Nigeria to generate 6 to $10 billion by 2030 through Blockchain

2020-11-08 16:06:36
Nigeria to generate 6 to $10 billion by 2030 through Blockchain

The National Information Technology Development Agency (NITDA) has announced that the Federal Government intends to generate some $6 billion through Blockchain technology by 2030.

This was announced by the NITDA Chief, Mr Kashifu Inuwa, this past Friday during a meeting with stakeholders reviewing Nigeria’s Blockchain Adoption Strategy Framework.

The Nigerian Government has increasingly experienced the benefits of crypto adoption in its financial tech marketplace. Nairametrics reported back in September that the Securities and Exchange Commission (SEC) had put forth a new set of rules that would regulate Crypto-token or Crypto-coin investments when the character of the investments qualified as securities transactions.

“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general. This recent publication will act as a catalyst for mass adoption. It will also create the much needed institutional investor confidence for the Nigeria Capital Market,” the SEC stated back in September.

The NITDA DG stated that Nigeria’s youth population was using new technologies and Nigeria needed to benefit from the adoption.

“In Nigeria, 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,” he remarked.

He noted that Nigeria could hit the milestone due to her vast IT backend and growing fintech space.

NITDA said blockchain technology adoption would be achieved by means of measures including provincial services, digital identity, customer engagement, among others, and asked stakeholders in the crypto space to work out adoption strategies that could be executed by the FG.

Nairametrics announced earlier this week that the West African country experienced the largest influx of activity in peer to peer transactions of bitcoin in the month of October.

Statistics seen from Usefultulips, a BTC analytic data provider, indicate that Nigeria led Africa’s peer to peer transactions in the last 30 days, as it posted a monthly P2P volumes of nearly $32.3 million, followed by South Africans and Kenyans, each posting about $9.3 million and $8 million respectively.

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