Nigeria FG to approve blockchain policy

Nigeria pride it self as the giant of Africa with majority of its population being youths who are unemployed, with the emergence of blockchain technology a new opportunity for the large unemployed force to leverage the use of blockchain technology presented itself. Unfortunately the Nigerian government had to discourage all financial institutions from transacting blockchain based transactions with it's citizens this further halted blockchain adoption in Nigeria back in 2021.

Image source

Fast forward today

Despite deterrent efforts from federal regulators to discourage youths from interacting with blockchain based transactions the use of P2P services on centralized exchanges help majority of users to still buy and hold cryptocurrencies and perform their daily activities without much hindrance.

The Federal Government of Nigeria, on Wednesday, approved the National Blockchain Policy.
Source

On 3rd of May 2023 the Nigerian government held a Senate conference meeting in its federal capital territory (Abuja) where it disclosed it's new step towards adopting blockchain technology and harnessing its potential on improving security in financial sectors, healthcare systems and transportation services.

The minister of communications and digital economy reveal that blockchain technology can boost Nigerian economy with $1.76 trillion by the end of 2030, this is actually a bold step towards achieving an advanced technological development in Nigeria we hope this policies will be fully put into use with immediate effect.

Although there are no formal plans for buying or holding any blockchain based currencies federal government only aims are to use blockchain technology to improve security and transparency in its operational organisation, not a bad step for Nigerian to start looking at alternative means it will take good advantage of technological innovation so it can tag along with the moving technologies.