The blockchain technology is sweeping across Africa and different governments are investigating, regulating or adopting the technology. However after moving a motion to understand the technology by a lawmaker in the Nigerian National assembly in April, little or nothing has been said about the fate of the blockchain technology nor its underlying use case, cryptocurrencies. Governments across the world are already adopting the technology and the Nigerian Federal Government has been advised to also adopt and invest in the blockchain technology. As the technology would help attract Foreign Direct Investment (FDI) into the country.
The Governor Reserve Bank of Zimbabwe recently announced that the country would take time in studying and understanding the technology. However the same cannot be said for the Nigerian Government. However, the Chief Executive Officer of Kure Holdings, Mr. Tega Abikure, called on the government of Nigeria asking them to adopt the technology. Mr Abikure, who is also the founder of Kurecoin was of the opinion that with the effective collaboration of the industry and governmental support, the adoption of blockchain technology could become a major source of foreign direct investment for Nigeria.
Mr Abikure who spoke during a company investment forum held in Lagos recently noted that the Nigerian government was slow to adopting the technology which could serve as a drive changing the economic development in the nation. He revealed that while other nations were adopting it we were lagging behind. He state, “South Africa has already started taking actions, same as Uganda.” He explained that although Ponzi schemes have negatively affected the reception of cryptocurrencies, with understanding, the government can adopt this life changing technology. Mr Abikure explains, “The 21st century economy is one based on information and proper education. Blockchain and its applications would only bring ultimate benefits when people begin to study properly and then put this knowledge to effective use.”
The advice is one that the government of Nigeria needs to look into. Countries like South Africa, Zimbabwe, Kenya, and even Ghana are taking huge steps towards investigating and adopting the blockchain technology. Nigeria shouldn’t be left out of this revolution sweeping across industries.