“With the approval of the National Blockchain Policy, we can safely say that blockchain technology with all its components and types have been institutionalised in the country.
Isa Ali Pantami - Federal Minister of Communications and Digital Economy of Nigeria
Isa ali pantami – federal minister of communications and digital economy of nigeria
The Federal Government on Wednesday in Abuja approved the implementation of the National Blockchain Policy for Nigeria.
A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers.
Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network.
Minister of Communications and Digital Economy, Prof. Isa Pantami said at the end of Wednesday’s cabinet meeting that the policy was developed in consultations with stakeholders involving more than 50 institutions and personalities.
“With the approval of the National Blockchain Policy, we can safely say that blockchain technology with all its components and types have been institutionalised in the country.
“The Federal Government had earlier approved the National Digital Economy policy and strategy for a digital Nigeria.
“It was unveiled and launched on Nov. 28, 2019,’’ Pantami said,
The minister explained that following the approval of the policy, cabinet directed regulatory agencies to liaise with the National Information Technology Development Agency to ensure that regulatory instruments were introduced in national economy and security.
Cabinet on Wednesday also approved a refund of N16.8 billion to Borno for road projects executed by the state government on behalf of the Federal Government.
In another media briefing, Mr Laolu Akande, spokesman for Vice-President Yemi Osinbajo, said a debt sustainability analysis would be carried out by the Debt Management Office (DMO) on the payment of the debt.
He added that approval would be obtained from the National Assembly before the money would be paid to Borno.
“Council approved the president’s memo for the reimbursement of funds spent by Borno on federal road projects in the sum of N16.8 billion.
“This will be processed after a debt sustainability analysis has been conducted by the DMO leading to the issuance of debt instrument and promissory notes in the same value to be approved by the National Assembly,’’ Akande said.
In yet another briefing, Minister of Science, Technology and Innovation, Mr Adeleke Mamora, said cabinet approved a National Technology Action Plan for Climate Change Mitigation and Adaptation in the country’s most vulnerable sectors.
He said the devastating effects of climate change had made it expedient for nations to take action on mitigation and adaptation to emerging trends.
Full Text of Statement by the Minister of Communications and Digital Economy
PRESS STATEMENT FEDERAL GOVERNMENT APPROVES NATIONAL BLOCKCHAIN POLICY FOR NIGERIA
The Federal Executive Council approved the National Blockchain Policy for Nigeria during its meeting today, the 3rd of May, 2023. This followed the presentation of a memo by the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami). The process of developing the Policy involved robust stakeholder engagements across the public and private sectors.
According to PricewaterhouseCoopers (PwC), Blockchain Technologies could boost the global economy with US$1.76 trillion by 2030. The National Blockchain Policy for Nigeria is line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled and launched by President Muhammadu Buhari on the 28th of November, 2019.
The Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy for Nigeria on behalf of the Federal Government of Nigeria, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.
The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all.
The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country. Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management.
Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark and other leading technology countries in adopting Blockchain Technology at the national level.
The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral Steering Committee has also been approved to oversee the implementation of the Policy.
The Federal Executive Council has further directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
These regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), among others.
All other Federal and State Government institutions, as well as the private sector are urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors. Deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.
Dr Femi Adeluyi Senior Technical Assistant (Research & Development) to the Honourable Minister of Communications and Digital Economy
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