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Nigeria aims to make up to $ 10 billion from Blockchain technology by 2030, said National Information Technology Development Agency (NITDA) CEO Kashifu Inuwa Abdullahi. Abdullahi, who revealed this yesterday in Abuja to the Stakeholder Engagement for the Review of the National Blockchain Adoption Strategy, said the government wants to exploit the potential of Blockchain and saw the need to position the country to capture value from the value chain.
He said: “Looking at our youth population, which is mainly digital native and our strategic location in Africa, we are trying to understand how we can get at least around $ 6-10 billion from this by the year 2030, and this is doable looking at our huge strategic sector of financial services and payments.
“Nigeria is already one of the hottest places when it comes to exploiting this. We are working on a strategy that will help Nigeria capture value from land administration financial services, education and healthcare because Blockchain will play a key role in breaking and tracing products and services, “he said.
He noted that a recent PwC publication showed that blockchain will contribute $ 1.76 trillion to global gross domestic product (GDP) over the next 10 years. “Therefore, we want Nigeria to be strategically positioned to capture value for this Blockchain economic potential and that is why we are doing what we do today, to bring all stakeholders together in one room, brainstorm and strategize, Nigeria’s advantage. from technology. “
In terms of mitigating the risks associated with Blockchain adoption, he said: “What we are looking for is to identify a set of choices, the strategy is about your choices, do’s and don’ts. At the end of the strategy, we will identify the key risks and the mitigation factor, how we can mitigate those risks so we can know our do’s and don’ts and how we can acquire the values from the Blockchain. “
Also speaking, a representative of the Central Bank of Nigeria (CBN), Fadele Adeolu, has promised the commitment of the top bank for the initiative.
“CBN is fully committed to the initiative that will guide the development of the economy. I pray that access to the program gives desirable results. “
A Blockchain expert, Abdulsalam Umar, in his presentation titled “An Overview of the National Blockchain Adoption Strategy”, said that Blockchain will reduce costs and improve security in the country, thanks to its favorable environment. “
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