The Nigerian government has since directed the relevant regulatory bodies to develop regulatory instruments for the deployment of blockchain technology .

Nigeria’s Federal Executive Council has approved the National Blockchain Policy for Nigeria, which it says will assist in creating the country’s blockchain-powered economy.

The Ministry of Communications and Digital Economy announced the development yesterday, saying it developed the policy on behalf of the government.

This, it says, is in line with the seventh pillar of the National Digital Economy Policy and Strategy, which focuses on Digital Society and Emerging Technologies.

The Nigerian government has since directed the relevant regulatory bodies to develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy.

These regulatory agencies include the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission and the Nigerian Communications Commission, among others.

The ministry said: “The vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.”

The move by Nigeria comes at a time when blockchain technology is burgeoning and is being punted as a catalyst to revolutionise many industries, from finance and healthcare to transportation and supply chain management.

According to PricewaterhouseCoopers, blockchain technologies could boost the global economy with $1.76 trillion by 2030.

“Blockchain technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences.

“Furthermore, blockchain technology can boost innovation, improve public services, create job opportunities, and drive economic growth,” reads a ministry statement.

It adds: “These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting blockchain technology at the national level.”