*** Okays National Blockchain Policy
By Harry Awurumibe, Editor Abuja Bureau
The Feferal Government has approved National Blockchain Policy (NBP) in line with the global technological standards for the growth of the economy just as it also approved the sum of N 9.74 billion for the rehabilitation of portable water facilities for Apapa and Tin Can Inland ports in Lagos state.
Minister of Communications and Digital Economy, Dr. Ali Ibrahim Pantami announced the approval while briefing State House Correspondents after the weekly Federal Executive Council (FEC) preisded over by President Muhammadu Buhari who left the meeting haftway
before he departed for London for the coronation of King Charles lll as Vice President Yemi Osinbajo concluded the meeting at the Presidential Villa, Abuja.
Prompt News reports that Blockchain technology is relevant to so many sectors in banking, security, education, commerce, among many others.
According to Pantami, “with the approval of the National Blockchain Policy for Nigeria today, we can safely say that blockchain technology with all its components and types have been institutionalized in the country”.
The Minister explained that regulatory bodies like the Central Bank of Nigeria, Nigerian Communications Commissions, Securities and Exchange Commission, National Universities Commission have been directed with the approval to come up with the regulatory instruments within their sector for the implementation of the national blockchain policy for the country.
He added that there are so many opportunities in blockchain technology, research conducted by PricewaterhouseCoopers (PWC), predicted that by 2030, blockchain technology could be able to add 1.76 trillion USD to the global GDP.
African countries, he lamented, were left out of the equation in first, second and third industrial revolution. It is only in the fourth industrial revolution that we are not far away from the developed countries, it becomes necessary for us to be proactive. With this approval, we join a very few countries that have legalized and approved blockchain in their countries like United Kingdom, Denmark, Switzerland, in Estonia, Georgia, Singapore, United Arab Emirates.
“These are the few countries there are not many. So now we have joined them and we are being proactive to ensure that with the policy, we will increase our talent development. also discover our young innovators, give them all the necessary support the need, as provided by Nigeria startup act 2022. And also ensuring the adoption of the technology, particularly as we know, blockchain technology ensures about information integrity, or data integrity.
“And it is also applicable even for the Independent Electoral Commission, where you need to preserve the integrity of data, and by the adoption of blockchain technology in the process, we will reach a situation where content or information, or data at their disposal cannot be altered. So with this approval, the blockchain and all its components and types have been approved in Nigeria and regulatory bodies start immediately developing regulatory instruments within their sector for effective implementation and adoption.
“Today, the Federal Executive Council has approved the National Blockchain Policy for Nigeria. As we all know, that the federal government of Nigeria has earlier approved the National Digital Economy policy and strategy for a digital Nigeria which was unveiled and launched by President Muhammadu Buhari on the 28th of November 2019.
“In the National Digital Economy policy and strategy for a digital Nigeria, we have eight pillars. pillar number seven is digital society and emerging technologies in order to simplify the implementation of that pillar; the federal government of Nigeria has earlier approved the national policy on artificial intelligence and robotics that led to the establishment of the National Center for artificial intelligence and robotics here in Abuja.
” In order to consolidate the implementation of the imagined technology pillar, the federal government of Nigeria today approve the national blockchain policy for Nigeria. This policy was involved through consultation with stakeholders where 56 institutions and personalities were involved in the process of conceptualizing developing and reviewing the policy.
“And part of the approval of the Federal Executive Council is directing regulatory bodies to layers with the National Information Technology Development Agency (NITDA) to ensure that they come up with regulatory instruments in all sectors of our economy and security.
” In addition, in the approval, it involves establishment of a national security council. That Council will bring together relevant institutions of government to work together and this effort is going to be coordinated by NITDA, which happens to be the regulatory body of information technology,” the minister said.
Meanwhile, the Minister of Transportation, Mu’azu Jaji Sambo disclosed that the Council approved the sum of N 9.74 billion for the rehabilitation of portable water facilities for Apapa and Tin Can Inland ports in Lagos state.
