Nigeria Aims to Realize $10bln in Blockchain Revenue by 2030

Nigerian officials are expecting the country to generate between $6 billion and $10 billion in revenue from blockchain technology adoption over the next decade. The information was revealed by The director-general for Nigeria’s National Information Technology Development Agency (NITDA).

As per a media release by the NITDA, Director-General Kashifu Inuwa addressed a participants meeting in the Nigerian capital of Abuja to assess the institution’s National Blockchain Adoption Strategy infrastructure.

A draft of the plan was initially published in October, while stating that adoption of blockchain and decentralized ledger technology (DLT) would “facilitate the development of the Nigerian digital economy.”

Inuwa said “We want Nigeria to be strategically placed to capture value from this economic potential of blockchain. Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030.”

“Blockchain is going to play a key role in terms of creating, tracing products and services.”

In an October report published by PricewaterhouseCoopers, Inuwa pointed out that blockchain technology, via its broad range of use scenarios, would likely contribute $1.76 trillion to the worldwide GDP (gross domestic product) in the forthcoming 10 years, accounting for 1.4% of the global GDP in 2030.

He further stated that Nigeria could implement the technology via its provincial assistance, payment facilities, customer interaction, and agreement and dispute resolving apps.

“We see the need for us to position our country well so we can capture value from the blockchain.”

In Africa, Nigeria has been leading the adoption of crypto and blockchain technology. A May news report published by Arcane Research assessed that Nigeria stands second in the list of countries with high cryptocurrency ownership. 11% of online crypto users in Africa are Nigerians. Back in September, the country’s Securities and Exchange Commission brought cryptos and other digital assets under its regulatory supervision.

In recent times, Nigeria hogged the limelight when a group of feminists began accepting crypto donations to aid protests against the Special Anti-Robbery Squad (SARS) that operates under the police department. Numerous Nigerians began road blockade in early October to register their dissent against the police vehemence in the country, demanding the dissolving of SARS.