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Nigerian government issued manifesto for national adoption of blockchain technology

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Joyashree Dey Follow


Mar, 13 2023

Mar, 13 2023

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Nigerian President-elect Bola Tinubu recently issued a manifesto that, if adopted, will allow for the usage of blockchain technology and cryptocurrencies in the country's banking and financial sectors.

The manifesto advocates for a revision of existing Nigerian Securities Exchange Commission (SEC) regulations on digital assets to make them more business-friendly The new rule establishes a framework for regulating digital assets in Nigeria, such as cryptocurrencies and other digital tokens.

The proposed regulations would require digital asset issuers to register with the SEC and require all digital asset offerings and investments to adhere to SEC laws.

"We will reform the policy to encourage the prudent use of blockchain technology in banking and finance, identity management, revenue collection, and use of crypto assets," Tinubu stated in his manifesto. We will establish an advisory committee to review SEC regulation on digital assets creating a more efficient and business-friendly regulatory framework." 

Several cryptocurrency fans have criticized present restrictions for not allowing crypto users to do transactions with their local banks.

The paper also coincides with the Central Bank of Nigeria's (CBN) eNaira — the country's central bank digital currency — and aims to extend the currency's adoption, which has fallen short of expectations.

The government thinks that the proposed SEC regulation change will attract more investors in the digital and economic sectors, hence stimulating economic growth.

"We will also encourage the CBN to expand the use of our digital currency, the eNaira," Tinubu stated.

The publication of the manifesto coincides with Nigerians' growing crypto usage, which is among the greatest in the world.

The CBN's softer stance regarding stablecoins reflects Nigerians' interest in cryptocurrency. The bank recently released a research report titled "Nigeria's Payment System Vision 2025," which examines the development of a new framework for the introduction of a stablecoin in Nigeria.

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Joyashree Dey

CBW - External Analyst


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