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In May 2023, Nigeria, Africa’s most populous country, introduced a national blockchain adoption strategy to drive innovation, establish robust legal frameworks, and foster public-private partnerships.

In May 2024, the National Information Technology Development Agency reconstituted the committee, named the National Blockchain Policy Steering Committee, to validate trends in blockchain technology and incorporate new stakeholders for inclusive adoption and implementation.

As part of those efforts, the NITDA unveiled “Nigerium,” an indigenous blockchain platform designed to enhance data security and safeguard national interests, last month.

“Nigeria’s regulatory environment for blockchain and cryptocurrency is still evolving. Uncertainty and a lack of clear regulations have hindered the adoption and integration of blockchain technology,” he stated.

According to Iwuno, regulatory uncertainty in Nigeria in the early years stemmed from the absence of a comprehensive and cohesive framework governing blockchain technology and cryptocurrency operations.

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