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Nigeria is going to incorporate blockchain technology in several services to generate revenue
The country is home to the second-largest cryptocurrency dealers in Africa only behind South Africa according to Luno.
The Securities and Exchange Commission is also prompted by this to regulate cryptocurrency investment in Nigeria. Both new and existing issuers have been ordered by the SEC to register legally.
The Federal Government have acknowledged that it sees some potentials in blockchain technology.
During a gathering of stakeholder at Abuja for the review of the National Blockchain Adoption Strategy Framework, Kashifu Inuwa, the Director-General for Nigeria’s National Information Technology Development Agency, (NITDA) said that blockchain has the potentials to render over $6 billion to $10 billion in revenue to Nigeria by 2030.
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The use of blockchain in Nigeria
According to NITDA director-general, Nigeria would incorporate blockchain technology into provincial services, payment services, digital identity, customer engagement, and contract and dispute resolution applications.
The country would also profit from the blockchain technology in areas of budgeting cost, security and globalisation experts say.
The technology is capable of job creations and would guarantee transparency in governance.
Blockchain in Nigeria digital economy
Blockchain technology also aligns with the methods of the National Digital Economy Strategy and Policy according to Dr Usman Gambo, director, IT Infrastructure Solutions.
The threats of using blockchain technology
Nigeria houses a large number of monetary and financial services. It also harbours more FinTech companies than any other countries in Africa.
To adopt blockchain technology and work at a global standard, Nigeria needs a legal framework.
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A system to regulate blockchain is necessary to prevent Ponzi schemes and other cybercriminals from abusing the technology if Nigeria hopes to generate revenue.
During the meeting, the NITDA concluded that the contribution of stakeholders would provide direction on the adaptation of blockchain technology.
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