During the Federal Executive Council meeting presided over by President Muhammadu Buhari at the State House, Abuja, the Minister of Communications and Digital Economy, Prof Isa Pantami, announced a new policy to institutionalize blockchain technology in Nigeria’s economy and security sectors.
The policy was developed after extensive consultations with 56 institutions and personalities, reflecting a commitment to harnessing the benefits of blockchain technology.
This latest development underscores the growing recognition of the potential opportunities that blockchain technology offers, with studies predicting that it could add $1.76tn to the global GDP by 2030.
The approval of this policy is a step in the right direction towards ensuring Nigeria remains competitive in the global technology landscape and fosters innovation in the country.
Meanwhile, Minister of Aviation, Hadi Sirika responded to the Senate’s request to stop the planned demolition of aviation agencies’ headquarters offices in Lagos. He expressed the need to move forward with the planned demolition to develop the airport into a world-class aviation hub.
He stated that a few individuals cannot deny 250 million Nigerians the joy of having a world-class airport like Dubai, which is an example to emulate. The plan includes building offices, hotels, shopping malls, and other amenities to make the airport more attractive to international travelers.
As the new policy on blockchain technology is still in its early stages of implementation, the council approved the establishment of a national steering council to be coordinated by NITDA.
This council will provide the necessary guidance and oversight to ensure the successful implementation of the policy and the integration of blockchain technology into the country’s economy and security sectors.
The establishment of this council demonstrates the government’s commitment to ensuring that this new policy achieves its desired goals and that Nigeria remains at the forefront of technological innovation in Africa.