Kashifu Inuwa - Afrikan Heroes

Nigeria Agency Says Blockchain Tech is Needed For Digital Transformation

December 13, 2021

Director General of the National Information Technology Development Agency, Kashifu Inuwa

The Nigerian agency in-charge of technology development has said that blockchain tech is needed for digital transformation not only in Nigeria but also in Africa. The Director General of the National Information Technology Development Agency, Kashifu Inuwa said that Blockchain technology supports the digital transformation agenda of the Agency and will facilitate the development of Nigeria into a Digital Economy.

The DG spoke at the Abuja Blockchain and Crypto-Assets Conference/Exhibition 2021 held at Sheraton Hotel, Abuja where he delivered a keynote address stating that Blockchain Technology acquaints people with vast opportunities and helps overcome challenges.

According to the DG, Blockchain is an emerging technology that provides a secure distributed ledger platform for seamless transactions which can lead to new opportunities that can benefit industries through greater transparency, enhanced security and easier traceability. He said NITDA, through its Strategic Roadmap and Action Plan (SRAP) is committed to promoting emerging technologies with the purpose of building a healthy and enviable IT ecosystem.

Inuwa however expressed concerns on the need to enforce regulations that will protect citizens and ensure fair markets without stifling innovation as the Agency’s commitment to implementing regulatory instruments and implementation strategies will drive adoption of technology by both public and private sectors.

“I am glad to say that, NITDA’s efforts towards the development of a National Blockchain Adoption Strategy document advances the efforts of Mr President and the Federal Ministry of Communication and Digital Economy in creating and fostering an efficient, safe, and economically productive and viable Digital Nigeria using the Blockchain Technology”, the DG averred.

He remains optimistic that the developed strategy for Blockchain will unleash potentials in all sectors leading to improved efficiency, transparency and accountability in governance.

“Blockchain Technology would surely key into the Economic Recovery and Growth Plan of the Federal Government by increasing the contribution of ICT and innovation to the Gross Domestic Product (GDP)”, he said.

While giving assurances of NITDA’s utmost support to the technology and innovation ecosystem, the DG noted that technology policies, frameworks and guidelines are important parameters in building a lucrative IT industry.

Inuwa then urged participants at the event to brainstorm and develop initiatives that will assist the government on devising best ways and practises to help surmount challenges faced by the country.

“We must not be defined by our current challenges, they are not who we are, we are bigger than them, we must be defined by our dreams and aspirations, we must be defined by what we can achieve”, the DG concluded.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Nigeria hopes blockchain will generate $10B revenue by 2030

November 6, 2020

The Director-General for Nigeria’s National Information Technology Development Agency, or NITDA, has said that the country could potentially expect a revenue stream between $6 billion to 10 billion from blockchain technology in the next ten years. According to a Nov. 5 announcement from the NITDA, Director-General Kashifu Inuwa spoke at a stakeholders meeting in the Nigerian capital of Abuja to review the agency’s National Blockchain Adoption Strategy Framework. A draft of the strategy was first released in October and stated that blockchain and decentralized ledger technology (DLT) would “facilitate the development of the Nigerian digital economy.”

“We want Nigeria to be strategically placed to capture value from this economic potential of blockchain,” stated Inuwa. “Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030.”

“Blockchain is going to play a key role in terms of creating, tracing products and services.”

Inuwa cited an October study from PricewaterhouseCoopers which found that blockchain technology — through its wide range of use cases — would potentially add $1.76 trillion to the global gross domestic product in the next 10 years, making it 1.4% of the global GDP in 2030. He stated that Nigeria could incorporate the technology through its provincial services, payment services, digital identity, customer engagement, and contract and dispute resolution applications.

“We see the need for us to position our country well so we can capture value from the blockchain.”

Nigeria has been one of the countries at the forefront of crypto and blockchain adoption in Africa. A May report from Arcane Research determined that the country had the second-highest percentage of cryptocurrency ownership or use among internet users in Africa at 11%. In September, the nation’s Securities and Exchange Commission officially defined digital assets under its regulatory umbrella. Recently, the country has been in the spotlight as crypto donations have been used by a group of Nigerian feminists to help fund protests against the police’s Special Anti-Robbery Squad, or SARS. Thousands of Nigerians have taken to the streets since early October to protest police brutality in the country, calling for SARS to be disbanded.