Nigeria, Africa’s largest economy has revealed plans to generate over six billion dollars through blockchain by 2030.
The African giant disclosed the plans at a stakeholder meeting via the National Information Technology Development Agency (NITDA). They also reviewed the National Blockchain Adoption Strategy Framework for Nigeria.
NITDA Director-General, Mr. Kashifu Inuwa, says that blockchain is one of the top emerging technologies. He discloses that the technology contributed to the growth of economies globally, and Nigeria should not be left out.
Nigeria Takes a cue From China
Mr. Inywa took a page from PricewaterhouseCoopers (PwC), stating that in the next 10 years, blockchain is going to contribute $1.76 trillion to the global Gross Domestic Development of the nation.
It is in light of this the country wants to take advantage of the economic potential of blockchain.
Inywa also disclosed that China would be the highest country benefiting from the technology. He expects that by 2030, the Asian country will make over $460 billion form its focus on blockchain.
Nigeria aims to strategically use its youthful population – who are digitally inclined – to generate its intended $6 billion. This target is achievable because Nigeria’s payment and financial services industries are relatively big. Nigeria is also widely considered to be a hotspot for FinTech in Africa.
With Nigeria’s crazy drive for revenue generation, it will be critical for the country to discover its competences and adopt the applications capable of generating revenue.
Africa and Blockchain technology
Distributed ledger technology is finding real-world utility across the continent through public-private partnership agreements. Blockchain is already being used to solve some problems faced across the continent.
Similarly, Blockchain adoption in Africa is on the rise. From transportation to the gaming and lottery industries, reports of companies utilizing distributed ledger technology (DLT) across the continent are emerging.
Several stakeholders in the African blockchain scene say DLT is the key to solving the developmental issues plaguing the continent today. They also believe the technology provides a platform for Africa to elevate itself to a position of greater relevance in global affairs.
Some African countries still appear disinterested in the technology, which is normal. However, the likes of Nigeria and Kenya are taking real steps to adopt this technology in full.
Kenya plans to pursue regulation and greater cooperation with the private sector to leverage the benefits accruable from blockchain utilization. Nigeria will embark on a relatively similar venture in search of billions of dollars in revenue.
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