Business

Nigeria approves national blockchain Policy to drive digital economy

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

Published

3 years ago

May 5, 2023

OhiBaba

294 Views

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

Related Topics:crypto Featured Investment

Up Next

WHO announces end of COVID-19 as a global health emergency

Don't Miss

Mercy Johnson-Okojie mourns father’s death on social media.

Click to comment

Business

FG plans largest dairy, cattle ranches in Ogun — Abiodun

” Whenever investors express interest in Nigeria, President Tinubu often directs them to Ogun State. His leadership has rekindled hope among Nigerians at home and in the diaspora,” the governor said.

Published

1 day ago

February 12, 2026

OCHEFA

23 Views

Photo: Governor Dapo Abiodun

OGUN State Governor, Dapo Abiodun said today: ” The Federal Government is siting the largest dairy and cattle ranches in Nigeria at Ipokia and Yewa South Local Government Areas, with an initial capacity of 5,000 herds of cattle.”

The governor made the announcement during the All Progressives Congress (APC) Strategic Stakeholders Meeting at the Cultural Centre, Kuto, Abeokuta, noting that the initiative is part of broader efforts to strengthen food security, boost local agricultural production, and deepen value chains across the state.

“The biggest dairy and cattle ranches will soon be established in Yewa South and Ipokia. This is at the instance of Mr. President. These farms will start with 5,000 herds of cattle, and work will begin very soon,” Abiodun said.

He commended President Bola Ahmed Tinubu for his economic reforms, highlighting their role in stabilising the foreign exchange market, eliminating multiple exchange-rate regimes, and boosting Nigeria’s foreign reserves to about $45 billion.

Abiodun also praised the President for consistent support towards Ogun State, including approvals for projects such as the Sagamu–Ijebu Ode Road reconstruction, funding of the Eba oil discovery, and resuscitation of OKLNG.

“Whenever investors express interest in Nigeria, President Tinubu often directs them to Ogun State. His leadership has rekindled hope among Nigerians at home and in the diaspora,” the governor said.

Business

12 states harmonise new tax reforms, says Oyedele

“Let us stop using consultants to collect taxes. It undermines our ability to do what is right. The new tax law says you cannot use consultants to do the routine work of the tax authority and its autonomy must be guaranteed.”

Published

1 day ago

February 12, 2026

OCHEFA

29 Views

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says that twelve states have so far adopted tax reform and harmonised the new acts with their laws.

Oyedele disclosed this during a presentation at the National Economic Council Conference in Abuja, yesterday.

Oyedele said that besides the 12 states, 13 states have the bills in their houses of assembly, while 11 states are in the final stages of presenting the bills.

He said it was important for the states to adopt and harmonise the new tax laws with their state tax laws to avoid multiple taxation.

He advised state governors to grant their internal revenue agencies autonomy.

Business

Heineken to cut global workforce by 6,000 as beer demands falter

There are fears that Nigeria would be impacted as the company revealed that the cuts would be focused on non-priority markets offering fewer growth prospects.

Published

1 day ago

February 12, 2026

OCHEFA

28 Views

• Heineken

Global brewer, Heineken, yesterday, said it would retrench 6,000 staff out of its 87,000 global workforce this year as it grapples with weak demand and rising costs.

The second biggest brewer by market value has promised to deliver higher growth with less resources as it looks to assuage investors who said it has fallen behind on efficiency.

This is coming right after the surprise January resignation of its current Chief Executive Officer, Dolf van den Brink, leaving the company scrambling for a new CEO.Also, sales across the sector are faltering ⁠amid strained consumer finances, geopolitical turbulence and bad weather.

The company said this ⁠productivity drive will unlock savings and reduce its global head count by 5,000 to 6,000 positions over the next two years, roughly seven percent of its global workforce of 87,000 people.

The company’s head of finance, Harold van den Broek, added that they are doing this to strengthen operations and to be able to invest in growth.

There are fears that Nigeria would be impacted as the company revealed that the cuts would be focused on non-priority markets offering fewer growth prospects.

He added that further cuts would also result from previously announced initiatives targeting Heineken’s supply network, head office and regional business units.

Outgoing-CEO van den Brink, who steps down in May, said that there was ⁠no update on the brewer’s search for a successor.

Along with weak demand, brewers are facing long-term declines in beer sales in some key markets, dented by issues such concerns over the health impact of alcohol consumption.

Heineken expects slower profit growth for 2026 of between 2 and 6 per cent against the 4 to 8 per cent growth it guided for last year.