Roadmap to Blockchain Technology Adoption by Nigerian Government

Blockchain

Nigerian Government has declared full support to blockchain Technology by revealing a roadmap for the adoption of blockchain in the country.

The roadmap shows the plan to digitize the nation's economy, and it believes that blockchain is the kind of technology that can help it create a bright financial future.

You will recall that in the year 2018, the Nigeria Deposit Insurance Corporation (NDIC) warned Nigerians against the use of cryptocurrency because the Central Bank of Nigeria (CBN) does not recognize them as a legitimate currency.

But despite all warning and campaign against cryptocurrency, Nigerians ignore the warning by continuing to invest and trade in bitcoin.

No one will argue that with the economic challenges facing the world caused by the COVID-19 no doubt that the only way out for any smart country is to adopt the digital financial system.

However, following the call by the Nigerian President Muhammadu Buhari, charging all government agencies to go digital with full implementation of a well-coordinated digital economy policy at the e-Nigeria 2019 conference, the Federal Ministry of communications and Digital Economy came up with a roadmap's framework named National Blockchain Adoption Strategy.

Nigerian Government aims are to digitize the country's economy and eventually reduce the nation's reliance on resources such as Oil and Gas.

The roadmap mostly focusses on introducing proper regulations for emerging technologies, but also things like skills and capacity building, innovation, international competitiveness, investment and more.

Regulatory Framework for cryptocurrency

According to the roadmap document, Nigeria has no legal framework or regulation guiding DLT/blockchain technology adoption. The ministry noted that there is a strong need to solve this particular issue as soon as possible. without a proper regulatory framework, it will be impossible to adopt blockchain technology and help it and the Nigerian economy grow as planned.

The document notes that A legal/regulatory framework issued by the government has become a most important factor that would guide and determine the successful adoption of blockchain technology in both the public and private sector.

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