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2020-11-06

Ambitious intentions of Nigeria

The Director General of the National Agency for IT Development in Nigeria (NITDA) said the country has the potential to expect blockchain technology revenues of 6 to 10 billion dollars over the next ten years.

As announced by NITDA on November 5, CEO Kashifu Inuwa spoke at a stakeholder meeting in Nigeria's capital, Abuja, to review the national framework for the agency's blockchain adoption strategy. The draft strategy was published for the first time in October and stated that blockchain technology and decentralized accounting (DLT) "would facilitate the development of the Nigerian digital economy.

Nigeria is one of the leading countries in adopting crypto- and blockchain in Africa. Arcane Research's report in May stated that the country has the second-largest percentage of people who own or use crypto currency among Internet users in Africa - 11%. In September, the National Securities and Exchange Commission officially defined digital resources as part of its regulations.