National Blockchain Policy for Nigeria

The National Blockchain Policy for Nigeria provides a strategic framework for the adoption and utilisation of blockchain technology across various sectors of the Nigerian economy. This policy aims to leverage blockchain’s potential to enhance transparency, efficiency, security, and economic growth while promoting innovation and job creation.

The policy recognises the significant growth in Nigeria’s digital economy over the past few years, highlighting contributions from the Information and Communications Technology (ICT) sector. Given Nigeria’s leadership in the digital economy in Africa, the policy aims to harness blockchain technology to further drive innovation, improve public services, reduce corruption, and create job opportunities.

The policy’s vision is to establish a blockchain-powered economy that supports secure transactions, data sharing, and value exchange among individuals, businesses, and the government. The mission focuses on encouraging the use, adoption, and integration of blockchain technology across various sectors to enhance economic prosperity, efficiency, innovation, transparency, security, and trust.

Key focus areas of the policy include talent development, innovation, and blockchain adoption. The policy outlines the need for capacity-building programs to develop a skilled workforce capable of driving blockchain innovation and growth. It emphasises collaboration between the government, private sector, and academia to promote research and development, thereby fostering a robust blockchain ecosystem.

The policy also aims to create an environment conducive to innovation by providing support for research and development in the blockchain industry, establishing regulatory sandboxes for testing innovative ideas, and investing in blockchain education and awareness programs. These initiatives are designed to encourage experimentation, reduce regulatory barriers, and promote the development of blockchain solutions that address real-world challenges.

Regarding blockchain adoption, the policy identifies several areas where blockchain can transform service delivery, including financial services, identity management, land registration, and supply chain management. For financial services, the policy supports the integration of blockchain to enhance transaction security, transparency, and efficiency, with a particular focus on the responsible use of cryptocurrencies. For government and corporate digital services, blockchain is seen as a tool to improve transparency, accountability, and efficiency, thereby fostering trust between citizens and organisations.

The policy also outlines expected outcomes, such as an increase in skilled blockchain professionals, the creation of new job opportunities, and the growth of the blockchain ecosystem. It aims to enhance public sector efficiency and transparency, encourage blockchain adoption in the private sector, and establish national blockchain standards and infrastructure.

To ensure successful implementation, the policy calls for robust collaboration between the public and private sectors, with the Federal Ministry of Communications and Digital Economy (FMC&DE) leading the effort. A National Blockchain Implementation and Steering Committee will oversee the execution of the policy, involving various federal ministries, regulatory bodies, and industry stakeholders.