The director-general for Nigeria’s National Information Technology Development Agency (NITDA) has said that the country could potentially expect a revenue stream between $6 billion to 10 billion from blockchain technology in the next ten years. According to a recent announcement from the NITDA, Director-General Kashifu Inuwa spoke at stakeholders meeting in the capital Abuja to review the agency’s National Blockchain Adoption Strategy Framework. A draft of the strategy was first released in October and stated that blockchain would “facilitate the Nigerian digital economy development.”
“We want Nigeria to be strategically placed so it can capitalize on blockchain tech.”
The director-genera said, “we want Nigeria to be strategically placed to capture value from this economic potential of blockchain.” “Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 203,” he added. “Blockchain is going to play a key role in terms of creating, tracing products and services,” stated Inuwa.
“Blockchain would potentially add $1.76 trillion to the global gross domestic product by 2030.”
Inuwa cited an October study from PricewaterhouseCoopers saying blockchain would potentially add $1.76 trillion to the global gross domestic product by the year 2030, making it 1.4% of the global GDP in the next ten years. He further stated that Nigeria could incorporate technology through its provincial services, payment services, digital identity, customer engagement, and contract and dispute resolution applications. Nigeria has been at the forefront of crypto and blockchain adoption among all African countries. As reported earlier, Arcane Research determined that the country had the second-highest percentage of cryptocurrency ownership or use among internet users in Africa at 11%.