A stakeholder in the blockchain and fintech ecosystem has called on the Federal Government of Nigeria to implement regulations that will promote the widespread integration of approved blockchain policies in the country. The Nigerian National Blockchain Policy is aimed at achieving economic growth, job creation and greater financial inclusion.
The Chairman of the Stakeholders in Blockchain Association of Nigeria (SiBAN), Obinna Iwuno, recently highlighted this during an interview at the National Information Technology Development Agency and Stakeholders in Blockchain Technology Association of Nigeria Stakeholders’ Policy Dialogue in Lagos. Iwuno stressed the need to establish a progressive 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 blockchain and digital asset industry players that acts as a self-regulatory body for a friendlier digital asset landscape in Nigeria.
Iwuno said:
“This is the first time we have had a full house of industry stakeholders, regulators and operators. We are now poised for full adoption, 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 released by the Director General of NITDA’s National Information Technology Development Agency in May 2023, the potential of blockchain technology is far-reaching. The blockchain policy document states that the technology has the potential to boost economic growth, promote job creation and address the long-standing problem of financial inclusion.
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According to Iwuno, the call to position Nigeria as a formidable competitor on the global stage, given the technological advancements powering leading countries today, resonates strongly. The journey towards integrating blockchain technology into the mainstream of Nigeria is not just a government initiative, but a collaborative one, driven by the collective determination of stakeholders to position Nigeria as a leader on the global stage.
The President of SIBAN also highlighted the collaboration between industry stakeholders and government to transform Nigeria into a global blockchain hub.
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