The Nigerian Federal Government has given the green light to a new National Blockchain Policy, aimed at institutionalising the use of blockchain technology in Nigeria's economy and security sectors.
The Minister of Communications and Digital Economy, Prof Isa Pantami, made the announcement during a recent Federal Executive Council meeting held at the State House in Abuja.
The policy was the result of consultations with 56 institutions and personalities and is expected to boost Nigeria's economic and security sectors.
According to Pantami, the Security Council has directed regulatory bodies to collaborate with the National Information Technology Development Agency (NITDA) to develop regulatory instruments for all sectors.
Studies have predicted that blockchain technology could add $1.76 trillion to the global GDP by 2030, and with the approval of the national blockchain policy for Nigeria, blockchain technology with all its components and types have been institutionalised in the country.
The establishment of a national steering council, to be coordinated by NITDA, is also included in the approval.