Nigeria changes its blockchain policy committee – Newsbit

Nigeria’s National Information Technology Development Agency (NITDA) has restructured the National Blockchain Policy Steering Committee (NBP-SC) to review policies for the implementation of the National Blockchain Policy.

This was announced by Kashifu Inuwa, Director General of NITDA, through Oladejo Olawunmi, Director, IT Infrastructure Solutions at NITDA, during a three-day co-creation workshop in Abuja.

Expanding the reach of blockchain innovations

Inuwa stated that the review is part of efforts to keep up with blockchain innovations and expand its reach by involving more stakeholders. This should lead to comprehensive acceptance and successful implementation of the blockchain policy. The review focuses on integrating new emerging technologies and economic realities, with applications in sectors such as land registration, healthcare and education.

“Currently, we are still in the development phase of using blockchain in Nigeria,” Inuwa said. “Many people think blockchain is just about crypto, but it has a wide range of applications, such as supply chain management, which can help ensure the right products get to consumers.”

According to Inuwa, by providing secure and transparent payment options, blockchain can help businesses save costs, improve cash flow and provide consumers with faster and more convenient transactions. This contributes to increased economic activity and growth even as Nigerians gradually embrace technology on a daily basis.

Expertise is crucial for drawing up a robust implementation plan

Established on May 3, 2023, the committee includes members from government agencies, institutions, the private sector, academia and the blockchain industry. Although the Director General did not reveal the specific reason for the reform a year later, he emphasized that the commission’s strategic reconstruction will bring together experienced professionals and leading minds in the blockchain space. Their expertise will be crucial in drawing up a robust implementation plan for the National Blockchain Policy.

“We realized there was a need for more members on the committee to ensure we have a full membership from the public and private sectors to avoid previous problems,” Inuwa said.

Stakeholders in the blockchain and fintech ecosystem have previously called on the Federal Government of Nigeria to implement regulations that promote the widespread integration of approved blockchain policies in the country. A 2023 global survey found that Nigeria has the most cryptocurrency-conscious population in the world.