Stakeholders Commend Federal Govt’s Adoption Of National Blockchain Policy

The Executive Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), Rume Ophi, has applauded the Federal Government of Nigeria for its recent adoption of the nationwide blockchain policy.

This groundbreaking policy, announced by Communications and Digital Economy Minister, Isa Pantami on May 3, 2023, aimed to institutionalise blockchain technology within Nigeria’s economic and security sectors

According to the Minister, the National Blockchain Policy is a culmination of extensive consultations with 56 prominent institutions and figures, demonstrating the government’s commitment to inclusivity and collaboration.

Reacting, SiBAN boss commended the consultative approach, recognising the importance of engaging stakeholders from various sectors to drive the successful integration of blockchain technology.

“This is a historic moment for Nigeria,” asserted Ophi, who is also a renowned crypto analyst and thought leader.

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“The government’s decision to embrace blockchain technology paves the way for tremendous opportunities and economic growth. It showcases Nigeria’s commitment to innovation and positions our nation at the forefront of the global blockchain revolution,” Ophi further stated.

He added that the approval of the National Blockchain Policy serves as a significant turning point for the country, as it recognizes the immense potential of blockchain technology to drive economic development and enhance national security.

Ophi believed that this policy will enable Nigeria to regain its position as a leading hub for blockchain innovation, despite previous attempts to restrict the growth of this sector with the previous restriction placed on it by the Federal Government.

He called upon the government to leverage this policy as a catalyst for collaboration. He urges relevant agencies of the government to proactively engage with stakeholders in the blockchain ecosystem to foster partnerships and collectively drive Nigeria’s blockchain industry forward.

“It is imperative that the government actively seeks collaborations with all stakeholders, including blockchain enthusiasts, developers, entrepreneurs, and investors.

“By working together, we can create an ecosystem that nurtures innovation, facilitates job creation, and propels Nigeria towards becoming a global leader in blockchain technology,”,emphasised Rume Ophi.

Furthermore, Ophi encouraged the relevant agencies of the government, particularly the National Information Technology Development Agency (NITDA), to initiate the registration process for blockchain-based companies.

According to him, this proactive measure will ensure transparency, accountability, and regulatory compliance within the industry while providing a conducive environment for businesses to thrive.

The establishment of a National Steering Council, coordinated by NITDA, is an important component of the approved policy. Rume Ophi commends this step, recognising the need for a centralized body that can drive the implementation of the policy, facilitate strategic decision-making, and foster coordination among various stakeholders.

As Nigeria has already demonstrated its commitment to blockchain technology through the successful implementation of the Hyperledger Fabric blockchain by the Central Bank of Nigeria for the e-Naira digital currency, Rume Ophi believes that the nation is well-positioned to harness the transformative power of blockchain in other sectors.

Ophi added, “With the adoption of the National Blockchain Policy, Nigeria has laid a strong foundation for the future of blockchain technology. Let us seize this opportunity to create an environment that encourages innovation, attracts investments, and propels Nigeria to the forefront of the global blockchain revolution.”