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FG inaugurates implementation c’ttee on Blockchain, target $4bn yearly

A committee to implement the National Blockchain Policy approved by the Federal Executive Council (FEC) two weeks ago, was on Wednesday inaugurated in Abuja, even…

A committee to implement the National Blockchain Policy approved by the Federal Executive Council (FEC) two weeks ago, was on Wednesday inaugurated in Abuja, even as it said Nigeria will earn $4billion annually from the new technology. 

The Minister of Communications and Digital Economy, Prof. Isa Ali Pantami who inaugurated the committee on behalf of the Federal Government recalled that the journey of Blockchain Technology officially started in Nigeria last year when President Muhammadu Buhari unveiled and launched the National Digital Economy Policy & Strategy (NDEPS) for a Digital Nigeria.

Pantami confirmed that with the development and subsequent approval of the National Blockchain Policy on the 3rd of May, 2023, the tech and all its components and types are no more illegal but now legal in the country.

The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullah, who earlier welcomed guests to the  occasion,  said that the event signalled a remarkable milestone in the journey towards achieving a Digital Nigeria where citizens have access to the latest technology, skills and a conducive environment to innovate in the realm of the Blockchain Technology.

Abdullahi affirmed that the policy represents a significant leap and presents the opportunity to create an enabling environment through investments in talents, access to the technology and domestication.

The DG said “this will give our citizens the opportunity to create and capture value from the enormous benefits of the tech”.

Inuwa who quoted PWC that by 2030, the Blockchain Technology will add $1.76Trillion to the global GDP maintained that the plan is to ensure that Nigeria positions itself properly to benefit therefrom.

“If the policy is implemented, Nigeria can gain up to $4BN”, Inuwa said. 

 

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