In an effort to encourage an innovative culture, Nigeria is researching blockchain, artificial intelligence and other developing technologies. According to Isa Pantami, the country’s Communications and Digital Economy Minister. Speaking during a recent event, the Minister showed that the government has committed itself to a newly developed national blockchain plan.
Blockchain has been considered by Nigeria’s government as one of the technologies able to turn its wealth around. The Minister underlined the government’s interest in technology during the recent annual Digital Africa Conference. The theme was “Building a New Africa with AI and Blockchain,” which the minister stated could not have been better in the future, considering the efforts of the government to promote blockchain in particular.
“We are also actively preparing to take advantage of blockchain technologies for our digital economy, and we recently developed a National Blockchain Adoption Strategy.”
The government has established the National Digital Entrepreneurship and Innovation Center, which the minister says will take a long time to make blockchain and other emerging technologies available.
“The primary objective of these is to create an atmosphere that would usher in innovation-driven culture among the Nigerian populace,”he remarked.
Kashifu Inuwa, Nigeria’s National Information Technology Development Agency Director-General, repeated his opinion. The agency is responsible for development of ICT growth programs in Nigeria.
Inuwa said during the same event that Digital economic activities are crucial for Nigeria as a country which has a desperate need to diversify its economy as they transcend all aspects of human and economic activities.
Inuwa applauded the speed of blockchain, AI, 5G and the Internet of Things adopted by Sub-Saharan countries. Nigeria, though, is the clear winner, according to him. He believes that West Africa is the seventh largest country in the world and its sophisticated economy to benefit from its people to improve its leadership in new technology development.
The nation has kept fighting digital currency although it is striving to lead the continent in blockchain adoption. The Nigerian Central Bank banned all business banks from interacting with digital currency customers early this year. This embargo has over the last few months doubled, but emphasized that digital currencies have not totally been abolished. For the past two years, the Bank has worked on a CBDC.