In an era of rapid technological advancements, developing countries are increasingly recognizing the transformative potential of blockchain technology.
As developing nations embrace blockchain, they open doors to a myriad of opportunities for economic growth, social development, and governance improvement.
Implementing a blockchain policy signifies a bold step towards harnessing the power of decentralized technology to overcome challenges, streamline processes, and unlock new possibilities for citizens and businesses alike.
The Stakeholders in Blockchain Association of Nigeria (SiBAN) recently visited the corporate headquarters of the National Information Technology Development Agency (NITDA) in Abuja to share ideas on blockchain developments in Nigeria while also commending the agency.
SiBAN led by Obinna Iwuno, is a group of individuals who work to improve the blockchain space to deepen conversation on blockchain in Nigeria and collaborate with relevant institutions to harness the potential of the technology.
Welcoming the blockchain association, Kashifu Inuwa, Director-General at NITDA noted that blockchain technology has come to stay. According to the DG, his major concern is how blockchain technology can be leveraged to create jobs for Nigeria’s teeming youths and generally improve the nation’s economy.
Kashifu noted that all the programs proposed by the association are in order, and the agency will do all it can to support their implementation.
“Our focus now is more on how we can create value and jobs. What we are doing can help us create values, while the government creates an enabling environment.
All we have to do is help create value and level the playing field to enable businesses to thrive.
And also we know the blockchain is very promising, according to PwC by 2030, it will add 1.7 6 trillion US dollars to the global GDP.”
According to the DG, the report went further to identify areas where association like SiBAN can apply promising use cases and Identify government and administration as one of the key areas, which the agency believe it can partner with the ecosystem to do some proof of concept.
Earlier, the president of the association, Obinna Iwuno had commended the agency for coming up with a blockchain policy.
According to Obinna, SiBAN has drafted some programs and if implemented it will improve the use of blockchain technology in Nigeria. The SiBAN president, therefore, sought the agency’s support in implementing the programs.
“This is like a very great quantum leap for us. Now, following the announcements of the blockchain policy, its approval, launching, and inauguration, we at SIBAN have also been preparing for this because whatever happens with blockchain technology directly affects us.
And we see ourselves as the direct participants and partners with whoever is pushing blockchain technology development and adoption, which we had seen at NITDA.
We have looked at the policy, the implementation, and these different areas it has talked about, and we have come up with some programs.
After looking at those programs, and projects that we can operate, we saw that it would be good to drive this initiative with a partner. We don’t see any other partner fitting in that regard except NITDA.”
As Nigeria takes strides toward implementing a comprehensive blockchain policy, it sets the stage for a future defined by innovation and progress.
The adoption of blockchain technology promises to revolutionize sectors such as finance, healthcare, supply chain, and governance, empowering individuals, promoting trust, and driving sustainable development.
By embracing blockchain, Nigeria paves the way for increased efficiency, reduced corruption, enhanced data security, and improved public services.
As this transformative technology continues to evolve, SiBAN’s commitment to the implementation of Nigeria’s blockchain policy positions it at the forefront of Africa’s blockchain revolution toward a more decentralized future.
Featured Image: Obinna Iwuno, President of SiBAN (left) presenting an Award of Excellence for advancing Blockchain Technology Development and Adoption in Nigeria to Kashifu Inuwa, Director-General of NITDA (Right)