Blockchain technology is steadily revolutionizing the world in diverse ways. Interestingly, its adoption in Africa has been fast. Out of all African countries, Nigeria has been championing the adoption of blockchain. A vast population of Nigerian youth are actively delving into blockchain careers and opportunities. Many are crypto traders, UI/UX designers, Web3 developers, project managers, etc. The rate of active tech enthusiasts has led to the rise of the slang “tech bros.”

As the giant of Africa, the surge of tech and blockchain technology is also manifesting in successful tech companies, including fintechs. There are also lots of thriving startups creating employment opportunities for the populace. The country has grown to the level of partaking in global tech conferences. Blockchain enthusiasts sensitize youth in the country through activities like the crypto boot camp, tech builders' gatherings, and Bitcoin Pizza Day. There are also notable blockchain organizations like the Stakeholders in Blockchain Technology in Nigeria (SIBAN).

But one may wonder what the government’s stance is in all these. Are they welcoming the change and innovations, or would they rather stick to the traditional economy? Any learned person knows that governmental policies go a long way to facilitate the operationality and expansion of activities on a large scale. So, let's look at the nature of Nigeria’s blockchain policies in recent times.

The State of Nigeria’s Blockchain Policy

Before leaving office, former Nigerian President Muhammad Buhari launched the National blockchain policy in May 2023. This policy aims to build “an efficient, safe, and economically viable digital Nigeria” supported by blockchain. The Federal Ministry of Communications and Digital Economy facilitated the launch of this policy, with the National Information Technology Development Agency leading its implementation.

However, wrenching blockchain technology away from a digitized economy is impossible. So, although this is an excellent vision, favorable regulations are required to achieve blockchain development. But, the journey of a thousand miles begins with a step, and this is a positive advancement that precedes new frontiers.

Obinna Iwunno, the president of SIBAN, is one of the tech figureheads that shares this view. Thus, he appraises Nigeria as the first African country to have a national blockchain roadmap. But, as the head of an organization that advocates blockchain adoption nationwide, he also calls for the government to do more. Positive regulations can enhance blockchain activities and eliminate barriers, making the practice more feasible.

As Nigeria gradually transitions to a digital economy and takes the lead position in Africa’s tech and web3 industry, a legal policy is needed to govern digital activities. So, the full implementation of the national blockchain policy will spur the full adoption of blockchain and enable us to harness the power of a truly digital economy in all sectors. However, more regulations are necessary for the rapid infusion of blockchain technology.

Regardless, Nigeria has come a long way in this journey. According to Chainanalysis, Africa’s web3 market grew by 1200%, with Nigeria being one of the top 20 global nations championing web3 adoption. Fantastic, isn’t it? The mass adoption of web3 in Nigeria has led to the rise of transparency and decentralization, which are tenets of blockchain technology. Interestingly, these tenets and values can solve and are already creating solutions for major challenges in Nigeria, such as financial inclusion and diasporic remittance.

Reports from the “State of web3 in Africa” conference allude to Nigeria’s growing blockchain landscape in both the public and private sectors. Interestingly, the Central Bank of Nigeria seeks to implement the Payment System Vision in 2025. For this, CBN seeks to use relevant blockchain stakeholders to review and aid the implementation of remittance solutions.

Hence, a large proportion of Africa’s future lies in blockchain. And to break boundaries, there’s a need for incessant collaboration between stakeholders and policymakers for the good of all. So, we look forward to formidable policies and excellent sustainable strategies that will launch Nigeria into its next phase in the tech race.