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
Governor Otti Commissions Ultimum Manufacturing Plant in Aba
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.
Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.
“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.
Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.
The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.
“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.
This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”
The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.
“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.
Business
Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.
Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.
But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.
“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
( VANGUARD)
Photo: Ambassador Idaere Gogo Ogan
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.
The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.
He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.
He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.
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