Business
Nigeria approves national blockchain Policy to drive digital economy
The new blockchain policy aligns with Nigeria’s digital transformation agenda.
Nigeria’s Federal Ministry of Communications and Digital Economy (FMCDE) has approved the National Blockchain Policy as the country doubles down on creating a blockchain-powered economy.
The adoption of the policy by the government will pave the way for the formal utilization of the technology in the country, which has seen significant crypto adoption in recent years. The FMCDE believes its implementation will have a positive effect on both the public and private sectors in Nigeria.
Blockchain Adoption
The latest push towards blockchain has also been prompted by Nigeria’s efforts to move away from its heavy economic reliance on the oil and gas sector and instead allow the economy to “leapfrog” into one driven by digital technologies.
As such, the Federal Ministry of Communications and Digital Economy developed the National Blockchain Policy to diversify the economy on behalf of the federal government. This is in line with the National Digital Economy Policy and Strategy (NDEPS), which was unveiled by President Muhammadu Buhari in November 2019.
Subsequently, the first draft of the policy released in October 2020 outlined the strategy and stated that it aligns with the 8 pillars of the ‘DIGITAL NIGERIA’ Roadmap of the FMCDE. They focus on – Developmental Regulation, Digital Literacy & Skills, Solid Infrastructure, Service Infrastructure, Digital Services Development & Promotion, Soft Infrastructure, Digital Society & Emerging technologies, and finally, Indigenous Content Development and Adoption.
“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.”
The National Information Technology Development Agency (NITDA) will be tasked with coordinating the policy initiatives under the oversight of the FMCDE. The authorities have also set up a multisectoral steering committee to monitor policy implementation.
The Federal Executive Council, on the other hand, directed relevant regulatory bodies – NITDA, Nigeria’s Central Bank, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission to develop regulatory structures for blockchain implementation across various sectors of the economy.
Meanwhile, Nigeria’s SEC plans to support tokenization, with the main focus being real-world assets such as equities, bonds, and real estate. Cryptocurrency, however, is not on the roadmap.
Earlier this year, the country witnessed a cash shortage that led to violent protests, leaving countless citizens injured and a few dead. Nigerians have flocked to cryptocurrencies to hedge against current inflation and dodge the various limitations on naira transactions in online payments. The African country was ranked 11th on the Chainalysis 2022 Global Crypto Adoption Index and 17th for peer-to-peer exchange trade volume.
According to Binance’s West & East Africa Director Nadeem Anjarwalla, the approval of the policy indicates that Nigeria is positioning itself as a nation significantly ahead of the curve. In a statement to CryptoPotato, Anjarwalla commended the all-encompassing approach laid out in the reviewed policy document based on the key initiatives that include establishing a blockchain consortium and strengthening the regulatory and legal framework.
“We believe that growth in blockchain technology is set to become a key differentiator for economies and a key measure of international competitiveness in the next decade for attracting foreign direct investment, cultivating innovation, and creating jobs. As such, this is a welcome development and a significant milestone for the blockchain industry in Nigeria.”
Blockchain Tech Adoption Trajectory
PricewaterhouseCoopers (PwC) recently published a report extensively analyzing blockchain technology. It observed that blockchain, which happens to be one of the “world’s fastest developing technologies,” could boost the global economy with $1.76 trillion by 2030.
The economists at the finance giant expect the majority of businesses to be leveraging blockchain by 2025. By 2025, blockchain’s GDP is estimated to reach $422 billion.
SOURCE: CryptoPotato
Business
IEA chief warns Oil market could enter ‘red zone’ by July as stocks dwindle ahead of summer travel season
Birol said that the single most important solution to the Iran war energy shock is a full and unconditional reopening of the strategically vital Strait of Hormuz..
•Faith Birol
Fatih Birol, executive director of the International Energy Agency (IEA) warned on Thursday that the oil markets could soon enter a “red zone” as global stocks deplete and as demand picks up during the summer travel season.
Birol’s comments came during a Chatham House session on the Strait of Hormuz crisis and global energy security.
Birol said that the single most important solution to the Iran war energy shock is a full and unconditional reopening of the strategically vital Strait of Hormuz.
” If it fails to reopen and no new oil is coming online from the Middle East, an ongoing drawdown in global stockpiles combined with an uptick in demand during the summer travel season means oil markets “may be entering the red zone in July or August,” Birol said, without elaborating further.
The IEA has previously said the global market is facing the most severe disruption in its history. That’s despite, Birol said, the market having benefitted from being in the “fortunate” position of entering the crisis with a surplus to help absorb the shock. These stocks, however, are now eroding, Birol said.
Typically, roughly 20% of the world’s oil and liquefied natural gas passes through the Strait of Hormuz, but shipping traffic has virtually halted since U.S. and Israeli-led strikes against Iran started on Feb. 28.
The IEA chief said the “biggest pain of this crisis will be felt in developing Asia and Africa,” adding that he was just as concerned about the impact of the Iran war on global food security as he was on energy security.
The Chairman of First HoldCo, Femi Otedola, said on Wednesday “From on a personal note, I’ve appealed to him (Aliko Dangote to allocate to me shares worth $100 million private placement, ahead of the Refinery’s initial public offer.”
“That’s one of the reasons I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”
Otedola told journalists when he led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.
The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.
The private placement is the latest announcement in the refinery’s Initial Public Offering plan, IPO expected later in the year.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.
CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.
The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.
This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.
The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.
The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.
PAYE Tax, Stakeholder Concern and Country Development, By Tony Monye
Hamzat emerges Lagos APC governorship candidate
IEA chief warns Oil market could enter ‘red zone’ by July as stocks dwindle ahead of summer travel season
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Politics3 days agoObi emerges NDC’s sole presidential aspirant
-
Crime2 days agoBREAKING: EFCC Nabs Convicted Ex-Power Minister Saleh Mamman After Years on The Run
-
Sports3 days agoGuardiola debunks Man City exit report
-
International2 days agoAfghan fathers forced to selling children to survive
-
Sports3 days ago
Guardiola ends 10-year Manchester City reign
-
Business1 day agoFemi Otedola earmarks $100 million for Dangote Refinery’s IPO
-
International2 days agoKenyan transport operators suspend strike for one-week to allow talks
-
Sports2 days agoAFCON 2027 qualifiers: Nigeria to face Madagascar, Tanzania, Guinea-Bissau