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
Beyond GDP, UNCTAD to launch new economic indicators for measuring countries prosperity
Accordingly , a High-Level Expert Group on Beyond GDP, mandated by the UN’s landmark Pact for the Future has been tasked with developing recommendations for a set of universally relevant indicators that countries can own and use to guide policy.
Photo: UNCTAD Secretary-General Rebeca Grynspan. Credit: UNCTAD
UN Trade and Development (UNCTAD) says a new metrics for measuring countries progress beyond GDP, will be launched during the upcoming UN General Assembly in the spring of 2026.
Accordingly , a High-Level Expert Group on Beyond GDP, mandated by the UN’s landmark Pact for the Future has been tasked with developing recommendations for a set of universally relevant indicators that countries can own and use to guide policy.
UNCTAD serves as co-secretariat to the “Beyond GDP” expert group, alongside other entities including the Executive Office of the UN Secretary-General, the UN Department of Economic and Social Affairs and the UN Development Programme.
This initiative stems from the urgent need for measures of progress that enable more balanced and integrated pursuit of sustainable development.
GDP does not capture progress in well-being, equity, inclusiveness or sustainability – and it was designed as a measure of economic activity.
“Our approach will emphasize how better well-being and its drivers, such as health, social capital and the quality of the environment, are not only good for societal welfare but also contribute in an integral way to economic prosperity,” the interim report argues.
The “Beyond GDP” agenda, increasingly gaining traction among UN member countries, is about complementing traditional economic measures, rather than replacing them.
To do so, five principles are important.
First, countries need to look at more than GDP to gauge material well-being more accurately.Second, it takes more than income to capture all aspects of well-being.
Third, when addressing inequality and exclusion it’s necessary to look beyond average figures.
Fourth, the need to think in the long term, to ensure economic, environmental, social and institutional sustainability for future generations.
In addition, well-being is interconnected across countries in today’s world.
This makes cooperation all the more crucial, in setting global norms of measurement, unlimited to specific countries or regions.
Business
Flutterwave buys Mono for $40 million
Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.
• Flutterwave Nigeria HQ, Lagos
Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million.
The acquisition brings together two major fintech infrastructure players as Flutterwave looks to strengthen its payments stack with open banking, data, and identity capabilities.
Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.
The transaction allows Mono’s investors to at least recoup their capital, with some early backers reportedly recording returns of up to 20x.
(Nairametrics)
Business
Venezuela: Crude prices edge lower following Maduro’s overthrow
CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.
• An oil-themed mural in Caracas, Venezuela
Crude oil prices edged lower Sunday, as the overthrow of President Nicolas Maduro by the Trump administration has cast deep uncertainty over oil-rich Venezuela.
Venezuela, a founding member of OPEC, sits on the largest proven crude oil reserves in the world at 303 billion barrels or about 17% of the global total, according to the U.S. Energy Information Administration.
CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.
President Donald Trump made it clear Saturday that U.S. investment in Venezuela’s oil sector is a key objective of the regime change operation that ousted Maduro.
“We’re going to have our huge United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,” Trump said in a press conference from his Mar-a-Lago residence in Palm Beach, Florida.
The president said Saturday that the U.S. embargo of Venezuelan oil remains in place.
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