Nigeria Revamps Blockchain Policy Committee, Adds New Experts

The National Information Technology Development Agency (NITDA) of Nigeria has reorganized its National Blockchain Policy Steering Committee (NBPSC) to enhance the oversight and direction of the nation’s National Blockchain Policy.

Kashifu Inuwa, the director-general of NITDA, shared the update through Oladejo Olawunmi, the director of IT infrastructure solutions at NITDA, during a three-day co-creation workshop held in Abuja on Tuesday, May 21. The workshop was focused on the implementation of the National Blockchain Policy.

Inuwa highlighted that the restructuring is part of an ongoing effort to keep pace with blockchain innovations and to extend the policy’s scope by bringing in additional stakeholders. This aims to ensure widespread adoption and effective execution of the policy.

He emphasized the potential of blockchain technology beyond cryptocurrency, noting its applicability in diverse sectors such as land registration, healthcare, and education:

“Many people are still not familiar with the full potential of blockchain as they associate it primarily with cryptocurrency. However, its applications are broad and can revolutionize various industries like supply chain management, ensuring the delivery of authentic products to consumers.”
Inuwa further mentioned that blockchain technology can help businesses enhance transparency, reduce costs, improve cash flow, and provide quicker, more convenient transactions for consumers, thereby boosting economic activity and growth as technology adoption increases across Nigeria.

Originally established on May 3, 2023, the committee includes representatives from government bodies, private sector entities, academic institutions, and the blockchain industry. Although Inuwa did not specify the reasons behind the committee’s restructuring, he expressed that the refreshed lineup of experienced professionals and prominent blockchain figures will be crucial for developing a comprehensive and effective implementation strategy for the National Blockchain Policy:

“There was a recognized need to bring more members into the committee to ensure comprehensive representation from both the public and private sectors, addressing any past issues.”
Stakeholders in Nigeria’s blockchain and fintech sectors have been advocating for the federal government to establish regulatory frameworks to support the integration of the approved blockchain policy nationwide.

According to a 2023 global survey, Nigeria has the highest level of cryptocurrency awareness among its population.