FEC approves National Blockchain Policy

By Ukpono Ukpong

The Federal Executive Council (FEC) yesterday approved the National Blockchain Policy in Nigeria.

Addressing the State House Correspondents, after the Federal Executive Council (FEC), meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja, the Minister of Communications and Digital Economy, Isa Pantami said that Nigeria has officially joined the very few countries that have legalised and approved blockchain.

Pantami said that with the approval of the national blockchain policy for Nigeria, blockchain technology with all its components and types has been institutionalised in the country.

He said that part of the approval of the Federal Executive Council is directing regulatory bodies to liaise with the National Information Technology Development Agency to ensure that they come up with regulatory instruments in all sectors of the economy and security.

“Today, the Federal Executive Council (FEC) has approved the National Blockchain Policy for Nigeria. As we all know, the federal government of Nigeria has earlier approved the National Digital Economy Policy and Strategy for a digital Nigeria. It was unveiled and launched by His Excellency President Muhammadu Buhari on November 28, 2019.

“In the National Digital Economy Policy and Strategy for a Digital Nigeria, we have eight pillars. Pillar number seven is digital society and emerging technologies. In order to simplify the implementation of that pillar, the federal government of Nigeria has earlier approved the national policy on artificial intelligence and robotics that led to the establishment of the National Centre for artificial intelligence and robotics here in Abuja.

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“In order to consolidate the implementation of the emerging technology pillar, the federal government of Nigeria today approves the national blockchain policy for Nigeria. This policy developed through consultation with our stakeholders, where 56 institutions and personalities were involved in the process of conceptualising, developing, and reviewing the policy.

“With the approval of the national blockchain policy for Nigeria, we can safely say that blockchain technology with all its components and types have been institutionalised in the country. And part of the approval of the Federal Executive Council is directing regulatory bodies to liaise with the National Information Technology Development Agency to ensure that they come up with regulatory instruments in all sectors of our economy and security.

“Blockchain technology is relevant to so many sectors in banking, in security, in education, and in commerce, among many others. So regulatory bodies like the Central Bank of Nigeria, Nigerian Communications Commission’s Security and Exchange Commission, national universities Commission have been directed with the approval to come up with the regulatory instruments within their sector for the implementation of the national blockchain policy for Nigeria.

“In addition, the approval today involves the establishment of a national steering Council. That Council will bring together relevant institutions of government to work together, and this effort is going to be coordinated by NITDA, which happens to be the regulatory body of information technology. There are so many opportunities in blockchain technology.

“Research conducted by Price Waterhouse Coopers PwC predicted that by 2030, blockchain technology could be able to add $1.76 trillion to the global GDP. African countries were left out of the equation in the first, second, and third industrial revolution.

“It is only in the fourth industrial revolution that we are not far away from the developed countries. It becomes necessary for us to be proactive. With this approval.

“We join the very few countries that have legalised and approved blockchain in the accounts like the United Kingdom, Denmark, Switzerland, Estonia, Georgia, Singapore, and United Arab Emirates. These are the few countries. They are not many.

“So now we have joined them and we are being proactive to ensure that with the policy, we will increase our talent development, also discover our young innovators, give them all the necessary support they need, as provided by Nigeria startup act 2022 and also ensure the adoption of the technology, particularly as we know blockchain technology ensures information integrity or data integrity.

“It is also applicable even for the Independent Electoral Commission, where you need to preserve the integrity of data and by the adoption of blockchain technology. In the process, we will reach a situation where content or information or data at their disposal can not be altered. So, with this approval, the blockchain and all its components and types had been approved in Nigeria, and regulatory bodies are to immediately develop the regulatory instruments within the sector for effective implementation and adoption.” Pantami said.