The Director General for Nigeria’s National Information Technology Development Agency (NITDA) Mr Kashifu Inuwa has said that Nigeria could possibly acquire a revenue stream between $6 to $10 billion from blockchain technology in the next ten
Kashifu Inuwa, NITDA director-general was speaking during a stakeholders’ engagement for the review of the National Blockchain Adoption Strategy Framework, he noted that emerging technologies like blockchain were key in boosting the growth of global economies. Therefore, Nigeria would not be left out of this bandwagon.
In October the Director-general Inuwa cited a recent report by PricewaterhouseCoopers (PwC) , which projected that “the blockchain technology was going to contribute the sum of $1.76 trillion to the global gross domestic product (GDP) by 2030.
The publication mentioned five case scenarios in which blockchain could be used to drive the digital revolution forward included provenance – the tracking and tracing of products and services – payments and financial services,
identity management, and the application of blockchain in contracts and dispute resolution as well as customer engagement”.
Therefore, NITDA intends to place Nigeria in a strategic position so that it can capture economic value from blockchain technology. Inuwa acknowledged:
“IN NIGERIA, LOOKING AT OUR YOUTHFUL POPULATION, WHICH IS MAINLY DIGITALLY NATIVE AND WITH OUR POSITION IN AFRICA, WE ARE LOOKING AT HOW WE CAN GET AT LEAST AROUND SIX TO 10 BILLION DOLLARS BY THE YEAR 2030.” Kashifu Inuwa
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Nigeria deemed a FinTech hotspot in Africa
The NITDA director-general stipulated that the target to get 6 to 10 billion dollars by 2030 was realistic, given that Nigeria had a huge potential in the payment and financial services sector. Moreover, the nation had been categorized as one of the financial technology (FinTech) hotspots in Africa.
Recently the country has been in the spotlight as crypto donations by Nigerians and many different group amid the #endsars protest against police brutality.