Nigeria’s government has granted approval to the national blockchain policy, establishing a regulatory framework for the adoption of the technology. The Federal Ministry of Communications and Digital Economy initiated the policy following a report by PwC that projected that the global GDP could increase by $1.76tn through widespread blockchain adoption by 2030.
The blockchain-based economy would facilitate secure transactions, data sharing, and value exchange, while regulatory bodies have been instructed to create frameworks for implementing the technology in different sectors of the economy. However, despite the new blockchain policy, transactions using cryptocurrencies remain illegal in Nigeria.
The policy intends to promote digital identity, establish a consortium for blockchain, encourage digital literacy and awareness, create blockchain business incentive programs, and set up a national blockchain sandbox for piloting and testing the technology.