A stakeholder in the blockchain and fintech ecosystem has called on the federal government of Nigeria to implement regulations that encourage widespread integration of the approved blockchain policy in the country. Nigeria’s National Blockchain Policy aims to generate economic growth, job creation and greater financial inclusion.
President of Blockchain Stakeholders Association of Nigeria (SiBAN), Obinna Iwuno, highlighted this recently during an interview at the National Information Technology Development Agency and Blockchain Technology Association Stakeholder Policy Dialogue of Nigeria held in Lagos. Iwuno emphasized the need to establish a forward-looking regulatory framework to accelerate the infusion of blockchain technology into various sectors of the economy.
This move follows the signing of the National Blockchain Policy by former President Muhammadu Buhari. SIBAN President Obinna Iwuno told Cointelegraph that Nigeria is fully equipped to implement blockchain technology. SIBAN is an association of digital asset and blockchain industry players that acts as a self-regulatory body towards a friendlier digital asset landscape in Nigeria.
Iwuno said,
“This is the first time we have a room full of industry stakeholders, regulators and operators. “We are ready for full adoption now, and the government-initiated blockchain policy positions Nigeria as a pioneer in the continent’s digital economy landscape if fully implemented.”
According to the National Blockchain Policy published in May 2023 by the Director General of the National Information Technology Development Agency of NITDA, the potential of blockchain technology is far-reaching. The blockchain policy document states that the technology has the potential to boost economic growth, encourage job creation and address the long-standing issue of financial inclusion.
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According to Iwuno, with technological advancements driving leading countries today, the call to position Nigeria as a formidable contender on the global stage resonates strongly. The path towards the integration of blockchain technology into the Nigerian mainstream is not simply a government initiative but a collaborative initiative driven by the collective determination of stakeholders to position Nigeria as a leader on the global stage.
The SIBAN Chairman also highlighted the collaborative drive between industry and government stakeholders to transform Nigeria into a global blockchain hub.
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