The Federal Executive Council (FEC) of Nigeria has been reported to have officially approve the National Policy on Blockchain, marking a significant step towards embracing innovative technology in the country.
During a weekly meeting presided over by the President, the Minister for Communications and Digital Economy, Isa Pantami, disclosed this decision as an aim to capitalize on the transformative potential of blockchain technology.
This decision was made to capitalize on the transformative potential of blockchain technology, thereby paving the way for increased transparency, efficiency, and security across various sectors of the country’s economy.
The relevant agencies are expected to develop proper regulatory frameworks and ensure the appropriate use of blockchain technology. In addition, a Steering Committee has been formed, which will be led by National Information Technology Development Agency (NITDA) and would include representatives from all key agencies across the country.
According to reports, the Committee is responsible for monitoring how the new National Policy on Blockchain is implemented.
The policy on Blockchain includes a set of guiding principles and standards for the implementation of blockchain technology. These guidelines and principles address issues like ensuring data privacy and security, regulatory compliance, and inter-agency collaboration.
In addition to this, it underlines the necessity of building capacity and creating awareness among stakeholders in order to ensure the successful implementation of blockchain initiatives.
The Federal Executive Council’s (FEC) ratification of the National Policy on Blockchain is an important step towards the realization of Nigeria’s digital transformation agenda, which is being spearheaded by the Ministry of Communications and Digital Economy.
In order to stimulate economic expansion and enhance the standard of living for Nigerians, the Ministry of Finance and Economic Planning has been making efforts to encourage the widespread adoption of emerging technologies such as blockchain, artificial intelligence, and the Internet of Things (IoT).
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