The director-general of the National Information Technology Development Agency of Nigeria, or NITDA. Said the country could potentially expect blockchain technology to generate revenues of between $6 billion and $10 billion over the next ten years.
Director-General Kashifu Inuwa spoke at a stakeholder meeting in the Nigerian capital of Abuja to review the Agency’s National Blockchain Adoption Strategy Framework. According to a Nov. 5 announcement from the NITDA. Then a draught of the strategy first released in October and stated that “facilitating the development of the Nigerian digital economy”. Would be blockchain and decentralised ledger technology (DLT).
“We want Nigeria to be strategically placed to capture value from this economic potential of blockchain,” Inuwa said. “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 a PricewaterhouseCoopers study
Inuwa also cited a PricewaterhouseCoopers October study. Which found that blockchain technology would potentially add $1.76 trillion to the global gross domestic product in the next 10 years through its broad range of use cases. Making it 1.4 percent of global GDP in 2030. Also, he stated that through its provincial services, payment services , digital identity, customer engagement. And contract and dispute resolution apps, Nigeria could incorporate the technology.
“We see the need for us to position our country well so that from the blockchain we can capture value.”
Nigeria was one of Africa’s leading countries in the adoption of crypto and blockchain. Also, a May report by Arcane Research found that the country had 11 percent of cryptocurrency ownership or use among internet users in Africa. In September, the Securities and Exchange Commission of the nation officially defined digital assets under its regulatory umbrella.
Moreover, the nation has recently been in the spotlight as crypto gifts used by a group of Nigerian feminists. To help fund protests against the Special Anti-Robbery Squad, or SARS, of the police. Since early October, thousands of Nigerians have taken to the streets. And to protest police brutality in the nation, calling for SARS to disband.