The CEO of Nigeria’s National Information Development Agency (NITDA) said the country is likely to expect $ 6 billion to $ 10 billion in blockchain technology revenues over the next 10 years.
According to NITDA’s November 5 announcement, CEO Kashifu Inuwa spoke at a stakeholder meeting in Nigeria’s capital, Abuja, to review the agency’s national strategic framework for blockchain implementation. A draft strategy was first released in October stating that blockchain technology and decentralized ledger (DLT) “will drive the development of Nigeria’s digital economy.”
“We want Nigeria to be strategically positioned to capitalize on this economic potential of blockchain,” Inuwa said. “Given our young population, which is mostly digital, and given our place in Africa, we are looking at how we should have at least six to ten billion dollars by 2030.”
“Blockchain will play an important role in the creation and tracking of products and services.”
Inuwa cited an October study by PricewaterhouseCoopers that showed blockchain technology – thanks to its wide range of applications – could add $ 1.76 trillion to global GDP over the next ten years, or 1.4% of global GDP by 2030. He mentioned that Nigeria could integrate technology through district services, payment services, digital identity, customer interaction, contracting applications and dispute resolution.
“We see the need to bring order to our country to benefit from blockchain.”
Nigeria was one of the countries ahead of the adoption of cryptocurrencies and blockchain in Africa. A May report from Arcane Research found the country ranks second in the ownership or use of cryptocurrency among internet users in Africa at 11%. In September, the country’s Securities and Exchange Commission formally identified digital assets subject to regulatory authorities.
More recently, the country has come under the spotlight as cryptocurrency donations have been used by a group of Nigerian feminists to fund protests against the Anti-Theft Special Police Squad (SARS). Thousands of Nigerians have taken to the streets since early October to protest police brutality in the country and demand an end to SARS.