The goal of the meeting was to discuss potential partnerships that could advance the adoption of blockchain technology in Nigeria. Obinna Iwuno, President of SiBAN and founder of Crypto BootCamp, an online crypto and blockchain community focused on education, led the SiBAN team during the meeting.
The National Information Technology Development Agency (NITDA) was established in 2001 to execute the Nigerian Information Technology Policy and oversee general IT development.
NITDA is responsible for developing, regulating, and advising on information technology practices, activities, and systems in Nigeria by establishing regulatory standards, guidelines, and policies. Additionally, it serves as the clearinghouse for all IT projects and infrastructure development in the country.
On the other hand, SiBAN is a self-regulatory body founded by stakeholders in Nigeria’s blockchain and cryptocurrency communities. Their goal is to support players, educate users, promote adoption, ensure consumer protection, and work with regulators to maximize the potential of blockchain technology.
Blockchain policy in Nigeria
Nigeria is leading the way in Africa and globally with its adoption and usage of crypto and blockchain technology. As of May 2023, Nigeria has over 12 million crypto holders, putting them in eighth place worldwide for the number of crypto owners and first in Africa.
Nigeria is considered one of the hottest blockchain investment destinations in Africa. In 2021, it attracted 27.6% (second only to Seychelles) of all blockchain funds on the continent, totaling $24.6 million. The following year, it received 3.4% of all African blockchain funds, amounting to $15.9 million.
In May 2023, Nigeria launched its official blockchain policy aimed at driving the development of blockchain-based products and creating job opportunities for over 100 million young Nigerians.
However, as agencies move towards advancing blockchain technology, it’s worth mentioning two conflicting statements. Firstly, in February 2021, the CBN essentially put a stop to anything related to cryptocurrency in the financial system through a circular.
On the other hand, the Minister of Information and Digital Economy, Isa Pantami, said at the National Blockchain Policy launch in May 2023 that blockchain and all its components are legal in Nigeria.