The director-general of Nigeria’s National Information Technology Development Agency, or NITDA, said the country could potentially expect a revenue stream of between $ 6 and $ 10 billion from blockchain technology over the next decade.
According to a November 5 announcement from NITDA, Chief Executive Kashifu Inuwa spoke at a stakeholder meeting in the Nigerian capital of Abuja to review the agency’s National Blockchain Adoption Strategy Framework. A draft of the strategy was first released in October and said that blockchain and decentralized ledger (DLT) technology “would facilitate the development of the Nigerian digital economy.”
“We want Nigeria to be strategically positioned to capture value from this blockchain economic potential,” Inuwa said. “Looking at our youth population, which is mainly digital native and with our location in Africa, we are trying to understand how we can get at least $ 6 to $ 10 billion by 2030.”
“Blockchain will play a key role in terms of creation, traceability of products and services”.
Inuwa cited an October study by PricewaterhouseCoopers that found that blockchain technology, across its wide range of use cases, could potentially add $ 1.76 trillion to global gross domestic product over the next 10 years, becoming the 1st. , 4% of global GDP in 2030. He said Nigeria could incorporate technology through its provincial services, payment services, digital identity, customer engagement, and contract and dispute resolution applications. .
“We see the need for us to position our country well so that we can acquire value from the blockchain.”
Nigeria has been one of the countries at the forefront of cryptocurrency and blockchain adoption in Africa. A May report from Arcane Research determined that the country had the second highest percentage of ownership or use of cryptocurrency among internet users in Africa, with 11%. In September, the nation’s Securities and Exchange Commission officially defined digital assets under its own regulatory umbrella.
Recently, the country has been in the spotlight as cryptocurrency donations have been used by a group of Nigerian feminists to help fund protests against the Police Anti-Robbery Task Force, or SARS. Thousands of Nigerians have taken to the streets since the beginning of October to protest the police brutality in the country, demanding the dissolution of SARS.