique to the Nigerian economy, which is facing skyrocketing inflation.
NITDA Director General Kashifu Inuwa confirmed the change in policy direction at a blockchain symposium in Abuja, where several key industry players were in attendance. Inuwa revealed to attendees that the committee’s new direction will explore a broad range of utilities outside of digital assets and decentralized finance (DeFi).
“Currently, we are still in the development stage of using blockchain in Nigeria and because of this, many people are unaware of the benefits of blockchain,” Inuwa said. “They think it’s just cryptocurrencies, but it’s vast…”
In the future, the NBPSC will examine the feasibility of use cases in supply chain, public health and real estate, and improve information sharing between government agencies. Inuwa clarified that in the coming months the technology could make its full-scale debut in the financial sector by establishing transparent payment options.
Beyond the transparency benefits, Inuwa says Nigerian businesses can save a fortune on transaction costs by offering consumers real-time payment capabilities.
To achieve the new policy direction, Inuwa confirmed NITDA’s intention to hire Nigerian-born blockchain professionals to strengthen the committee’s ranks. The new wave of hiring will attract professionals from blockchain-based companies, academia and government agencies, but there are fears that diaspora experts could be left out of hiring.
“We realized that we needed to put additional members on the committee to ensure full buy-in from the public and private sectors to prevent anything that had happened in the past,” Inuwa said.
Nigerian tango with blockchain
Nigeria was inches towards full regulation of blockchain starting in 2020, but efforts have been undermined by a lack of public consultation and unfavorable policies.
In 2022, the government imposed a ban on digital currency trading by financial institutions, subsequently closing the bank accounts of digital asset traders.
The government has turned to blockchain for this central bank digital currency (CBDC), but after almost three years, the offer has not yet found fertile ground.
Watch: The future has already arrived in Nigeria
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