The Federal Executive Council has approved the National Policy on Blockchain, which is a significant development for Nigeria’s blockchain industry.
This action formally authorizes the use of blockchain technology in Nigeria and paves the way for relevant agencies to develop appropriate usage and regulatory frameworks.
News of the approval was revealed in a tweet by presidential aide, Tolu Ogunlesi on Wednesday, May 3, 2023.
His tweet reads, “The Federal Executive Council today approved @FMoCDENigeria’s National Policy on Blockchain. What this means is that @NigeriaGov has now formally approved blockchain use in Nigeria. Relevant agencies are now expected to develop appropriate usage & regulatory frameworks.”
“A Steering Committee has also been established, to be led by @NITDANigeria, & including all relevant @NigeriaGov agencies. The Committee will oversee the implementation of the new National Policy on Blockchain.
“HM @ProfIsaPantami says this is @FMoCDENigeria’s 23rd National Policy.”
A Steering Committee has been formed to oversee the implementation of the National Policy on Blockchain. It will be led by the National Information Technology Development Agency (NITDA) and will include all relevant government agencies.
This committee will be in charge of developing regulatory frameworks and ensuring the appropriate use of blockchain technology in the country.
The National Policy on Blockchain is the 23rd National Policy approved by the Federal Ministry of Communications and Digital Economy, demonstrating the government’s commitment to leveraging technology to drive development and economic growth in Nigeria.