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Nigeria Holds Hope For Blockchain Generating $10B In Revenue by 2030

Kashifu Inuwa stands as the Director-General of Nigeria’s National Information Technology Development Agency, or NITDA. Today, Inuwa stated that the country could expect a potential revenue stream from blockchain technology within the next ten years, ranging from $6 billion to $10 billion.

A New Plan From NITDA

Inuwa spoke to stakeholders on the 5th of November, 2020, doing so at a stakeholder meeting held within Abuja, the Nigerian capital. This announcement was regarding the revision of the National Blockchain Adoption Strategy Framework of the country. The strategy had its first draft released back in October of this year, and claimed that the use of decentralized ledger technology (DLT) and blockchain would enable the Nigerian digital economy to develop.

Inuwa stated that NITDA is planning for Nigeria to be strategically placed in such a way to capture blockchain’s large economic potential. Inuwa highlighted his country’s youthful population, who are predominantly digitally native, alongside its key position within Africa at large. As such, Inuwa stated that NITDA is planning to gain a minimum of around 6 to 10 billion USD at the end of 2030. Inuwa further stated that blockchain will serve as a key facet in the creation and tracing of both products and services.

Plan

Potential $1.76 Trillian For Global Blockchain Space

In regard to this, Inuwa had cited a study made by PricewaterhouseCoopers back in October. This study revealed that the wide range of use cases blockchain technology has could potentially add $1.76 trillion to the global gross domestic product (GDP). The study itself estimated that this would take a decade, and by 2030 1.4% of the global GDP would be made through the use of blockchain.

Inuwa highlighted that this technology could be incorporated by Nigeria by way of its payment services, provincial services, customer engagement, digital identity, as well as contract and dispute resolution applications.

Inuwa stressed the country’s need to position Nigeria in such a way to capture the greatest value from blockchain technology.

Nigeria Stands At An Ideal Spot For Crypto Innovation

Nigeria has been at the forefront of Africa’s crypto and blockchain adoption. Arcane Research had issued out a report in May, concluding that Nigeria had the second-largest percentage of crypto ownership or use among its internet users in all of Africa, standing at 11%. Back in September, the Securities and Exchange Commission of Nigeria had set out to officially define digital assets within its regulatory umbrella.

In recent times, the country has been in the spotlight of the crypto space. This is due to a group of Nigerian feminists using crypto donations to help fund protests against the Special Anti-Robbery Squad (SARS) of the country’s police. Since early October, thousands of Nigerians have taken to the streets in order to protest against police brutality within the state. The protestors are calling for the complete disbandment of SARS as a whole.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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