Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has applauded the Federal Government of Nigeria for its recent adoption of the nationwide blockchain policy, saying the policy will drive economic growth.
The groundbreaking policy, announced by Isa Pantami, communications and Digital Economy Minister on May 3rd, 2023, aims to institutionalise blockchain technology within Nigeria’s economic and security sectors.
According to the Minister, the National Blockchain Policy is a culmination of extensive consultations with 56 prominent institutions and figures, demonstrating the government’s commitment to inclusivity and collaboration.
Rume Ophi commends this consultative approach, recognising the importance of engaging stakeholders from various sectors to drive the successful integration of blockchain technology.
“This is a historic moment for Nigeria,” Rume Ophi, who is also a renowned crypto analyst and thought leader, said.
According to him, “The government’s decision to embrace blockchain technology paves the way for tremendous opportunities and economic growth. It showcases Nigeria’s commitment to innovation and positions our nation at the forefront of the global blockchain revolution.”
He added that the approval of the National Blockchain Policy serves as a significant turning point for the country, as it recognises the immense potential of blockchain technology to drive economic development and enhance national security.
Ophi believes that the policy will enable Nigeria to regain its position as a leading hub for blockchain innovation, despite previous attempts to restrict the growth of this sector with the previous restriction placed on it by the Federal Government.
He called upon the government to leverage this policy as a catalyst for collaboration.
He urged relevant agencies of the government to proactively engage with stakeholders in the blockchain ecosystem to foster partnerships and collectively drive Nigeria’s blockchain industry forward.
“It is imperative that the government actively seeks collaborations with all stakeholders, including blockchain enthusiasts, developers, entrepreneurs, and investors.
“By working together, we can create an ecosystem that nurtures innovation, facilitates job creation, and propels Nigeria towards becoming a global leader in blockchain technology,” he said.
Ophi also encouraged the relevant agencies of government, particularly the National Information Technology Development Agency (NITDA), to initiate the registration process for blockchain-based companies.
“This proactive measure will ensure transparency, accountability, and regulatory compliance within the industry while providing a conducive environment for businesses to thrive. The establishment of a National Steering Council, coordinated by NITDA, is an important component of the approved policy,” he said.
Ophi commended the step, recognising the need for a centralised body that can drive the implementation of the policy, facilitate strategic decision-making, and foster coordination among various stakeholders.
As Nigeria has already demonstrated its commitment to blockchain technology through the successful implementation of the Hyperledger Fabric blockchain by the Central Bank of Nigeria for the e-Naira digital currency, Ophi believes that the nation is well-positioned to harness the transformative power of blockchain in other sectors.
“With the adoption of the National Blockchain Policy, Nigeria has laid a strong foundation for the future of blockchain technology. Let us seize this opportunity to create an environment that encourages innovation, attracts investments, and propels Nigeria to the forefront of the global blockchain revolution,” he said.