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The Federal Government is set to review policies governing the implementation of the National Blockchain policy.
It said the evaluation is a part of attempts to expand its reach to the land registration, health, and education sectors, taking into account new developing technology and economic realities.
The statement was made on Tuesday in Abuja during a three-day co-creation workshop for the National Block Chain Policy's implementation, which was led by Kashifu Inuwa, the Director-general of the National Information Technology Development Agency.
Validating blockchain technology trends and including new stakeholders for inclusive adoption and implementation are the goals of the three-day policy discussion.
The government under former president Muhammadu Buhari had last year approved the policy to support secure transactions, data sharing, and value exchange between people, businesses, and the Government.
But a year later, the policy is scheduled for review owing to recent innovations.
In his speech, the NITDA DG emphasized the necessity of utilizing digital technology's dynamic potential while noting the field's rapid evolution and growing number of transformational applications.
Inuwa emphasized that Nigeria needs to strategically capitalize on the potential opportunities, as the industry is expected to increase the world economy by $1.7 trillion by 2030. Inuwa was represented by Oladejo Olawuni, Director of Information, Technology, Infrastructure Solutions.
"We are still in the early stages of developing blockchain usage in Nigeria, so many people are not aware of the benefits of blockchain," he stated.
“They believe it is limited to cryptocurrency, but it is much more. Any sector, such as supply chain management, can use blockchain to make sure the appropriate products reach the customer.
“The continuously evolving nature of blockchain technology and its increasingly transformative applications across diverse sectors necessitate a commensurate evolution in our leadership.
“We realised there was a need to infuse some more members into the committee to ensure that we have full membership from the public and private sector to prevent anything that had occurred in the past,” Inuwa said.
