Much has been said about the potential of Blockchain technology to help developing countries. In this case, Nigeria appears to be taking a step forward in this direction and its National Information Technology Development Agency (NITDA) has estimated revenue of a few billion dollars by 2030 for this reason.
Kashifu Inuwa, the CEO of NITDA, said the country could expect a significant revenue stream. There was talk of $ 6 billion to $ 10 billion of Blockchain technology in the next ten years.
Official Agency Shows Nigerian Interest In Blockchain Technology
According to a 5/11 announcement from NITDA, at a stakeholder meeting in Abuja, the Nigerian capital, the agency’s National Blockchain Adoption Strategy Framework was reviewed.
A draft of the strategy was first published in October. In this it was stated that Blockchain and Decentralized Accounting Technology (DLT) «would facilitate the development of the Nigerian digital economy ».
“Looking at our young population and with our position in Africa, we are looking at how we can get at least $ 6-10 billion by 2030.”. In that regard, Inuwa cited an October study by PWC that said Blockchain technology would potentially add US $ 1.76 trillion to global GDP in the next 10 years.
This translates to 1.4% of world GDP in 2030. Therefore, Inuwa said:
«We want Nigeria to be strategically located to capture value from this economic potential of blockchain.».
It also stated that Nigeria could incorporate the technology through its payment services, digital identity, dispute resolution applications and contracts.
Here it is worth noting that Nigeria has been one of the countries at the forefront of Blockchain adoption in Africa. In September, the nation’s Securities and Exchange Commission officially defined digital assets under its regulatory umbrella.
“Blockchain is going to play a key role in terms of creation, tracking of products and services.” Nigeria clearly believes so. According to a report by Arcane Research, the country had the second highest percentage of cryptocurrency use among Internet users in Africa at 11%.