By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Blockchain adoption can increase Nigeria’s GDP if… – NITDA DG
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Tech

Blockchain adoption can increase Nigeria’s GDP if… – NITDA DG

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: October 27, 2022
Share
4 Min Read
SHARE

Developing nations like Nigeria stands a chance to benefit from the 1.76 trillion USD market if they can position themselves to adopt and leverage on the Blockchain technologies.

The director general, National Information Technology Development Agency (NITDA), Kashifu Inuwa made this disclosure Wednesday in Abuja at the day two of Digital Nigeria International Conference Exhibitions and Awards.

The NITDA boss said “Developing countries like Nigeria, if we position ourselves, we can increase our GDP by at least 0.5 percent, which is almost 25 billion US dollars. So today we are here to explore how we can position ourselves. The government has been doing it. It is on site. We have developed the blockchain adoption strategies.

He revealed that the Blockchain adoption strategies has four initiatives which are; firstly, to establish consortia that will build the ecosystem. “And today we are here to build that ecosystem and community. And secondly, to strengthen the regulatory instruments and have legal framework. Last week, the president signed the Nigerian startup Bill into law, now Nigeria Startup Act 2022, which is going to provide legal instruments for all emerging technologies, including blockchain.”

- Advertisement -

Inuwa noted that the third initiative is to incentivise the ecosystem which would encourage the building of use cases using blockchain adding that the Start Up Act would to achieve that as well. He added that the fourth is to build sandbox. “We are going to work with you to develop sandbox for proof of concept and proof of value around blockchains. So, all this government is doing to make Nigeria attractive to blockchain investment.

While calling on Nigerians to leverage on the platform provided to come and innovate because there are so many challenges and real-life problems that need urgent solutions the, the Director General believes “that with blockchain, Nigeria can solve a lot of challenges confronting them. We have identified four key areas which we think blockchain can help Nigeria solve a lot of problems.

He listed the benefit of Blockchain to include; tracking and tracing. We can use it to solve our supply chain challenges. We can use it to track records like land titles. We can use it to track certificate, vaccine, and so many things, anything you can think of that needs that trust.

He said the technology can also address payment system challenges and financial inclusion, adding that it can also be used to strengthen our identity management. “Not only personal identity, but even thing’s identity. We are talking about Internet of Things. That means everything connected to internet needs to be identified. With Blockchain, you can achieve that when you use blockchain and IoT; You can use it to manage even government spending. In budgeting process, you can use it to attach every single budget to what it is budgeted for so that you can trace and make sure there is traceability for every spending to government.”

- Advertisement -

The session witnessed panel discussions on “Prioritising Blockchain Technology;” Implication for Digital Asset Innovation, “Impact of Blockchain on a Digital Economy; The Myth, The Truth and the Opportunities” One World Connected with Blockchain,” while the highlights of the summit were the inauguration of Blockchain Campus Ambassadors and evolution of Blockchain Technology in Nigeria in the form of a story.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:BlockchainNITDA
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Technology as key tool for boosting the transport sector – Commissioner’s forum
Next Article Ẹnitan Kẹhinde BHM’s Ẹnitan Kẹhinde becomes first African to win PRovoke’s Young Changemakers Award

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities
News
Mike Ejeagha
Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95
News
Tinubu Welcomes Gov Eno to APC as Political Realignments Intensify Across States
Politics Top stories
Super Eagles Rally to Draw Against Russia in International Friendly
Sport
Manchester United Raises Annual Core Profit Forecast to Between £180m and £190m After Europa League Boost
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Ange Postecoglou
Sport

Tottenham Hotspur Part Ways with Ange Postecoglou Despite Europa League Glory

Yusuf Abubakar
Yusuf Abubakar
June 6, 2025
News

Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Tech

Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users

Farouk Mohammed
Farouk Mohammed
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?