The government of Nigeria has been quite vocal about its support for cryptocurrencies and blockchain technology in the past, with the country even actively considering implementing its very own CBDC in the near future. Now, blockchain adoption is set to increase in the nation, following the government deciding to integrate the technology with its respective efforts for increased digital innovation. The country hopes it can emerge as one of the top technology-based focal points in all of Africa and potentially the entire world before long.
To that end, Isa Pantami, the person in charge of the country’s Communications & Digital Economy sector, views blockchain as being an integral aspect of the nation’s focus regarding new emerging technologies.
In line with the yearly Digital Africa Conference’s overall theme, Pantami claimed that Nigeria’s government is laser-focused in its approach towards creating various innovation centers. These centers shall explore the potential of various capacity-building protocols in conjunction with artificial intelligence, cloud computing, robotics, the Internet of things, and of course, blockchain technology.
Furthermore, Pantami had also stated that these efforts are all part of a much greater plan to promote a new, innovation-based mindset and culture within the country. He added that in line with the goals of the strategy pertaining to blockchain adoption at a national level, the government is fully prepared to exploit the advantages and vast benefits that blockchain technology can bring. Additionally, Nigeria is not the only country in Africa to adopt blockchain either, as, on the East side of things, Ethiopia has been working alongside Cardano to improve educational attainment.
$10 billion in total revenue could be generated via blockchain by 2030
Kashifu Inuwa, the NITDA director-general, had also spoken at the abovementioned conference, stating that the country has the potential to become a key driver of growth for both blockchain and artificial intelligence in Africa. During November of last year, Inuwa had claimed that Nigeria could potentially earn revenues amounting to $10 billion through blockchain-based innovation by 2030.
In related news, Pantami had also been put in charge of a new initiative that makes it compulsory for national ID data to be linked to phone numbers, a decision that has since garnered plenty of controversy in the nation. The minister’s speech at the conference had failed to mention any kind of blockchain adoption for the purposes of storing national identification records.