Nigeria’s government has taken a significant step towards embracing blockchain technology with the approval of a national blockchain policy, as part of the country’s transition to a digital economy.

The policy aims to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government.

While the policy document has not yet been made public, the government has directed regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission to develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy.

A multi-sectoral Steering Committee has also been approved to oversee the implementation of the policy. This move is expected to enhance innovation, trust, growth, and prosperity for all.