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Nigeria Developing Strategies for National Blockchain Adoption

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Nigeria Developing Strategies for National Blockchain Adoption

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According to reports, the Nigerian federal government is formulating an ambitious plan to encourage the adoption of cryptocurrency with the vision of creating a “Digital Nigeria“.

Following the first draft of the strategic framework received from the local Technology Times publication, the country’s Ministry of Communications and Digital Economy and the National Agency for Information Technology Development (NITDA) worked together to develop a blueprint for national blockchain adoption.

The project was confirmed by the blockchain engineer responsible for the design.

The document is titled “National Blockchain Adoption Strategy.” It indicates that promoting blockchain adoption is part of Nigerian President Muhammadu Buhari’s larger effort to diversify the Nigerian economy.

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According to the new framework, the idea is to “use blockchain technology as a platform for the transition to the digital economy”.

Protests broke out in different parts of Nigeria. Citizens marched against brutal police actions, including calls for the Special Anti-Robbery Squad (SARS) to be disbanded. The President of the Federal Republic of Nigeria, Muhammadu Buhari, has come under fire for renaming (not disbanding) SARS.

Protest groups in Nigeria have also accused the government of tampering with traditional fundraising methods. Furthermore, they have started using the bitcoin system to raise funds to circumvent the censorship system.

Nigeria Showing Interest in Blockchain and Cryptocurrency

Last month, regulators showed keen interest in governing the Nigerian crypto ecosystem, and the Securities and Exchange Commission of Nigeria (SEC) said it would treat all cryptocurrency and token offerings as securities.

The proposed adoption framework now includes a plan to create a legal framework for managing the crypto space.

The draft also outlined five strategic objectives:

  • Establishing regulatory oversight
  • Stimulating innovation and entrepreneurship
  • Developing security, trust, and transparency in value chains
  • Encouraging investment opportunities and job creation and
  • Governance.

The blueprint also implies the establishment of a National Blockchain Consortium to drive adoption plans, especially for public sector applications. The document also states that Nigeria’s mission is to promote the adoption of this technology in public administration. This will promote efficiency, transparency and accountability.

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