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
BUA Foods Plc Reports Strong 2025 Performance with ₦1.77 Trillion Revenue, Proposes Record ₦28 Dividend per Share
Leading Nigerian food manufacturer BUA Foods Plc has announced robust full-year 2025 audited results, with revenue climbing 16% to ₦1.77 trillion from ₦1.53 trillion in 2024.
The growth was driven by sustained consumer demand for the company’s core staples sugar, flour, pasta, and rice alongside higher sales volumes and strategic pricing amid a challenging economic environment marked by inflationary pressures on households.
Profit after tax nearly doubled, rising 95% to ₦518.4 billion, while gross profit surged to ₦737.3 billion from ₦540.8 billion the previous year.
Operating profit also increased significantly to ₦656.6 billion.In a strong signal of confidence in its outlook and commitment to shareholder value, the Board of Directors has proposed a final dividend of ₦28 per ordinary share of 50 kobo.
This represents a 115% increase from the ₦13 per share paid in 2024, translating to a total payout of approximately ₦504 billion, subject to approval by shareholders at the company’s 2026 Annual General Meeting.
Chairman Abdul Samad Rabiu highlighted the results, stating that the substantial dividend hike underscores the company’s dedication to rewarding investors while continuing to invest in business expansion and operational efficiency.
BUA Foods, a major player in Nigeria’s food processing sector controlled by billionaire Abdul Samad Rabiu, has continued to benefit from scale advantages, market expansion, and resilient demand for essential food products despite broader economic headwinds.
The company’s shares have reacted positively in recent trading, reflecting investor optimism over the strong earnings and generous dividend proposal.
Full details of the financial statements were filed with the Nigerian Exchange (NGX) on Monday.
Analysts view the performance as a testament to BUA Foods’ robust business model and ability to navigate Nigeria’s macroeconomic challenges through volume growth and cost discipline.
Business
OPay launches new office in Jos
” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
OPay has officially launched its new office in Jos, Plateau State.
Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.
He said :” Our customers are at the center of everything we do.
Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”
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.
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