Nigeria is one of the leading nations for blockchain and cryptocurrency adoption globally with record trading volumes across various crypto markets originating from the nation of 200 million people. Recent reports show interest in NFTs in Nigeria was the third highest across the globe in Q3 based on Google Searches, just below China and Hong Kong despite the position of the Nigerian government through a circular published by the Central Bank of Nigeria in February 2021 prohibiting financial institutions from facilitating cryptocurrency transactions. The Apex bank also mandated financial institutions to investigate bank accounts involved in cryptocurrency and shut them down. Despite the Senate’s debate on the issue, the CBN Governor remained resolute.
As the general elections in Nigeria draw near, political parties are seeking to gain the trust and votes of the population. As a nation at the forefront of crypto adoption championed by its youths, blockchain and cryptocurrency is the nectar that draws the bees. The Presidential candidate of the All Progressive Congress (APC) has published his action plan for a better Nigeria titled “Renewed Hope”.
Taking advantage of the fourth industrial revolution
The presidential candidate of the APC, Bola Ahmed Tinubu, wants to explore how Nigeria can take greater advantage of blockchain technology. BAT, as he is also known as, believes blockchain has the inherent potential to make daily interactions easier, faster, and more convenient. He also believes blockchain can help create more opportunities to add new jobs and support financial inclusion.
Transforming government policy
The Central Bank of Nigeria’s position on cryptocurrency has been openly negative. The CBN governor in 2021 described cryptocurrencies as money out of thin air. However, the APC presidential candidate wants to reform the government’s policy and encourage the use of blockchain technology in finance, banking, ID management, revenue collection, and crypto assets.
To achieve this, he will review the existing regulatory environment governing blockchain and cryptocurrency through an advisory committee he will establish. Concerning the CBN, BAT said his administration would encourage the use of the e-Naira; however, he didn’t state how.
As part of his administration’s plans to transform Nigeria’s digital scape, Bola Ahmed Tinubu aside focus on blockchain, wants to enable ICT outsourcing to bring more opportunities to young Nigerians; provide the platform and infrastructure to enable the nation’s startup ecosystem to grow; improve tech manufacturing in the country; enable easier access to government services through digitization of the services; and the delivery of broadband to 90% of the nation’s population by 2025.
Nigerians have come to understand that politicians make a lot of promises but only abandon them once voted into office. And while the promises for the blockchain industry seem enticing, one is left to wonder if voted into office, the promises will be kept. Whatever anyone’s decision is, crypto natives will always apply the wisdom that has helped them through various crypto storms – ‘trust but verify.’
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