After America, Asia and Europe, it is around the African continent to be interested in the potential of blockchain to dynamize its economy. This is in particular the choice that has just been made by Nigeria under the leadership of its National Information Technology Development Agency (NITDA). Managing Director of the structure, Kashifu Inuwa believes that the country could expect an income stream of $ 10 billion from blockchain over the next ten years. More details below.
Blockchain: a catalyst for the development of the Nigerian digital economy
During a recent meeting with industry players, NITDIA conducted a review of the framework for the national blockchain adoption strategy. In accordance with the first draft of this strategy, the authorities hope that this technology will facilitate the development of the country’s digital economy. ” We want Nigeria to be strategically placed to take advantage of this economic potential of blockchain. Looking at our young population, which is mostly digitally native and with our position in Africa, we are looking at how we can at least get around 6-10 billion dollars by the year 2030 »Declared Mr. Inuwa.
The Director of the agency referred in particular to a recent study conducted by PricewaterhouseCoopers On the question. She thus revealed that the many use cases of blockchain would allow the country toto rake in $ 1.76 trillion in GDP by 2030. These figures, which would represent in particular 1.4% of world GDP by this date, are therefore a boon for Nigeria. ” The Blockchain will play a key role in terms of creation and traceability of products and services. We see the need to position our country well so that we can take advantage of it Added Mr. Inuwa.
African pioneer in blockchain and related technologies
To implement this strategy, Nigeria could for example integrate blockchain into various sectors such as payment services, the digitization of identity or even industry. This should not be a big challenge, given that the country has been one of the pioneers of blockchain adoption in Africa. Overall, he has shown great strides in the use of cryptocurrencies to counter local currency inflation. Arcane Research published a report last May on the use or possession of cryptocurrencies among African Internet users. It emerged that Nigeria was second country with the highest percentage in this area with nearly 11% of the total volume.
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The fact that an African power like Nigeria is taking a closer interest in the potential of Blockchain should help shift the adoption of the technology on the continent. It would indeed be interesting to see how other nations could take advantage of blockchain to develop their economies.