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REGULATION | Nigeria Set to Build The ‘Nigerium’ Indigenous Blockchain to Safeguard National Security, Says Director-General, NITDA

National Information Technology Development Agency (NITDA) will develop the ‘Nigerium’ indigenous blockchain to safeguard national security, according to Kashifu Inuwa Abdullahi, Director-General, NITDA.

Abdullahi stated this when he welcomed a delegation from the University of Hertfordshire Law School, in Abuja, adding that that the ultimate goal is to unite the public and private sectors to develop a domestic blockchain.

The people from University of Hertfordshire Law School said that an indigenous blockchain would ensure that Nigerian data and personal information remain under local control, rather than being managed by international co-developers who may not prioritize Nigeria’s interests.

Moreover, they added that reliance on established blockchain platforms such as Ethereum places Nigeria at the discretion of international developers who do not operate under Nigerian law.

It’s worth noting that Nigeria was the first country in Africa to introduce a Central Bank Digital Currency (CBDC) called eNaira in 2021, utilizing a private blockchain based on Hyperledger Fabric.

 

[WATCH] The Nigerian eNaira Central Bank Digital Currency – The First CBDC in Africa – Goes Live: https://t.co/aD1FKpptps #eNaira @cenbank

— BitKE (@BitcoinKE) October 26, 2021

This announcement arrives shortly after NITDA’s recent disclosure of its intention to set up research centers dedicated to blockchain and other cutting-edge technologies across Nigeria’s six geopolitical zones. It also follows the approval of a national blockchain policy in 2023.

 

[TECH] Nigerian Government Approves the National Blockchain Policy: The Federal Executive Council of Nigeria has approved the National Blockchain Policy for Nigeria as presented by the Minister of Communicat.. https://t.co/wdKHDJZcgx via @BitcoinKE

— Top Kenyan Blogs (@Blogs_Kenya) June 1, 2023

The policy is aimed at creating a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government, thereby enhancing innovation, trust, growth, and prosperity for all.

Blockchain technology is seen by authorities as having the potential to revolutionize many industries, from finance and healthcare to transportation and supply chain management. It makes transactions more transparent, trustworthy, and efficient, resulting in considerable cost savings and better user experiences.

Furthermore,  the government sees blockchain as something that can boost innovation, improve public services, create job opportunities, and drive economic growth.

 

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About NITDA

In an effort towards ensuring that the IT policy’s implementation proceeds with maximum effectiveness, NITDA regulates, monitors, evaluates, and verifies progress on an ongoing basis under the supervision and co-ordination of the Federal Ministry of Communications and Digital Economy.

One of NITDA’s mandates is to operate and implement the National IT policy and to give effect to provisions of the National Information Technology Development Agency Act (NITDA Act) of 2007.

 

 

 

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