The Federal Government of Nigeria passed a nationwide blockchain policy on Wednesday, May 3rd, 2023.

Following the weekly meeting of the Federal Executive Council (FEC), chaired by President Muhammadu Buhari, Communications and Digital Economy Minister Isa Pantami made the announcement from the Presidential Residence, Aso Rock in Abuja, the nation's Federal Capital Territory.

Pantami revealed that the new policy is the result of consultations with 56 institutions and individuals, with the ultimate objective of integrating blockchain technology into Nigeria's economic and security sectors.

Communications and Digital Economy Minister Isa Pantami

With today's approval of the National Blockchain Policy, Nigeria has officially institutionalized blockchain technology in all its forms and components,

Pantami declared.

The minister also mentioned that the Security Council has instructed regulatory bodies to collaborate with the National Information Technology Development Agency (NITDA) in developing sector-wide regulatory frameworks.

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The approval underscores the potential opportunities offered by blockchain technology, especially considering projections that it will contribute $1.76 trillion to global GDP by 2030. As part of the approval, a National Steering Council, coordinated by NITDA, will be established.

Adding Context to this Developing Story

In 2022, the NITDA partnered with Domineum Blockchain Solutions to launch the 2022 Blockchain Scholarship Program, aiming to train 30,000 Nigerians in blockchain technology and enhance their professional skills in emerging technologies.

Additionally, the Nigerian Export Processing Zone Authority (NEPZA) has announced ongoing discussions with Binance to establish a digital economy that will accelerate the adoption of blockchain technology in the country. The partnership aims to create a digital hub similar to Virtual Dubai, offering free trade zones with zero percent tax rates, preferential tariff rates, and 100% import and export tax exemptions to promote international business growth.

Adesoji Adesugba, the Managing Director of NEPZA, stated that the partnership involves Iyin Aboyeji's (formerly the CEO of Flutterwave and Andela) latest initiative, Talent City.

It is worth noting that the Nigerian government has already been utilising blockchain technology. For instance, the Central Bank of Nigeria (CBN) employed the Hyperledger Fabric blockchain to power the country's digital currency, eNaira.