Minister of Communications and Digital Economy, Isa Pantami, disclosed this on Wednesday, to State House correspondents after a meeting of the Federal Executive Council (FEC) presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Pantami said the approval of the policy means the Federal Government has formally approved the use of the blockchain platforms, including the one for crypto-currency, adding that relevant agencies are expected to develop appropriate usage and regulatory frameworks.
He also said that a National Steering Council has been established with all other relevant Federal Government agencies and functionaries being represented. It is to be headed by the Director-General of the National Information Technology Development Agency (NITDA).
According to the Minister, the policy was developed through consultations with 56 institutions and personalities and aims to institutionalise blockchain technology in Nigeria’s economy and security sectors.
He said with the adoption of the policy, Nigeria can protect the integrity of most of its critical sectors that are heavily reliant on information and data, including the economy, education and security sectors, as well as the electoral system.
“There are so many opportunities in blockchain technology. A research conducted by Price Waterhouse Coopers (PwC) predicted that by 2030, blockchain technology could be able to add $1.76tn to the global GDP.