The Nigerian Federal government has approved the country’s “national blockchain policy.” This policy is a result of extensive consultations with 56 Nigerian institutions and public figures. The country’s minister of communications and digital economy, Isa Pantami, announced the new policy, stating that it institutionalizes blockchain technology in Nigeria. The minister added that the National Information Technology Development Agency (NITDA) and the country’s security council will formulate regulatory instruments for all sectors.
Policy Shift Towards Cryptocurrency
Some industry players in Nigeria speculate that the new policy signals a shift in the government’s stance on cryptocurrency technology. The new policy gives hope to Nigerian cryptocurrency traders and enthusiasts who are still grappling with the effects of the Central Bank of Nigeria’s (CBN) cryptocurrency directive. The founder of the technology service delivery company Sabi Group, Lucky Uwakwe, believes that this policy means that the various players in the blockchain industry now have the official backing of the government. However, Uwakwe added that players in the crypto space fear that the new policy alone will not force the CBN to reverse its position on privately issued digital currency. This is because the central bank operates independently and is empowered by the law to act independently. Uwakwe believes that the only way the CBN’s crypto directive can be removed is when the central bank itself deletes the Feb. 5, 2021 directive. Despite this, the new policy suggests that blockchain technology is here to stay in Nigeria.