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Nigeria to generate $6billion through Blockchain by 2030 – NITDA

The National Information Technology Development Agency (NITDA) stated that Federal Government plans to earn $6billion from Blockchain Technology by 2030.

This was disclosed by the NITDA Chief, Mr Kashifu Inuwa, on Friday in a meeting with stakeholders reviewing Nigeria’s Blockchain Adoption Strategy Framework

What you should know

The Nigerian Government has increasingly seen the benefits of crypto adoption in its financial tech marketplace as it was reported in September that The Securities and Exchange Commission (SEC), proposed a new set of rules that will regulate Crypto-token or Crypto-coin investments when the character of the investments qualifies as securities transactions.

“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general. This recent publication will act as a catalyst for mass adoption. It will also create the much-needed institutional investor confidence for the Nigeria Capital Market” The SEC said in September.

The NITDA DG said Nigeria’s youth population is adopting new technologies and Nigeria wants to benefit from the adoption.

“In Nigeria, looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030,” he said.

He added that Nigeria can hit the milestone because of Nigeria’s vast IT backend and also Nigeria’s growing fintech space.

NITDA said blockchain technology adoption would be achieved through measures including provincial services, payment services, digital identity, customer engagement, contract and many others, and called on stakeholders in the crypto space to work out adoption strategies that can be executed by the FG.

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