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Nigeria approves national blockchain Policy to drive digital economy

The new blockchain policy aligns with Nigeria’s digital transformation agenda.

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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

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MTN , Airtel , Glo Begin USSD Direct Charges from Today

The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds.

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Telecom subscribers in Nigeria will now be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services, starting Wednesday, June 18, 2025.

This was disclosed by Mr Gbenga Adebayo, the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Publicity Secretary, Mr Damian Udeh.

Adebayo said that the change is in line with the Nigerian Communications Commission’s (NCC) determination of USSD pricing and services, developed in collaboration with the Central Bank of Nigeria (CBN) and other stakeholders.

” The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds,” he said.

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CAC unveils new service fees starting August 1

For companies, notable revisions showed that the voluntary striking-off fee has been raised from N25,000 (for small companies) to N50,000, and N100,000 for public entities.

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The Corporate Affairs Commission (CAc) on Tuesday, announces an increments for its service fees review certain service fees effective the 1st day of August 2025.

In a statement , the Commission said that the new fees are a reflection of the current economic conditions and rising operational expenses.

The CAC added that the new development is expected to have implications for business owners, legal practitioners, compliance officers, and stakeholders engaging with the corporate registry for post-incorporation filings and regulatory services..

Said CAC: ” the reviewed fee structure affects services offered to companies, limited partnerships, business names, and incorporated trustees.

For companies, notable revisions showed that the voluntary striking-off fee has been raised from N25,000 (for small companies) to N50,000, and N100,000 for public entities.

Relisting of a Company now costs N50,000 for LTD/GTE and N100,000 for public companies.

Due Diligence Search (Self-Service) has been fixed at N50,000 across all categories.

The commission said the request for an extension of time to hold the annual general meeting will now cost N100,000 for public companies, and N50,000 for others.

Historical Search Reports: Depending on the type, public users will now pay N20,000 to N30,000 per request.Other charges include N25,000 for restriction of the director’s residential address and N5,000 per certified true copy of documents or extracts.Under Limited Partnerships, the updated fees are as follows voluntary Striking Off and Relisting: N25,000, letter of good standing: N10,000, Registration and CTC of Documents: N30,000, Change of Name: N10,000.

For Business Names, the structure reflects modest increments of N10, 000 for voluntary striking off, relisting: N25,000, application for cessation N10,000, CTC of Documents/Extract: N5,000 each, restriction of Proprietor’s Address: N25,000.

The commission stated that name reservations across the board remain at N1,000 while name reservations for restricted words cost N5,000.”

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June Tax Returns: FIRS Extends Office Hours to Weekends

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“

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THE Chairman of the Federal Inland Revenue Service (FIRS), Zaacheus Adedeji, has directed the extension of tax office operations to weekends for the month of June.

In a statement on Monday, Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, explained that the directive is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action.

The statement reads: “The weekends service, which started on June 14, will end on Sunday, June 29, “and it is aimed at helping companies who are mandated by law to file their tax returns by the end of the month meet up with the deadline.”

“With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturday and 12:00 p.m. to 4:00 p.m. on Sunday throughout the month of June.”

Consequent upon Adedeji’s approval, the Coordinating Directors of Large Taxpayers Group (LTG), Government and Medium Taxpayers Group (GMTG) as well as Emerging Taxpayers Group (ETG), Ms Amina Ado, Dr Dick Irri and Mr Kabir Abba respectively have conveyed the decision of the management to all staff in the tax offices in the three groups.

“As you are aware, the month of June marks the peak of the annual Companies Income Tax (CIT) filling season, with many taxpayers whose financial year ends 31st December expected to file their tax returns by June 30.“

To ease the process for taxpayers, enhance service delivery, and maximize tax collection during this critical period, management has approved extension of tax office operations to weekends for the month of June 2025,” a directive jointly signed by the three Coordinating Directors said.

The FIRS chairman, on assumption of office, reorganized tax operations for ease of tax payment, leading the transformation of the agency from merely being a tax-collecting entity to a service-providing body.

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