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

451 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

Nigeria missing among top four African economies sustaining industrialisation – Report

The RED Index identifies that Morocco, Egypt, South Africa and Mauritius emerge as the only economies with the alignment required to sustain industrial growth.

Published

25 minutes ago

May 8, 2026

OCHEFA

13 Views

Image credit : BCAfrica.

The Business Council for Africa (BCA) has released its 2025 RED Index of Industrial Development in Africa.

In the report, only four African economies are structurally positioned to sustain high-growth industrialisation.

The RED Index identifies that Morocco, Egypt, South Africa and Mauritius emerge as the only economies with the alignment required to sustain industrial growth, while Rwanda and Nigeria show meaningful progress but remain incomplete in their trajectory.

The report further indicated that the majority of African economies are classified as either vulnerable or stalled.

The Index evaluates each economy across three decisive dimensions: Engines of Industrialisation, representing foundational capabilities; Accelerators, determining the pace of transformation; and Decelerators, the structural constraints that can stall or reverse progress.

Commenting on the report, Chairman of the Business Council for Africa, Arnold Ekpe said:“This is not just an index. It is a call to action for African policymakers, investors, and businesses to take ownership of Africa’s industrial future and commit to the structural changes required to deliver sustained growth.

”As global capital seeks scalable and resilient growth opportunities, the RED Index provides a lens for identifying where industrialisation is viable, where structural risks remain elevated and where targeted intervention can unlock long-term.”

Business

NBS rates Lagos most indebted Nigerian state with N1.22trn domestic debt

While Lagos State had the highest domestic debt in Q4 2025 with N1.22 trillion, Rivers came second with N378.81 billion, while Jigawa State recorded the lowest with N1.60 billion, followed by Ondo with N8.42 billion.

Published

20 hours ago

May 7, 2026

OCHEFA

55 Views

• Lagos Governor , Babajide Sanwo-Olu

Lagos State has been ranked emerging as the most indebted state in Nigeria, owing creditors a total of N1.22 trillion and $1.17 billion in domestic and external debts, respectively,

In its Q4 2025 domestic and external debt report, the National Bureau of Statistics (NBS) said that the country’s total debt stock, comprising domestic and external debt, rose from N153.29 trillion or $103.94 billion in Q3 2025 to N159.28 trillion or $110.97 billion in Q4 2025.

The report said this represented an increase of 3.90 per cent on a quarter-on-quarter basis, adding that total external debt stood at N74.43 trillion, while total domestic debt was N84.85 trillion in Q4 2025.

The share of external debt, in naira value, was 46.73 per cent in Q4 2025, while the share of domestic debt, also in naira value, stood at 53.27 per cent of total public debt.

Lagos State also recorded the highest external debt over the reference period with $1.17 billion, followed by Kaduna with $684.29 million, while the Federal Capital Territory (FCT) had the lowest with $26.80 million, followed by Zamfara with $41.93 million, the NBS said.

According to the bureau, other heavily indebted states are Bauchi with $220.57 million and N156.05 billion as external and domestic debts respectively;

Delta with $63.42 million and N248.83 billion as external and domestic debts respectively; and Enugu with $99.88 million and N157.60 billion as external and domestic debts, respectively.

Business

Dangote unveils ambitious plan for 20,000MW power project

“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.

Published

1 day ago

May 7, 2026

OCHEFA

52 Views

Aliko Dangote, the billionaire behind Africa’s largest industrial conglomerate, is determined to end Nigeria’s epileptic power sector with a plan to generate 20,000 megawatts of electricity.

Dangote’s entry into the sector follows a string of failed promises from the Nigerian government.

Adebayo Adelabu, ex-Power Minister, has repeatedly missed deadlines to stabilise the grid at even 6,000 megawatts, a fraction of what Dangote is now proposing.