Abdul Muhammed Law Practice
Abdul Muhammed Law Practice’s Lead Lawyer Abdulateef Muhammed examines how Nigeria is fostering blockchain development.
Introduction
The approval of Nigeria’s National Blockchain Policy on May 3, 2023 marks a significant stride towards embracing the potential of Blockchain Technology (BT).
This article aims to dissect the implications of this policy for players in the Nigerian cryptocurrency sector.
In doing so, we’ll draw comparisons with initiatives in other jurisdictions, recognizing the nuanced challenges and opportunities.
Presidential mandate and policy framework
The Presidential mandate reflected a strategic vision to leverage BT for economic growth.
The emphasis on transparency, efficiency, and secure transactions aligns with global trends integrating BT into diverse sectors.
The National Blockchain Policy is expected to act as a roadmap addressing governance, interoperability, security and regulatory compliance.
This proactive approach directs relevant agencies to develop regulatory instruments, signifying the government’s commitment to fostering a conducive environment for blockchain development.
Digital Economy
It is worthy of note that President Bola Ahmed Tinubu appointed a Minister for ‘digital economy’ and this demonstrates Nigeria’s commitment to digital economy growth. Clearly the Nigerian government acknowledging the substantial contribution of the digital economy to Nigeria’s GDP, the policy emphasizes the need for innovation and job creation.
We can all agree on and recognize the paramount importance of fostering an environment conducive to research, collaboration and innovation.
The emphasis on supporting startups through regulatory sandboxes, education programs and incentives is a step in the right direction, aligning Nigeria with global best practices.
Financial services
The National Blockchain Policy’s approval of blockchain adoption in financial services resonates with the global surge in cryptocurrency interest and while recognizing the potential benefits of cryptocurrencies, the government aims to establish a robust regulatory framework to ensure consumer protection and foster the growth of fintech startups.
This aligns with international trends and signals a progressive approach to navigating the complexities of cryptocurrency in Nigeria.
Government and corporate services
The policy’s identification of BT’s potential in enhancing transparency, accountability and efficiency in government and corporate operations is a notable stride. As a legal professional, I can only emphasize the significance of the government’s commitment to developing a National Strategy, promoting adoption in key areas and fostering collaboration with industry and academia.
This collaborative approach ensures a comprehensive and well-informed strategy for integrating BT into government and corporate services.
Great expectations
Anticipated outcomes, such as the creation of supportive legal frameworks, encouragement of entrepreneurship, increased adoption and the establishment of BT standards, signal a commitment to sustainable growth.
The advocacy for a national Blockchain infrastructure aligns with global best practices, encouraging the development of new services and applications.
Conclusion
The National Blockchain Policy reflects Nigeria’s commitment to positioning itself as a key player in the global blockchain landscape.
As a Nigerian crypto lawyer, I am optimistic about the potential for fostering innovation, economic growth and the development of a robust blockchain-powered economy.
However, Nigeria must remain vigilant, recognizing the dynamic nature of crypto law and the need for continuous adaptation to emerging challenges and opportunities.
Disclaimer: This article provides general information and does not constitute legal advice. Consult with a Nigerian cryptocurrency lawyer, a crypto competent lawyer in Nigeria or other legal professionals for advice tailored to your specific situation.
READ: Nigerian crypto law series 23: Overview of Nigeria’s Blockchain Policy
