The Central Bank of Nigeria together with the SEC and the country’s Ministry of Communications and Digital Economy have prepared and submitted for approval to the Federal Executive Council proposals for the transition to a digital economy based on blockchain.
The transition plan proposed by the state agencies has been approved and accepted for implementation.
“With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, the United Arab Emirates, Denmark and other leading technology countries in adopting blockchain at the national level,”
Femi Adeluyi, minister emeritus of communications and the digital economy, said.
The National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy.
Is in charge of coordinating the implementation of the policy of transition to the digital economy.
In addition, the Federal Executive Council directed NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC).
The Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), to develop by-laws and other regulatory instruments for the deployment of blockchain in various sectors of the economy.
All other federal and state institutions in Nigeria, as well as the private sector, have been strongly encouraged by the government to adopt and use blockchain in their operations.
Earlier, Nigeria’s SEC notified the country’s cryptocurrency community of the imminent launch of a pilot program for the circulation of tokenized assets tied to the value of real financial instruments.