Nigeria working towards the adoption of blockchain

The Nigeria National Information Technology Development Agency said the financial services sector in Nigeria has the capacity to attract about 10 billion USD to the nation’s economy through adequate deployment of Blockchain technology.

The NITDA Director-General Kashifu Inuwa said:

“it was based on this that the agency resolved to work out measures that would enable the country to get between 6 billion to 10 billion US Dollars from blockchain technology.”

Speaking on the sidelines of a Stakeholder Engagement for reviewing the National Blockchain adoption strategy, Inuwa “said Nigeria was strategically positioned in Africa to benefit from blockchain technology. In contrast, considering Nigeria’s youthful population and our strategic position in Africa, we are looking at how Nigeria generates at least $6billion to 10 billion dollars in Blockchain technology by 2030.

The director is very optimistic about reaching the target, saying that looking at the Nigerian payment and financial services sector is enormous. It is strategically placed to capture this value. However, this report is a welcome development to the Nigerian people and the government to finally realize the potentials of Blockchain technology in solving the growing corruption cases that marred Nigeria’s growth, particularly in several African countries. It is more important that other African countries adopt blockchain technology into its financial sector to curb corruption, financial terrorism, and a host of its economic sector.

In contrast, Blockchain is a system of recording information that makes it difficult or imposes to change, hack, or cheat. So we can agree that Blockchain is a digital ledger of duplicated transactions and distributed across the entire network of computer systems. In other words, Blockchain is a type of decentralized and distributed ledger for maintaining a permanent and immutable record of transactional data in chronological order. Blockchain stores transactional data in a continuously growing list of documents called blocks. Blockchain uses cryptography to link and secure these blocks.

For example, in the real-world Blockchain, a digital ledger in which transactions made in Bitcoins or order cryptocurrency are recorded or stored chronologically publicly, and transparent no third party needed unlike the regular traditional banking, the banks are the third party that process every transaction and could take days to process transactions internationally. Blockchain technology, no parties needed, or in control of your transactions. It is built on security, convenience, and instant.

Definitely, it is intriguing, and a development that will go a long way in solving the Nigeria financial sector as mentioned earlier, that the Nigeria financial services sector has set out plans to adopt Blockchain technology in its industry as a means of generating more revenue and setting a target to meets come 2030, while we expected in the coming years that other countries in Africa follow suit to adopt the Blockchain technology in critical sectors of its economy.

The other area Africa needs to harness Blockchain technology is developing a Pan-African Blockchain regulation strategy. If, in that case, it is achieved, it will solve economic and business challenges. Simultaneously, it removes payment bottlenecks in Africa, especially for pan-African companies in the continent, attracts investors to the ever-growing African market. Blockchain technology needs Africa. It is what Africa needs to solve its increasing corruption, economic crisis, and terrorism financing.

About Post Author

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.