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The National Information Technology Development Agency (NITDA) says Nigeria expects to generate over $ 6 billion through blockchain technology by 2030.
NITDA Director General Mr. Kashifu Inuwa said this on Thursday during a stakeholder engagement to review the National Blockchain Adoption Strategy Framework in Abuja.
Inuwa said blockchain is among the emerging technologies that have contributed to the growth of economies globally, stating that Nigeria will not be excluded.
“We see the need for us to position our country well so that we can gain value from the blockchain.
“There is a recent publication from PricewaterhouseCoopers (PwC), an international institution that indicated that blockchain will contribute $ 1.76 trillion to global gross domestic development by 2030 over the next 10 years.
“We want Nigeria to be strategically positioned to capture value from this blockchain economic potential.
“Based on the PwC analysis, China will achieve the highest equity potential from blockchain technology, as China is expected to capture over $ 460 billion by 2030.
“In Nigeria, looking at our youth population, which is mainly digital native and with our location in Africa, we are trying to figure out how to get at least $ 6 billion to $ 10 billion by 2030,” he said.
Inuwa said the goal was achievable because Nigeria’s financial and payment services were huge, while the country had been singled out as a hotspot for FinTech in Africa.
He added that blockchain technology could be achieved through provincial services, payment services, digital identity, customer engagement, contract and dispute resolution applications, among other strategies.
The general manager said it is important for Nigeria to discover their skills and adopt the application which could generate income.
He also said that blockchain technology has interfaced with the eight pillars of the national strategy and policy for the digital economy towards building a digital economy.
Inuwa called on stakeholders to come up with flexible and implementable strategies for immediate execution that the government can leverage for job creation.
“We are trying to come up with a strategy to help the country derive value from financial services, land management, education and health.
“Blockchain will play a key role in creating and tracing products and services,” he said.
Inuwa said that the COVID-19 pandemic has forced people and nations to devise safe ways to conduct business transactions and that blockchain technology has provided that opportunity.
Dr Usman Gambo, Director, IT Infrastructure Solutions, said in his speech that the adoption of blockchain technology is in line with the policy of creating a digital economy for the benefit of citizens.
Gambo said the blockchain mechanism was complex, but the benefit outweighs the challenges.
He said the technology, if adopted, must be regulated to avoid abuse by the Ponzi scheme and other harmful financial technology platforms.
The director said contributions from stakeholders would give the country guidance on how to adopt the technology.
Mr. Abdulsalam Umar, a Blockchain expert, while reviewing the strategy paper, said the benefits of the technology included reduced budget costs, ensuring security and globalization.
Umar added that technology could help create jobs and new business models as well as ensure transparency in governance.
He said its adoption would require a legal framework to avoid potential risks and ensure the country operates a common global standard.
The expert added that the technology has been beneficial because it could make huge contributions to the country’s internally generated revenue.
Messages of goodwill were delivered at the event by, among others, representatives of the Central Bank of Nigeria, the Commission for Security and Exchange and Nigerian Interbank Systems.
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