Just like most of the countries, Nigeria is also increasing crypto and blockchain adoption across the country. Kashifu Inuwa Abdullahi, Director General at National Information Technology Development Agency (NITDA), has said that by 2030, Nigeria aims to have $10 billion in blockchain technology. According to him, the Nigerian government is now trying to utilize the complete potential of blockchain technology. Abdullahi mentioned that the country is now looking for different measures to adopt blockchain technology to the fullest. This will help them to realize up to $6 to 10 billion from blockchain technology and the ultimate target is to make it by the end of 2023. Abdullahi Believes Blockchain to Play Major Role in Tracing Products Nigeria is believed to be the hotspot in realizing the potential of blockchain technology. Abdullahi believes that blockchain is going to play quite an important role when it comes to tracing products and services. According to a recent report by PwC, in the next 10 years, blockchain is going to reach that space where it will be contributing a share of $1.76 trillion to the global GDP. Abdullahi said: “We want Nigeria to be strategically placed to capture value for this economic potential of Blockchain and that is why we are doing what we do today.” Developing Strategy to Get Benefit From Technology As their huge risk is involved in adopting blockchain technology, there is a huge need for developing a strategy at the very beginning. Abdullahi says that the country needs to develop a strategy and look after all the do’s and don’t to adopt blockchain technology properly. There is a need to identify all the risks associated with technology and how it is going to be implemented. Along with him, Fadele Adeolu, representative of the Central Bank of Nigeria has given the assurance to join the initiative. He believes that this will ultimately contribute to the development of the country’s economy.
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