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

613 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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Business

Entrepreneurship: “How I Made N10m Monthly From Akara Burger” – Gov Eno

The business attracted strong patronage from workers, especially those heading to ExxonMobil in the morning.

Published

15 hours ago

September 3, 2026

OCHEFA

16 Views

Governor Umo Eno of Akwa Ibom State has revealed that a food business he started with akara and bread was generating at least N10 million monthly before he ventured into politics.

Eno said his experience in the business demonstrated how a modest venture could be developed into a substantial enterprise through innovation and patronage.

The governor’s disclosure during the state’s monthly covenant prayer service, was triggered by comments from First Lady Oluremi Tinubu, who had encouraged Nigerians to consider petty businesses, including akara, roasted corn and kuli kuli, as avenues for improving livelihoods.

Gov Eno , reflecting on his entrepreneurial experience before he entered public office, said that he initially sold akara and bread, which he branded “Akara Burger”, before expanding the venture into a coffee shop.

According to him, the business attracted strong patronage from workers, especially those heading to ExxonMobil in the morning.

He said customers would buy the akara and bread combination alongside coffee before proceeding to work, helping the business grow into a major source of income.

“At a point, that business was making not less than N10 million every month,” Eno said.

Business

Forest Sector Employs 42m People Globally – FAO

According to the report, the 42 million jobs are distributed across Africa, the Americas, Asia, Europe and Oceania, highlighting the forest sector’s significant contribution to global employment and livelihoods.

Published

19 hours ago

September 3, 2026

OCHEFA

18 Views

• A farmer carrying harvested banana / FAO

The global forest sector provides employment for approximately 42 million people, spanning activities within forests as well as industries, services and supply chains dependent on forest resources, a new international study has revealed.

The study was jointly conducted by the Food and Agriculture Organization of the United Nations (FAO), the International Labour Organization (ILO) and the Thünen Institute of Forestry of Germany.

FAO said the new data provides an important basis for understanding the human dimension of forests, noting that previous estimates were hampered by fragmented data and incomplete country coverage.

“Until now, however, fragmented data and incomplete country coverage have left significant gaps in the global picture – and no breakdown by gender,” FAO said.

The organisation noted that discussions about forests often focus on their products and environmental benefits, while their role as workplaces and sources of livelihoods receives comparatively less attention.

“When we talk about forests, we tend to focus on what they provide – wood, non-wood forest products, raw materials, and the foundation of a sustainable bioeconomy. Rarely do we talk about them as workplaces. And rarer still do we ask who, exactly, works in them,” FAO stated.
The agency stressed that reliable employment data is critical to the development of policies aimed at building a sustainable and inclusive green economy.
It said internationally comparable data on forest-sector employment would enable governments and policymakers to better understand the people whose livelihoods depend on forests and develop policies that protect both workers and forest resources.
Beyond employment, forests provide ecosystem services that are vital to environmental sustainability and economic development. They also supply renewable resources that form the foundation of emerging sustainable bioeconomies.

Business

BREAKING: Uber winds down operations in Nigeria, effective September 2

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.”

Published

2 days ago

September 2, 2026

OCHEFA

32 Views

• An Uber driver at work

Ride-hailing company, Uber, has shut down its operations in Nigeria.

In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.

“After a thorough review, we have taken the difficult decision to wind down operations in Nigeria, effective September 2, 2026.”

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”

Uber said said its plan is to support drivers, riders and local team members through the transition.