“Developing countries like Nigeria, if we position ourselves, can increase GDP by at least 0.5 percent, which is almost $25 billion” – Blockchain Summit @ Digital Nigeria 2022, Day 2
ABUJA, NG, October 28, 2022 – (ACN Newswire) – Developing nations like Nigeria have an opportunity to capitalize on the $1.76 trillion market if they can position themselves to adopt and leverage blockchain technologies, National Information Technology Development Agency (NITDA) Director-General Kashifu Inuwa said on the second day of the Digital Nigeria 2022 International Conferences, Exhibitions and Awards.
|Kashifu Inuwa, NITDA Director General, “Blockchain offers many opportunities and is vital in any business. So you have to set yourself the task of knowing what solutions or offerings the industry needs.”|
|Blockchain Summit @ Digital Nigeria 2022 Day 2 provided the summit many had been waiting for, sponsored by NITDA and Domineum Blockchain Solutions. [Image: NITDA]|
|Mohammed Ibrahim Jega, co-founder of Domineum: “Blockchain is a technology that houses cryptocurrency and other compelling ideas, it is important to demystify it and allow young people to properly understand this groundbreaking technology.”|
The NITDA chief said: “Developing countries like Nigeria, if we position ourselves, we can increase our GDP by at least 0.5 percent, which is almost $25 billion. That’s why we’re here today, to examine how we can position ourselves. The government has done it locally. We have developed blockchain adoption strategies.”
He revealed that the NITDA blockchain adoption strategy has four initiatives. “First, to set up consortiums that will build the ecosystem. And today we are here to build that ecosystem and community! Secondly, to strengthen regulatory instruments and create a legal framework. And last week, the President signed the Nigerian Startup Act, now the Nigeria Startup Act 2022, which will provide legal instruments for all new technologies, including blockchain.
Inuwa noted, “Third, ecosystem incentivization initiatives that would encourage building use cases with blockchain, adding that the Start-up Act would also achieve this. And fourth is to build a sandbox. We will work with you to develop a sandbox for proof of concept and proof of value around blockchains. So everything this government is doing is aimed at making Nigeria attractive for blockchain investment.”
He listed the benefits of blockchain, including “tracking and tracing. We can use it to solve our supply chain challenges. We can use it to track records like land titles. Everything you can imagine needs that trust. Technology can also address the challenges of payment systems and financial inclusion, adding that it can also be used to strengthen our identity management.
“Not just personal identity, but even the identity of things. We’re talking about the Internet of Things. This means that everything connected to the internet must be identified. With blockchain, you can achieve that if you use blockchain and IoT. You can even use it to manage government spending. In the budgeting process, you can use it to link each and every naira to what it is budgeted for. They can track it and make sure there is traceability for every naira issued by the government.”
Blockchain Summit @ Digital Nigeria 2022: And then some..
The session witnessed panel discussions on Prioritizing Blockchain Technology, Implications for Digital Asset Innovation, Impact of Blockchain on the Digital Economy: The Myth, the Truth and the Opportunity, and One World Connected with Blockchain. The highlights of the summit were the inauguration of the blockchain campus ambassadors and the picture-perfect development of blockchain technology in Nigeria.
“Blockchain is here to stay and we are rapidly moving away from traditional processes towards digital transformation processes,” concluded Ibrahim Jega, co-founder of Domineum Blockchain Solutions, who along with NITDA hosted nearly 2000 guests at this year’s Blockchain Summit @ Digital Nigeria 2022, Day 2.
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