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Nigeria wishes Blockchain will Yield $ 10 Billion by 2030



Nigeria wishes Blockchain will Yield $ 10 Billion by 2030

After America, Asia and Europe, it is around the African continent to take an interest in the potential of blockchain to dynamize its economy. This is notably the choice which has just been made by Nigeria under the impetus of its National Information Technology Development Agency (NITDA). Managing Director of the structure, Kashifu Inuwa estimates that the country could expect a revenue stream of $ 10 billion from blockchain over the next ten years. More details below.

Nigeria Digital Economy to be Boost by Blockchain

During a recent meeting with industry stakeholders, NITDIA conducted a review of the framework of the national strategy for blockchain adoption. In accordance with the first draft of this strategy, the authorities hope that this technology will facilitate the development of the country’s digital economy. “We want Nigeria to be strategically placed to take advantage of this economic potential of blockchain. Looking at our young population, which is mainly numerically native and with our position in Africa, we are looking at how we can at least get around 6 to 10 billion dollars by the year 2030 ”, declared Mr. Inuwa.

The Director of the agency referred in particular to a recent study carried out by PricewaterhouseCoopers on the issue. It thus revealed that the many use cases of the blockchain would allow the country to garner 1.76 trillion dollars in GDP by 2030. 

These figures which would represent in particular 1.4% of the world GDP by this deadline thus constitute a godsend for Nigeria. “The Blockchain will play a key role in terms of creation and traceability of products and services. We see the need to position our country well in order to be able to benefit from it, ”added Mr. Inuwa.

African pioneer in blockchain and related technologies

To implement this strategy, Nigeria could for example integrate blockchain into various sectors such as payment services, identity digitization or even industry. This should not be a big challenge, given that the country was one of the pioneers in the adoption of blockchain in Africa.

In general, he has shown a great advance in the use of cryptocurrencies to counter local currency inflation. Arcane Research published a report last May on the use or possession of cryptocurrencies among African Internet users. It emerged that Nigeria was the second country with the highest percentage in this area with nearly 11% of the total volume.

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