Nigeria's Blockchain Dreams Falter Amid Cryptocurrency Frenzy

Nigeria's blockchain ambitions are being overshadowed by its growing cryptocurrency sector. The National Blockchain Policy, launched in 2023 under former President Muhammadu Buhari, has stalled due to a lack of implementation.

Industry leaders, including Obinna Iwuno from the Crypto Bootcamp Community and Bobola Odebiyi from Avanor Labs, have expressed concern that the government is prioritizing digital assets over blockchain technology. They argue that blockchain has far-reaching applications across various sectors, including oil and gas, mining, governance, healthcare, education, infrastructure, supply chains, and agriculture.

Iwuno noted that Nigeria's lack of progress in implementing its National Blockchain Policy puts the country at a disadvantage, as it is the only African nation to have passed such a policy. He also questioned whether the government is deliberately slowing down the policy or if regulation has halted its implementation entirely.