At its seating yesterday, the Nigerian Federal Executive Council (FEC) approved a national blockchain policy.
Minister of Communications and Digital Economy, Isa Pantami, made the disclosure while briefing the media after the Council’s meeting, presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Pantami explained, “The Federal Government of Nigeria, today, approves the national blockchain policy for Nigeria. This policy was obtained through consultation with our stakeholders, where 56 institutions and personalities were involved in conceptualizing, developing, and reviewing the policy.”
“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types has been institutionalized in the country,” the Minister further stated.
He also noted that the Security Council has directed regulatory bodies to liaise with the National Information Technology Development Agency, to come up with regulatory instruments in all sectors.
The approval, according to the minister, underlines the potential opportunities of blockchain technology, even as studies predict that blockchain would add $1.76 trillion to the global GDP by 2030.