JUST IN: FG Approves National Blockchain Policy

The policy was approved on Wednesday.

The Minister of Communications and Digital Economy, Prof Isa Pantami, disclosed this after this week’s Federal Executive Council meeting presided over by President Muhammadu Buhari at the State House, Abuja. ⁣

According to Pantami, the new policy was a product of consultations with 56 institutions and personalities whose end goal is to institutionalise blockchain technology in Nigeria’s economy and security sectors. ⁣
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“The Federal Government of Nigeria today approved the national blockchain policy for Nigeria. ⁣
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“This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing and reviewing the policy. ⁣
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“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types have been institutionalized in the country,” said the Minister.⁣
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The minister noted that the Security Council has directed regulatory bodies to liaise with the National Information Technology Development Agency (NITDA) to come up with regulatory instruments in all sectors.⁣
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Reports say Wednesday’s approval underlines the potential opportunities of blockchain technology even as studies predict that blockchain would add $1.76tn to the global GDP by 2030.⁣
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The establishment of a national steering council to be coordinated by NITDA is also part of the approval.

In other news, Kanyi Daily reported that the Presidential Election Petitions Court says it will hear the petitions challenging the declaration of Bola Tinubu as President-elect on May 8.

Tinubu’s legal team said Monday’s hearing is a pre-hearing session.