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 Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

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

Quick Converter

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

Recent Posts

Olubunmi Tunji-Ojo
FG Hails Success of E-Visa System, Processes Over 14,000 Applications in Six Weeks
News
Google Releases June 2025 Core Update
Tech
NELFUND
NELFund Warns Students Against Fake Loan Portal, Urges Caution Over Fraudulent Links
Education
Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations
International
Ali Bukar Dalori
Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation
Politics
- Advertisement -
Ad imageAd image

You May Also Like

MI Abaga
Celebrities

MI Abaga Expresses Regret Over Past Support for APC

Damilola A.
Damilola A.
June 30, 2025
Senator Natasha Akpoti-Uduaghan
NewsTop stories

JUST IN: Court Grants Senator Natasha Akpoti-Uduaghan Bail on Self-Recognition

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

Anambra State Orders Investigation After Viral Video Shows Possible Anti-Touting Squad Excesses

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 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?