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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

241 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

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Nigeria Revenue Service unveils new logo as FIRS goes to rest

Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.

Published

23 hours ago

January 1, 2026

OCHEFA

19 Views

The Nigeria Revenue Service (NRS), which has replaced the now-defunct Federal Inland Revenue Service (FIRS), has unveiled its institutional brand identity (logo) as part of efforts to reposition the country’s revenue administration structure.

The agency came into operation following the signing of the Nigeria Revenue Service Establishment Act 2025 by President Bola Tinubu in June 2025, marking a major shift in the legal and operational framework governing tax administration in the country.

Adedeji noted that the new institutional identity “signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.”

Business

BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal

Published

2 days ago

December 31, 2025

Charles Flames

48 Views

In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.

The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.

The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.

Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.

Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.

Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.

This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.

The transaction is subject to customary closing conditions and regulatory approvals.

Business

NECA faults ban on sachet alcohol

Published

2 days ago

December 31, 2025

OCHEFA

42 Views

The Nigeria Employers’ Consultative Association (NECA) has faulted the ban on alcohol sold in sachets and small bottles, warning that the policy could worsen smuggling and lead to job losses.

NAN, reports that the Director-General of NECA, Mr Wale Smatt-Oyerinde, expressed the association’s position during a media briefing on Tuesday in Lagos.

He said such a blanket ban was not the appropriate solution to concerns surrounding the products, emphasising that the ban could open more opportunities for smugglers, particularly given Nigeria’s more than 1,000 unmanned entry and exit points.

” The ban poses serious risks to the economy, as it could result in the loss of jobs and investments across the value chain.

“Looking at the overall economic objectives, where do you throw the jobs that would be lost in that place?

” We are not worried about the rate of unemployment. We’re not worried about the business investment that will be lost. We’re not worried about the consequences of the message we are communicating to other investors,” Smatt-Oyerinde said.

He added that banning sachet alcohol would also create additional challenges for law enforcement agencies, the Ministry of Labour and Employment, and the wider economy.