“Developing countries like Nigeria, if we position ourselves, can increase GDP by at least 0.5 percent, which is almost US$ 25 billion” – Blockchain Summit @ Digital Nigeria 2022, Day 2
ABUJA, NG, Oct 28, 2022 – (ACN Newswire) – Developing nations like Nigeria stand an opportunity to profit from the US$ 1.76 trillion market, if they will place themselves to undertake and leverage Blockchain applied sciences, Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), mentioned throughout Day 2 of the Digital Nigeria 2022 International Conferences, Exhibitions and Awards.
|Kashifu Inuwa, NITDA Director-General, “There are a lot of opportunities in Blockchain, and it is critical in every business. So, you need to task yourself to know which solutions or offerings the industry requires.”|
|Blockchain Summit @ Digital Nigeria 2022, Day 2, featured the summit that many had been ready for, sponsored by NITDA, and Domineum Blockchain Solutions. [Image: NITDA]|
|Mohammed Ibrahim Jega, Domineum co-founder, “Blockchain is a technology that houses Cryptocurrency and other compelling ideas, it is important to demystify it, and enable young people to get a proper grasp of this game-changing technology.”|
The NITDA boss mentioned “Developing countries like Nigeria, if we position ourselves, we can increase our GDP by at least 0.5 percent, which is almost US$ 25 billion. So today we are here to explore how we can position ourselves. The government has been doing it. It is in site. We have developed blockchain adoption strategies.”
He revealed the NITDA Blockchain adoption technique has 4 initiatives. “Firstly, to establish a consortia that will build the ecosystem. And today we are here to build that ecosystem and community! Secondly, to strengthen the regulatory instruments and have legal framework. and last week, the president signed the Nigerian startup Bill into law, now the Nigeria Startup Act 2022, which is going to provide legal instruments for all emerging technologies, including blockchain.”
Inuwa famous “Thirdly, initiatives to incentivize the ecosystem which would encourage the building of use cases using blockchain, adding that the Start Up Act would to achieve that as well. And, fourthly is to build sandbox. We are going to work with you to develop sandbox for proof of concept and proof of value around blockchains. So, all that this government is doing, aims to make Nigeria attractive to blockchain investment.”
He listed the advantages of Blockchain to incorporate “Tracking and tracing. We can use it to solve our supply chain challenges. We can use it to track records like land titles. We can use it to track certificate, vaccine, and so many things, anything you can think of that needs that trust. Technology can also address payment system challenges and financial inclusion, adding that it can also be used to strengthen our identity management.
“Not solely private id, however even issues’ identities. We’re speaking concerning the Internet of Things. That means all the pieces related to web must be recognized. With Blockchain, you’ll be able to obtain that while you use blockchain and IoT. You may even use it to handle authorities spending. In the budgeting course of, you should utilize it to connect each single Naira to what it’s budgeted for. You can hint it, and ensure there’s traceability for each Naira spent by the federal government.”
Blockchain Summit @ Digital Nigeria 2022: And then some..
The session witnessed panel discussions on Prioritizing Blockchain Technology, Implications for Digital Asset Innovation, Impacts of Blockchain on the Digital Economy: the Myth, the Truth and the Opportunities, and, One World Connected with Blockchain. The highlights of the summit were the inauguration of the Blockchain Campus Ambassadors and evolution of Blockchain Technology in Nigeria, in story-book form.
“Blockchain is right here to remain, and we’re quickly shifting away from conventional course of to the Digital Transformation course of,” concluded Ibrahim Jega, Co-Founder of Domineum Blockchain Solutions, who along with the NITDA had hosted almost 2000 friends at this 12 months’s Blockchain Summit @ Digital Nigeria 2022, Day 2.
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