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With the continuous increase in decentralized finance (“DeFi”) and the obvious importance and significance of blockchain in driving economic growth, the government of the Federal Republic of Nigeria (“FRN”),

The aim of the Strategy is to drive the adoption of blockchain technology in government in a way that supports efficiency, transparency, and productivity. Having recognized the potential of blockchain technology to create new transaction channels for the development of the digital economy, and the need for the government and regulators to embrace its disruptive nature and proactively participate in same, the FRN has now approved the Strategy on May 3, 2023.

It  means all government organisations, oil companies, enterprises, managers, Human resources managers will now have to implement this strategy.

• Job seekers with Blockchain skillset will easily get jobs
• Blockchain consultants are sought for
• Blockchain Developers are sought for
• Blockchain Engineers are sought for
• Blockchain Experts are sought for

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The background to Blockchain technology comes in the need to make business transaction in Nigeria more secured and transparent, share data and make exchange of value in the economy easy.

It is a system introduced by govt to help reduce corruption, promote trust, protect you from not seeing what you paid for, not knowing whom you are dealing with and also address fake university and college certificates.

So what does Blockchain mean?

According to the Strategy, blockchain technology is defined as a decentralized and distributed ledger that records and validates the authenticity of digital assets. Its technology allows individuals and organisations to record information which cannot be altered without the authorization of the persons or organisations who share the network. Any alterations done to any entry in any ledger without the prior approval will automatically corrupt the entire ledger. This dispenses with the need for the employment of any third party to supervise or validate transactions and address the issues of compromise and vulnerability of this third party.

Blockchain technology is often and most popularly known to be used in financial transactions and transactions involving the transfer of digital assets. 

This technology however is also used in various other sectors and for various purposes ranging from healthcare to voting, national identity management, internal revenue monitoring, and registries.  

The Strategy also provides for additional use cases that can benefit from the deployment of blockchain technology in various sectors of the Nigerian economy, such as:

1. Data management: this includes cloud storage; identity data management; contract management; Internet of Things (IoT) sensor data purchasing, etc.
2. Data verification: this includes document notarization; identity verification;   product quality verification by the Standard Organisation of Nigeria (SON) and the Nigerian Agency for Food and Drug Administration (NAFDAC); proof of origin for products, etc.
3. Financial sector: this includes currency exchange and remittance; crowdfunding;  peer-to-peer (P2P) transactions; insurance; and supply chain management in e-commerce.
4. Other additional uses can be found in lottery systems; gaming; social rating creation and monitoring; outsourcing of computational power for scientific purposes; etc

Through the Strategy, the government has formulated three main pillars upon which the strategy for blockchain adoption is built. They are initiatives; strategic objectives; and consideration for existing government policies, frameworks, and strategies. 

The goal is to increase the contribution of information and communications technology (ICT) to the country’s gross domestic product (GDP).

Initiatives: there are six (6) key initiatives upon which the adoption of blockchain would be built. 

They include:

• Establishment of Nigerian Blockchain Consortium- the primary objective of the consortium will be to drive the initiatives. It will be designated with the responsibility of formulating plans to effectively implement the use of blockchain technology in providing products and services in the public sector. Some of its activities will include the support of blockchain research, development, and education; promotion of legal certainty for blockchain applications; facilitation of collaboration with private sector and citizens; and assistance in the creation of a flexible regulatory environment that allows for experimentation.
• Regulation and Legal Framework- a regulatory environment conducive to innovation and growth will be created, which will address issues such as cybersecurity, privacy, legal, ethical and regulatory issues, incentives system, data storage and immutability, and interoperability. The outcome of this regulatory regime will be modeled after the Oxford Blockchain Regulation Framework which seeks to focus on outcomes, protect all stakeholders, foster trust, balance competition and promote innovation.
• National Digital Identity Framework- the blockchain technology upon adoption is expected to support in harmonization of biometrics and identification (ID) such as National Identity Number (NIN), Bank Verification Number (BVN), voter IDs and sim-card registration details.
• Blockchain Business Incentives- this will ensure the prioritization of digital entrepreneurship and innovation. By this initiative, preference will be given to digitally skilled Nigerians for government-funded projects.
• Blockchain Digital Literacy and Awareness- this initiative proposes the inclusion of blockchain learning and awareness in school curricula.
• National Blockchain Sandbox- this initiative will ensure that developers and non-developers alike are given a platform to innovate and test-run their ideas without fear of sanction or breach. This will be championed by key regulators of the technology and financial technology sectors.

There are five (5) strategic objectives for the adoption of blockchain technology. 

They are to:

• Provide regulatory oversight- in the adoption of blockchain technology, the government intends to achieve a balance between the need to promote and properly use new technology and enhance innovation, on the one hand, and the need to avoid money laundering and safeguard the rights of consumers on the other hand.
• Stimulate innovation and entrepreneurship- the aim is to increase opportunities for innovation and entrepreneurship, by introducing new models of businesses using blockchain technology. This will involve the integration of blockchain proficiency skills in school curricula, and a mandate on government institutions to acquire blockchain solutions to address their needs.
• Ensure the security, trust, and transparency of digital assets and value chain.
• Increase investment opportunities and create jobs.
• Increase efficiency in governance.

Existing frameworks such as :

• the National Digital Economy Policy and Strategy 2020-2023, 
• the E-Govt. 
• Master Plan, 
• Nigeria Data Protection Regulation 2019, 
• Nigeria Cloud Policy 2019, 
• National ICT Policy, 2012, 
• National Broadband Plan 2020-2025, etc.

 Are considered as part of  the implementation of the initiatives under the Strategy.

The Nigeria Student Center remains the reliable implementation partner providing the best education and empowerment of Nigeria Students  and jobseekers in the Blockchain technology.