Nigeria to generate $6 billion through Blockchain by 2030-NITDA

The National Information Technology Development Agency (NITDA) has stated that the Federal Government plans to earn $6 billion from Blockchain technology by 2030.

This was disclosed by the NITDA Chief, Mr Kashifu Inuwa, on Friday in a meeting with stakeholders reviewing Nigeria’s Blockchain Adoption Strategy Framework.

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What you should know

The Nigerian Government has increasingly seen the benefits of crypto adoption in its financial tech marketplace. Nairametrics reported in September that the Securities and Exchange Commission (SEC) had proposed a new set of rules that would regulate Crypto-token or Crypto-coin investments when the character of the investments qualified as securities transactions.

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READ: Nigeria is Africa’s leader on Bitcoin transfers, transacts $8 million weekly

“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general. This recent publication will act as a catalyst for mass adoption. It will also create the much needed institutional investor confidence for the Nigeria Capital Market,” the SEC said in September.

The NITDA DG said that Nigeria’s youth population was adopting new technologies and Nigeria needed to benefit from the adoption.

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“In Nigeria, 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,” he said.

He added that Nigeria could hit the milestone because of her vast IT backend and growing fintech space.

NITDA said blockchain technology adoption would be achieved through measures including provincial services, payment services, digital identity, customer engagement, contract and many others, and called on stakeholders in the crypto space to work out adoption strategies that could be executed by the FG.

READ: Nigeria holds the aces in the peer to peer use of Bitcoin

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Nairametrics reported earlier this week that Nigeria experienced the largest influx of activity in peer to peer transactions of bitcoin in the month of October.

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Statistics seen from Usefultulips, a BTC analytic data provider, showed that Nigeria led Africa’s peer to peer transactions in the last 30 days, as it posted a monthly P2P volumes of about $32.3 million, followed by South Africans and Kenyans, each posting about $9.3 million and $8 million respectively

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