Nigeria Overhauls Blockchain Policy Panel with New Experts

Nigeria’s National Information Technology Development Agency (NITDA) has taken steps to revamp its National Blockchain Policy Steering Committee (NBP-SC) to reassess the guidelines that govern the execution of the National Blockchain Policy. Kashifu Inuwa, the Director-General of NITDA, made the announcement through Oladejo Olawunmi, the Director of IT Infrastructure Solutions at NITDA. This news was shared during a three-day co-creation workshop held in Abuja on Tuesday, May 21, which focused on the implementation of the National Blockchain Policy.

According to Inuwa, the restructuring of the committee is part of an ongoing effort to stay current with blockchain innovations and broaden the policy’s reach by involving more stakeholders. This move is aimed at fostering inclusive adoption and effective execution of the policy. He emphasized that the revision of the policy intends to integrate emerging technologies and address current economic conditions, extending its applications to sectors such as land registration, health, and education.

Inuwa further explained that Nigeria is still in the developmental phase of blockchain adoption, and many people are unaware of its potential benefits. “Many people think blockchain is just about cryptocurrency, but its applications are diverse and can be beneficial in numerous industries,” he said. He highlighted that blockchain can be utilized in sectors like supply chain management to ensure that products reach consumers correctly.

Blockchain technology offers secure and transparent payment methods, allowing businesses to reduce costs, improve cash flow, and provide faster and more convenient transactions to consumers. Consequently, this can lead to enhanced economic activity and growth, as more Nigerians gradually adopt this technology in their daily lives.

The NBP-SC was initially established on May 3, 2023, consisting of representatives from various government agencies, institutions, the private sector, academia, and the blockchain industry. The Director-General has not disclosed the specific reasons for reforming the committee a year later. Inuwa mentioned that the strategic reconstitution aims to bring in a new cohort of experienced professionals and leading experts in the field of blockchain.

Inuwa stated, “We recognized the need to incorporate additional members into the committee to ensure comprehensive representation from both the public and private sectors, which will help avoid issues we faced in the past.” The idea is to leverage the diverse expertise of the new members to formulate a robust implementation plan for the National Blockchain Policy.

Calls for regulatory frameworks to support the widespread integration of the approved blockchain policy have been persistent from stakeholders within Nigeria’s blockchain and fintech ecosystems. These stakeholders believe that government regulations are crucial for fostering the extensive adoption and successful implementation of blockchain technology across various industries.

In a 2023 global survey, Nigeria was noted for having the highest cryptocurrency awareness globally. This indicates the country’s potential and readiness for broader blockchain technology adoption beyond cryptocurrency, potentially leading to transformative effects on its economy and various sectors. By striving to stay ahead in the blockchain innovation curve, NITDA aims to harness this potential and drive Nigeria towards a technologically advanced future.

Junia Hedrick

Junia Hedrick

27 thoughts on “Nigeria Overhauls Blockchain Policy Panel with New Experts

  1. Way to go, NITDA! Ensuring proper representation in the committee is crucial for balanced and effective policy execution.

  2. Another steering committee? 🙄 It feels like NITDA keeps restructuring without clear outcomes. Just more bureaucracy and delays! 🤦‍♂️

  3. This is a fantastic initiative! Updating the policy to include emerging tech is smart planning. Can’t wait to see the outcomes.

  4. More stakeholders? Sounds like another way to complicate the process and achieve nothing.

  5. Blockchain potential is there, but I doubt NITDA’s endless meetings and workshops will make it happen. Disappointing as always. 🤦‍♀️

  6. Restructuring is key to progress. Great to see NITDA’s commitment to keeping Nigeria at the forefront of blockchain innovation. 🌟🚀

  7. Seeing the potential of blockchain beyond cryptocurrency is vital. Go NITDA! Nigeria for the win!

  8. NITDA is doing a phenomenal job by broadening the policy’s reach. Inclusivity in blockchain adoption is key!

  9. Applauding NITDA’s efforts to integrate emerging technologies into our economic framework. This is the way forward!

  10. Kudos to NITDA for their forward-thinking approach. Blockchain in supply chain management? Game changer!

  11. Excellent strategy by NITDA. Aligning the National Blockchain Policy with current economic conditions is essential.

  12. Impressed by the proactive steps NITDA is taking. Blockchain tech can indeed make significant positive changes in our lives.

  13. Innovation at its best! Restructuring the committee is a smart move. Excited to see what’s next for blockchain in Nigeria. 🌐🚀

  14. Kashifu Inuwas vision for blockchain in Nigeria is inspiring. This strategic move will undoubtedly benefit multiple sectors.

  15. Great, more experts and professionals to discuss, but wheres the actual progress? Just more talk and no results!

  16. Thumbs up to NITDA for pushing the boundaries of innovation. Blockchain will definitely revolutionize multiple sectors in Nigeria.

  17. Innovative thinking by NITDA! Expanding the applications of blockchain to various sectors is forward-thinking. Can’t wait to see the transformation! ✨🚀

  18. How does another revamped committee help us? We need direct action on blockchain adoption, not more bureaucratic reshuffling.

  19. Happy to hear about the restructuring. A robust strategy like this can propel Nigeria to new heights in the tech world.

  20. Great move by NITDA! The new committee sounds promising and full of potential. Let’s go Nigeria!

  21. This brings so much hope for the future! Blockchain technology is here to stay, and Nigeria is leading the way.

  22. This feels like the same old storycommittees getting restructured without any real advancements. Show us results, NITDA!

  23. Seriously, another committee? Its starting to feel like NITDA is avoiding real work by hiding behind endless restructuring.

  24. Inspiring move! The new experts in the NBP-SC will surely bring in fresh ideas and drive blockchain adoption effectively. 🌐👏

  25. I’ve lost count of how many times NITDA has ‘revamped’ committees. Is there any real action or just endless workshops and announcements?

  26. Why do we need another committee? This sounds like political maneuvering rather than a genuine effort to implement blockchain.

  27. Thrilled to see Nigeria taking blockchain seriously. This can truly transform our economy. Way to go, NITDA! 💡👏

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