FG Hopes to Generate Revenue of US$10 Billion from Blockchain in The Next 10 Years

The Federal Government has said the nation could potentially generate between US$6 billion to US$10 billion from blockchain technology by 2030.

Kashifu Inuwa, the Director-General for Nigeria’s National Information Technology Development Agency, (NITDA) made the statement at a stakeholder meeting organised to review the agency’s National Blockchain Adoption Strategy Framework in the Nigerian capital, Abuja.

In the first draft of the strategy released in October, NITDA stated that blockchain and decentralized ledger technology (DLT) would “facilitate the development of the Nigerian digital economy.”

“We want Nigeria to be strategically placed to capture value from this economic potential of blockchain,” stated Inuwa. “Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030.”

“Blockchain is going to play a key role in terms of creating, tracing products and services.”

Inuwa, who cited a PriceWaterhouseCoopers research released in October, said through blockchain technology the world GDP would expand by $1.76 trillion in the next 10 years, representing about 1.4 percent of the global GDP by 2030.

He said Nigeria, Africa’s largest economy, could incorporate the technology through its provincial services, payment services, digital identity, customer engagement, and contract and dispute resolution applications.

“We see the need for us to position our country well so we can capture value from the blockchain.”

In September, Nigeria’s Securities and Exchange Commission announced it would commence the regulation of cryptocurrency transactions and investments to ensure the security of Nigerians.

This was after a study by Arcane Research showed that Nigeria has the second-largest percentage of cryptocurrency ownership or use among internet users in Africa at 11 percent.

The report released in May showed Nigeria is at the forefront of cryptocurrency in Africa.