Stakeholder urges swift implementation of Nigeria’s blockchain policy

A stakeholder in the blockchain and fintech ecosystem has called on the federal government of Nigeria to implement regulations that will foster the widespread integration of the approved blockchain policy in the country. Nigeria’s National Blockchain Policy aims to deliver economic growth, job creation and more financial inclusion.

Obinna Iwuno, the president of the Stakeholders in Blockchain Association of Nigeria (SiBAN) — an association of blockchain and digital assets industry players advocating for a friendlier digital asset landscape in Nigeria — recently highlighted this during an interview at the National Information Technology Development Agency and Stakeholders in Blockchain Technology Association of Nigeria Stakeholders’ Policy Dialogue held in Lagos. Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate the infusion of blockchain technology into diverse sectors of the economy.

Former President Muhammadu Buhari approved the National Blockchain Policy in May. Iwuno told Cointelegraph that Nigeria is fully equipped to implement blockchain technology:

“This is the first time we have a full house of industry stakeholders, regulators and operators. We are ready for full adoption now, and the blockchain policy initiated by the government positions Nigeria as a trailblazer in the continent’s digital economy landscape if fully implemented.”

According to the National Blockchain policy released in May 2023 by the National Information Technology Development Agency Director General of NITDA, the potential of blockchain technology is far-reaching. The blockchain policy document stated that the technology holds the potential to drive economic growth, foster job creation, and tackle the long-standing issue of financial inclusion.

According to Iwuno, with technological advancements driving leading countries today, the call to position Nigeria as a formidable contender on the global stage resonates strongly. The journey toward integrating blockchain technology into Nigeria’s mainstream is not merely a governmental initiative but a collaborative one driven by the collective determination of stakeholders to position Nigeria as a leader on the global stage.

The President of SIBAN also highlighted the collaborative drive between industry stakeholders and the government to transform Nigeria into a global blockchain hub.

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