Nigeria currently has plans to realize up to $10 billion from blockchain technology by 2030. The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, also confirmed this in his statement at the Stakeholder Engagement for the Review of the National Blockchain Adoption Strategy.
While addressing stakeholders yesterday, he disclosed that the government wants to utilize the potentials in blockchain and has seen the need to position the country to derive value from the value chain. He also said:
“Looking at the population of the youth and our strategic position in Africa, we are aiming to get at least $6-10 billion from blockchain by 2030. And getting that amount is very much achievable, considering our payment and financial services sector. Nigeria is also one of the places with massive opportunities when it comes to the blockchain application. Therefore, we are birthing plans that will help Nigeria to gain value from financial services, education, and healthcare. This is because Blockchain will play a key role in terms of breaking and tracing products and services.”
The support for blockchain in Nigeria
It is impressive to see notable firms and individuals support this initiative to harness the potential of Blockchain in Nigeria. Abdullahi further highlighted a recent publication by PwC, which revealed that in the next ten years, blockchain would contribute $1.76 trillion to the global gross domestic product (GDP). Hence, Nigeria needs to be strategically involved to capture the value and employ stakeholders to brainstorm and bring up strategies that will help Nigeria benefit from technology.
In addition to that, the Director-General addressed the need to mitigate the risks involved in adopting Blockchain. He said:
“We want to identify a set of choices, the pros, and cons. At the end of the strategy, we will identify primary risks and the mitigant, how we can mitigate those risks so we can get the required value from Blockchain.”
Present at the meeting was also a representative of the Central Bank of Nigeria, Fadele Adeolu, who pledged the bank’s commitment to the initiative.
“CBN is fully committed to the initiative that will bring the development of the economy. We are very optimistic that the program will yield the expected results.”
A Blockchain expert, Abdulsalam Umar, also delivered his presentation titled: “An Overview of the National Blockchain Adoption Strategy.” He highlighted the importance of Blockchain and how much it will impact an average Nigerian by minimizing cost, creating a conducive environment, and improving security in the country.