Nigeria’s National Information Technology Development Agency (NITDA) has restructured the National Blockchain Policy Steering Committee (NBPSC) in order to reassess the policies that govern the implementation of the country’s National Blockchain Policy.
The director-general of NITDA, Kashifu Inuwa, made this announcement through Oladejo Olawunmi, the director of IT infrastructure solutions at NITDA, during a three-day co-creation workshop held in Nigeria’s capital, Abuja, on Tuesday, May 21. The main focus of the workshop was the implementation of the National Blockchain Policy.
Inuwa explained that this review is part of their efforts to keep up with the latest blockchain innovations and to expand its impact by involving more stakeholders, thereby promoting comprehensive adoption and successful execution.
According to Inuwa, this review is also a way to incorporate new emerging technologies and economic realities, expanding the reach of the National Blockchain Policy to include sectors such as land registration, health, and education. By offering secure and transparent payment options, businesses can reduce costs, improve cash flow, and provide consumers with faster and more convenient transactions. This will increase economic activity and growth as Nigerians continue to embrace technology on a daily basis.
The committee was initially established on May 3, 2023, and it consists of members from government agencies, institutions, the private sector, academia, and the blockchain industry. However, Inuwa has not disclosed the reason for its reform.
Inuwa stated that the strategic reform of the committee will bring together a new wave of experienced professionals and leading experts in the blockchain field. He believes that their diverse expertise will play a crucial role in developing a robust implementation plan for the National Blockchain Policy.
Stakeholders in Nigeria’s blockchain and fintech ecosystem have previously urged the federal government to implement regulations that will facilitate the widespread integration of the approved blockchain policy in the country.
In a global survey conducted in 2023, Nigeria was found to have the highest level of cryptocurrency awareness among its population.
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