Nigeria to change its policies on blockchain technology

Nigeria is shaking things up with its blockchain policy. Chimezie Chuta, the Founder of Blockchain Nigeria User Group, took to Twitter with some big news.

He said that “the implementation work of the Nigeria Blockchain Technology Policy effectively begins today.”  Chuta will serve as the Chairman of the Steering Committee.

Source: X.com

On May 21, the National Information Technology Development Agency (NITDA) revamped the National Blockchain Policy Steering Committee (NBPSC). This happened during a three-day workshop in Abuja, Nigeria’s capital. 

They’re reportedly on a mission to update and refine the rules and strategies for blockchain technology in the country. NITDA’s Director-General, Kashifu Inuwa, had a lot to say about this new committee.

He mentioned that bringing in experts and leaders from the blockchain world is key, adding that:

“Their insights will be crucial for developing a comprehensive strategy to implement the National Blockchain Policy effectively.”

The goal here is to bring in new tech and adapt to the changing economy. They want this policy to cover more areas like land registration, healthcare, and education. It’s expected to have a positive impact on both the public and private sectors in Nigeria.

The National Blockchain Policy, approved in May 2023, plans to create a blockchain-driven economic framework.

This framework will help with trusted transactions, smooth data sharing, and efficient value exchange among individuals, businesses, and government agencies.

Headquarters of the National Information Technology Development Agency (NITDA) in Abuja, Nigeria. Credits: NITDA

Nigeria is all in on blockchain technology. NITDA recently announced plans to set up special research hubs for cutting-edge tech like artificial intelligence and blockchain. These hubs will be spread across Nigeria’s six geopolitical zones.

These research centers will focus on areas like connected devices, blockchain innovation, drone technology, additive manufacturing, artificial intelligence, and robotic engineering.

The idea is to push forward advancements and practical applications in these fields.