Nigeria's NITDA Restructures Blockchain Policy Committee, Expands Tech Integration Scope
Summary:
Nigeria's National Information Technology Development Agency has reshaped the National Blockchain Policy Steering Committee to reevaluate the principles guiding the National Blockchain Policy's implementation. The revision aims to incorporate emerging tech trends and extend its scope to sectors like land registration, healthcare, and education. The strategic reformation expects to usher in professionals from the blockchain space, aiming to foster wider integration of the approved blockchain policy across Nigeria.
The National Information Technology Development Agency (NITDA) of Nigeria has reconfigured the National Blockchain Policy Steering Committee (NBP-SC) with the intent to re-evaluate the strategies that govern the application of the National Blockchain Policy. Kashifu Inuwa, NITDA's Director-General, made this announcement at a co-creation workshop in Abuja on Tuesday, May 21, with the information being conveyed by Oladejo Olawunmi, NITDA’s Director of IT Infrastructure Solutions. The focus of this workshop was on putting the National Blockchain Policy into action.
Inuwa emphasized that revising the plan signifies the agency's continuous commitment to understanding blockchain advancements and broadening its influence by bringing in more stakeholders, which will bolster widespread adoption and efficient deployment. The executive stated that incorporating emerging technologies and adapting to economic shifts is a part of the review process, as this will extend its scope into areas such as land registration, healthcare, and education.
Inuwa explained, "At this time, the utilization of blockchain is in its infancy in Nigeria and due to this, many individuals have limited knowledge of its potential benefits. They generally associate it only with cryptocurrency, but its applications are more extensive. Blockchain can be employed in various sectors, like supply chain management, to ensure consumers receive the correct products."
Businesses who leverage safe and transparent payment options can reduce expenses, enhance their cash flow, and offer quicker and more convenient transactions to customers. This contributes to heightened economic activity and growth as technology usage steadily rises among Nigerians.
Established initially on May 3, 2023, the committee includes representatives from government entities, institutions, the private sector, academia, and the blockchain industry. The Director-General, however, has not disclosed the reason for its reshaping after one year.
Discussing the strategic restructuring of the committee, Inuwa expressed that it would usher in a new fleet of seasoned professionals and thought leaders from the blockchain arena. Their diverse skills will prove crucial in formulating a solid implementation strategy for the National Blockchain Policy. He said, "Seeing a need for additional members in the committee, we decided to bring in more representatives from both public and private sectors to prevent any issues we faced previously."
Prior to this, members of the blockchain and fintech community had urged the Nigerian federal government to establish regulations promoting the broad-scale integration of the approved blockchain policy across the nation. A global survey conducted in 2023 revealed that Nigeria has the most cryptocurrency-aware population globally.
Published At
5/22/2024 2:19:41 PM
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