The National Information Technology Development Agency has reconstituted the National Blockchain Policy Steering Committee (NBP-SC) to validate developments in the field of Blockchain technology and incorporate new stakeholders for inclusive adoption and implementation
The Director-General of NITDA, Malam Kashifu Inuwa, inaugurated the committee at a three-day co-creation workshop to implement the policy in Abuja, on Tuesday, according to Nairametrics.
Represented by the Director of IT Infrastructure Solutions at NITDA, Mr Oladejo Olawunmi, noted that the Committee was originally set up on May 16, 2023.
According to Inuwa, the Agency has set up a committee to monitor the implementation of the National Blockchain Policy and to ensure its coherence with the overall objectives and objectives of the policy. The members of the Committee were selected from Government Agencies, Institutions, Private Sector, Academia, and Industry with an interest in Blockchain.
Inuwa said that blockchain technology has evolved and is being used in increasingly transformational ways which makes it necessary to take full advantage of its dynamic potential.
He said “Presently, we are at the initial stage of blockchain technology implementation and because of that, many people are not aware of the potential of the technology.
“Blockchain technology is so vast and can used in any industry and that is why the policy was developed to ensure we tap into the full potential of blockchain technology. The continuously evolving nature of blockchain technology and its increasingly transformative applications across diverse sectors necessitate a commensurate evolution in our leadership.
“We realised that there was a need to infuse some more members into the committee to ensure that we have full membership from the public and private sector to prevent anything that occurred in the past.”
He added that a new wave of experienced professionals and leaders in the field of blockchains would be formed by reconstituting the committee. In his view, their diverse expertise will be an important factor in developing a comprehensive implementation plan for national Blockchain policies.
Inuwa cited a report by Price Waterhouse Coopers, an audit firm, titled “Time for Trust: The Trillion-Dollar Reason to Rethink Blockchain,” which projected that blockchain technology could boost the global economy by $1.76 trillion by the year 2030.
He underlines the need for Nigeria to take advantage of opportunities offered by blockchain technology and exploit its potential.
“Together, we can leverage its potential to propel Nigeria’s socio-economic engine and enhance the transparency and efficiency of governance. Blockchain can empower our citizens and businesses with secure and inclusive digital solutions in line with the Renewed Hope Agenda of President Bola Tinubu’s administration,” Inuwa said.
The National Blockchain Policy for Nigeria was approved by the Federal Executive Board at its meeting on May 3, 2023.
This followed the presentation of a memo by the Minister of Communications and Digital Economy, Professor Isa Pantami.
According to the government, this policy aims to create a transformational economy powered by blockchain technology that supports secure transactions, data sharing, and value exchange between individuals, businesses, and governments to increase innovation, trust growth as well as prosperity for all.
