The Nigerian government has reconstituted the National Blockchain Policy Steering Committee (NBP-SC) to validate emerging trends in blockchain technology and incorporate new stakeholders for inclusive adoption and implementation. This move aims to ensure the comprehensive integration of blockchain technology across various sectors of the Nigerian economy.
The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, inaugurated the reconstituted steering committee in Abuja during a three-day co-creation workshop focused on the implementation of the National Blockchain Policy (NBP). Initially formed on May 16, 2023, the committee now includes a wider array of members from government agencies, private sector entities, academic institutions, and industry representatives involved in the blockchain ecosystem.
Inuwa, represented by the Director of IT Infrastructure Solutions at NITDA, Mr. Oladejo Olawumi, emphasized the committee’s mandate to oversee the implementation of the NBP and ensure that it aligns with the overall strategic goals and objectives of the policy. He pointed out that blockchain technology is rapidly evolving and has the potential to be transformative across various industries, necessitating a dynamic approach to its implementation.
He mentioned that the current phase of blockchain technology implementation is still in its infancy, and many individuals are unaware of its potential. Blockchain technology is expansive and applicable to any industry, which prompted the development of the policy to harness its full potential. The evolving nature of blockchain technology and its transformative applications across diverse sectors demand that leadership and strategy evolve correspondingly. Recognizing the need for more comprehensive representation, the committee was reconstituted to include a broader range of members from both the public and private sectors, thus preventing past issues from recurring.
The reconstitution of the committee is designed to bring together a new wave of experienced professionals and leading minds in the blockchain space. This diverse expertise is expected to be crucial in developing a robust implementation plan for the National Blockchain Policy. Inuwa highlighted a report by Price Waterhouse Coopers titled “Time for Trust: The Trillion-Dollar Reason to Rethink Blockchain,” which projected that blockchain technology could boost the global economy by 1.76 trillion dollars by 2030. He stressed the importance of Nigeria strategically positioning itself to capitalize on the opportunities presented by blockchain technology.
Inuwa also underscored the potential of blockchain to drive Nigeria’s socio-economic growth and enhance the transparency and efficiency of governance. He envisioned blockchain technology empowering citizens and businesses with secure and inclusive digital solutions, aligning with the renewed hope agenda of President Bola Tinubu’s administration.
Dr. Ayodele Bakare, Head of the Digital Technology Development Division at NITDA’s Digital Economy Development Department, explained that the workshop aimed to build the capacity of participants to understand modern blockchain technology. The inclusion of new members with fresh ideas is intended to aid in the implementation plan. The workshop serves as an opportunity to enhance the capabilities of committee members, many of whom may not currently operate within the IT space. Additionally, the workshop will involve partners in implementing blockchain use cases across different sectors of the economy.
Several key sectors are being reviewed at the workshop, including health, land registry, and education, with plans for immediate implementation. The reconstitution and capacity-building efforts of the NBP-SC are expected to facilitate the strategic adoption of blockchain technology in Nigeria, positioning the country as a leader in the digital economy.
By enhancing the committee’s structure and expertise, the Nigerian government aims to fully leverage the potential of blockchain technology, fostering innovation, economic growth, and improved governance.
