The Federal Ministry of Communications and Digital Economy has officially announced that Nigeria is moving forward with the development of its first National Blockchain Policy. This strategic policy is aimed at providing a regulatory framework for blockchain technology in Nigeria to encourage innovation while addressing security and financial concerns.

The Minister of Communications and Digital Economy, Isa Ali Pantami, stated that the policy seeks to ensure Nigeria can capitalize on the growing digital economy while managing the potential risks associated with blockchain applications, such as cryptocurrency. According to the ministry, the policy is being designed with input from the Central Bank of Nigeria (CBN), the National Information Technology Development Agency (NITDA), and other stakeholders to create a secure, regulated environment for blockchain usage.

Blockchain technology, widely recognized for its application in digital currencies, has a range of uses beyond cryptocurrency. The Nigerian government has highlighted blockchain’s potential in enhancing transparency, security, and efficiency in areas such as supply chains, healthcare, land registry, and finance. The proposed National Blockchain Policy aims to provide guidelines for both public and private sectors to implement blockchain-based solutions that align with Nigeria’s long-term digital transformation goals.

Key objectives of the Blockchain National Policy include enhancing economic growth, creating job opportunities, and fostering an environment that attracts foreign investment into Nigeria’s digital economy. Additionally, the government intends to use the policy to promote blockchain-based solutions in governance and service delivery, particularly to improve transparency in public processes.

Dr. Pantami emphasized that the policy aligns with Nigeria’s National Digital Economy Policy and Strategy (NDEPS), which was introduced to strengthen Nigeria’s position as a leading digital economy in Africa. NITDA has been tasked with leading the blockchain policy’s development, ensuring that it supports innovation without compromising security or enabling illegal activities.

The announcement of this policy comes as Nigeria remains one of Africa’s leading nations in cryptocurrency adoption and blockchain usage. Industry experts see this policy as a significant step towards formalizing the regulatory landscape for blockchain and related digital assets in Nigeria. Stakeholders across various industries are expected to be involved in the policy formulation process, ensuring it is inclusive and comprehensive.