Various stakeholders within Nigeria's blockchain and fintech sphere are urging the Federal Government to institute regulations that would facilitate the broad-scale implementation of approved blockchain policies across the nation. The primary objective of Nigeria's national blockchain policy is to foster economic growth, create employment opportunities, and enhance financial inclusion within the country.
Obinna Iwuno, President of the Blockchain Stakeholders Association of Nigeria (SiBAN), recently emphasized this stance during an interview conducted at the Nigeria Blockchain Technology Association Stakeholder Policy Dialogue in Lagos. SiBAN is an association advocating for blockchain and digital asset industry players, advocating for the integration of blockchain in Nigeria. Iwuno stressed the necessity for establishing a forward-thinking regulatory framework to accelerate the integration of blockchain technology across various sectors of Nigeria's economy.
The national blockchain policy received approval from former President Muhammadu Buhari in May. Iwuno expressed confidence in Nigeria's capacity to effectively implement blockchain technology, citing the increased involvement of various industry stakeholders, regulators, and operators. He asserted that full implementation of the government-initiated blockchain policy could position Nigeria as a leader in the continent's digital economy landscape, potentially pioneering advancements in this sector.
Highlighting the extensive potential of blockchain technology as outlined in the national policy documents, Iwuno underscored its capacity to stimulate economic growth, address unemployment concerns, and resolve persistent issues surrounding financial inclusion. He stressed the resonance of the call to establish Nigeria as a prominent global player, highlighting that technological advancements are pivotal in propelling nations to the forefront of global development.
Iwuno further emphasized that the journey toward mainstreaming blockchain technology in Nigeria is not solely a government-driven initiative but rather a collaborative effort. This concerted endeavor involves the collective determination of stakeholders, aiming to position Nigeria as a frontrunner on the global stage. Additionally, he emphasized the imperative need for collaboration between industry stakeholders and the government to transform Nigeria into a globally recognized blockchain hub.
