Nigeria reforms blockchain policy committee with fresh experts

cyptouser2 months agoCryptocurrencies News72

Nigeria’s National Information Technology Development Agency (NITDA) has restructured the National Blockchain Policy Steering Committee (NBP-SC) to reassess the policies guiding the implementation of the National Blockchain Policy.

Kashifu Inuwa, the Director-General of NITDA, announced the news through Oladejo Olawunmi, the Director of IT Infrastructure Solutions at NITDA, during a three-day co-creation workshop in Abuja on Tuesday, May 21. The workshop centered on implementing the National Blockchain Policy.

Inuwa stated that the review is part of efforts to stay abreast of blockchain innovations and expand its reach by involving additional stakeholders, fostering comprehensive adoption and successful execution.

According to the executive, the review is part of efforts to incorporate new emerging technologies and economic realities, expanding its reach to land registration, health, and education sectors.

“Presently, we are still at the development stage of blockchain usage in Nigeria, and because of that, many people are not aware of its benefits. They think it is just about crypto alone, but it is vast. Blockchain can be used in any industry, like supply chain management, to ensure that the right products get to the consumer.”

By offering secure and transparent payment options, businesses can cut costs, boost cash flow, and provide consumers with faster and more convenient transactions. This leads to increased economic activity and growth, even as Nigerians gradually adopt technology daily.

The committee, initially established on May 3, 2023, comprises members from government agencies, institutions, the private sector, academia, and the blockchain industry. However, the Director-General has not revealed the reason for its reformation a year later.

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Inuwa said the committee’s strategic reconstitution would bring together a fresh wave of experienced professionals and leading minds in the blockchain space. He said their diverse expertise will be instrumental in crafting a robust implementation plan for the National Blockchain Policy.

“We realized there was a need to infuse some more members into the committee to ensure that we have full membership from the public and private sector to prevent anything that had occurred in the past.”

Stakeholders in the blockchain and fintech ecosystem have previously called on the federal government of Nigeria to implement regulations that will foster the widespread integration of the approved blockchain policy in the country.

In a 2023 global survey, Nigeria was found to be the most cryptocurrency-aware population in the world.

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