Federal Government has posted an early draft of a strategy document that details Nigeria’s ambitious vision to adopt blockchain technology as a platform to transit into a digital economy.
According to The National Information Technology Development Agency (NITDA), the official government body saddled with the development and regulation of information technology in Nigeria, adopting the idea to chart Nigeria’s ambitious vision to use blockchain technology as a platform for the transition into a digital economy.
The nation’s mission is to drive the adoption of the technology in public administration, leading to improved transparency, efficiency, and accountability, according to the document.
A statement by the IT regulator read:
“The strategy was developed with the purpose of using blockchain as one of the emerging technologies for the transition into a digital economy.
Its main aim is to drive adoption of blockchain technology in public administration, leading to improved efficiency, transparency, and accountability in governance and to open job-creating opportunities in the transformation agenda of a digital economy.”
The document outlined 6 key initiatives:
- Strengthening of the regulatory and legal framework
- Establishment of the Nigeria Blockchain Consortium
- Promotion of blockchain literacy and awareness
- Focus on the provision of National Digital Identity
- Creation of blockchain business incentives programs
- Establishment of a national blockchain sandbox for proof of concepts and pilot implementation
Some of the areas where blockchain is expected to find useful cases in government include:
- The Nigeria Data Protection and Regulation (NDPR) – Protect the digital identity of citizens
- Biometric Verification Number (BVN) harmonization with the National Identity Number (NIN) and voter IDs and SIM-card registration details
- The National Blockchain Sandbox – This will be championed by key regulators that include NITDA, The Central of Nigeria(CBN), FIRS, NDIC, and SEC Nigeria, among others
The blockchain strategy is a piece to a bigger roadmap being forecast by President Muhammadu Buhari to evolve Nigeria’s Digital Economy.
Featured Image: bundesfinanzministerium.de
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