Nigeria’s Government Embraces Blockchain Technology with New National Policy
In a groundbreaking move, the Nigerian government has officially approved the use of blockchain technology across the country.
The announcement was made by the Federal Executive Council following the approval of the National Policy on Blockchain by the Federal Ministry of Communications and Digital Economy.
The policy will provide the necessary regulatory frameworks for the adoption of blockchain technology in various sectors of the economy.
It is expected that relevant agencies will now develop appropriate usage and regulatory frameworks to ensure the smooth implementation of the policy.
To oversee the implementation of the new National Policy on Blockchain, a Steering Committee has been established, which will be led by the National Information Technology Development Agency (NITDA) and include all relevant government agencies.
The committee will work towards ensuring the effective integration of blockchain technology into the country’s economy.
According to HM Isa Pantami, the Federal Minister of Communications and Digital Economy, this latest policy is the 23rd National Policy developed by the Ministry, highlighting the government’s commitment to advancing the country’s digital economy.
The adoption of blockchain technology in Nigeria is expected to have a significant impact on the country’s economy, particularly in sectors such as finance, healthcare, and agriculture.
With this new policy in place, Nigeria is poised to become a leader in blockchain adoption and innovation on the African continent.
Nigeria Takes Bold Step Towards Digital Transformation with National Blockchain Policy
In a decisive move towards embracing the digital era, Nigeria has embarked on a groundbreaking journey of transformation with the introduction of its National Blockchain Policy.
According to the Minister of Communications and Digital Economy, Prof Isa Pantami, the policy sets the stage for a technology-driven future in the country.
Underlining the government’s commitment to this digital revolution, Prof Isa Pantami recently inaugurated the National Committee responsible for implementing the National Blockchain Policy. The committee comprises representatives from 29 institutions across both the public and private sectors, including academia. This diverse membership ensures a comprehensive approach to driving the adoption of blockchain technology across Nigeria.
The significance of this development was highlighted during a ceremony held in Abuja, where an impressive 32,022 Nigerians were honored for their successful completion of the Federal Government’s Blockchain Technology training program. This training initiative, organized to equip individuals with the necessary skills to support the policy’s implementation, marks a crucial step in building a workforce ready to harness the potential of blockchain technology.
The endorsement and support for the National Blockchain Policy came from none other than President Muhammadu Buhari himself, who, on May 3, approved the policy and issued directives to key regulatory bodies. The National Information Technology Development Agency, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission were tasked with developing regulatory instruments to facilitate the seamless integration of blockchain technology into various sectors of the economy.
The National Blockchain Policy serves as a roadmap for Nigeria’s adoption and utilization of emerging technologies. It aligns with the seventh pillar of the National Digital Economy Policy and Strategy, which focuses on creating a “Digital Society & Emerging Technologies.” Prof Isa Pantami explained that the policy forms an integral part of Nigeria’s broader digital transformation efforts, alongside policies on Artificial Intelligence and Robotics. These initiatives have already led to the establishment of the continent’s first-ever National Centre for Artificial Intelligence and Robotics (NCAIR), located in Abuja.
Emphasizing the pivotal role of technology in driving Nigeria’s digital economy, Prof Isa Pantami highlighted the significance of the fourth industrial revolution. This revolution has ushered in disruptive technologies such as Blockchain, Artificial Intelligence, Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicles, Biotechnology, 5G, and Cybersecurity. Nigeria, proudly standing among at least three African nations actively involved in the fourth industrial revolution, is poised to leverage these advancements to bolster its economic growth and development.
The successful implementation of the National Blockchain Policy will have far-reaching benefits for Nigeria. It will provide a comprehensive framework for integrating blockchain technology into various sectors, nurturing indigenous talent, and creating a globally competitive ecosystem.
Furthermore, it will address critical issues of governance, security, interoperability, regulatory compliance, accountability, and transparency.
The policy’s effective execution is expected to foster innovation, improve government services, generate job opportunities, stimulate economic growth, instill public trust in governance, and promote citizen engagement.
Bitcoin Regains $28k as XRP Surges to Five-Month High
Bitcoin (BTC) shows resilience as it breaks $28,000 resistance on Wednesday despite Binance’s regulatory issue with the United States.
XRP, the token of the Ripple, also extended its gain for a second day to a five-month high.
On Tuesday, XRP had surged 8% to defy a market-wide decline following a U.S. Commodity Futures Trading Commission (CFTC) filing against prominent crypto exchange Binance.
At the time of writing this report, XRP is comfortably trading above 50 cents, data from CoinMarketCap shows. Analysts believe that the steady rise is partly due to some previous fundamental upgrade that has added more utility to the XRP ledger network.
Similarly, XRP also tapped bullish momentum from the CFTC case filed against Binance. According to the case, both Bitcoin and Ethereum were classified as commodities which means XRP tokens are classified as commodities as well.
Investors King understands that this is against the position of the U.S SEC which classified XRP as securities. XRP classification as a commodity could give the token a solid ground to win the case. A position many traders considered bullish.
Several other tokens including Ethereum, Matic and ADA also followed the wave and rose on Wednesday morning. As of the time of writing this report, Ethereum is up by 5%, Matic gained 8.7% and ADA jumped by 11.3%.
While XRP leads the pack of the top 10 largest coins with a 19.70% gain, Cardano posted the second-largest gain among the top 10 non-stablecoin cryptocurrencies.
Meanwhile, according to Coinglass, more than 1,500 Bitcoin at a value of $20 million were liquidated as the flagship cryptocurrency regained momentum.
However, bitcoin faces a serious hurdle crossing the $30,000 mark where analysts believe there is a major psychological resistance. This means that many traders are waiting to take profit at the $30,000 level.
FG to Train 30,000 Nigerians on Blockchain Technology; Released Link For Registration
The Federal Government of Nigeria through the National Information Technology Development Agency (NITDA) has announced the plan to train 30,000 Nigerians on blockchain technology.
The training which is expected to start by December 2022 will be done in partnership with Domineum Blockchain Solutions (DBS).
According to NITDA, the blockchain training is in line with the country’s objective for digital economy and emerging technologies.
While training will be hybrid (Virtual and In-Person), Investors King learnt the scholarship is open to all Nigerians irrespective of state or place of residence.
In addition, participants will be grouped for team projects while the best team during the project phase will have the opportunity to join an incubation programme in London.
To register for the scholarship, interested applicants must be 18 years or above and be willing to commit at least 20 hours a week to the course.
Furthermore, intending applicants must have access to a laptop computer or Desktop as well as a strong internet connection.
While the duration of the course would be three months, NITDA noted that a basic understanding of coding will be an advantage, although not a necessity for consideration.
Investors King learnt further that the successful applicants will receive scholarship alerts on their phones ahead of the training which is scheduled to begin by the 1st of December 2022.
Intending applicants can apply by clicking on the following link “NITDA Blockchain Scholarship“. Please note that the deadline for the application is 28th of November 2022.
This NITDA scholarship themed “Accelerating Blockchain Adoption in Nigeria and Empowering Developers to Build Blockchain Solutions for Enterprise and Government Project” is part of a broader strategy of the ministry of communication and digital economy to engage several Nigerian youths on digital skills that can enhance their lives and prepared then for the growing technology marketplace.
It would be recalled that the Miniter of Communication and Digital Economy recently signed a memorandum of understanding with Microsoft Corporation to train five million Nigerians on high-demand digital skills.
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