Nigeria's Blockchain Policy: Key Recommendations for success

The Nigeria Blockchain Policy's vision is to make the country a leading player in the global blockchain ecosystem by 2030. This newsletter provides an analysis of the draft policy, highlights its strengths and weaknesses, and suggests recommendations for improvement.

With Nigeria's ambitious vision of becoming a leading player in the global blockchain ecosystem by 2030, there is immense potential for growth and innovation. However, for this vision to materialize, it's crucial that the policy addresses the following four key questions:

1. Does it address the challenges confronting the Blockchain use-case and projects currently prevalent in Nigeria, for example, in healthcare [RxAll], agriculture [AFEX], finance [SureRemit], social networking [Uhive], real estate [HouseAfrica], security and big data [Constellation], software development [Ellcrys], entertainment [Cinemadrom], and Exchange [NairaEx]?
2. Does it provide the roadmap for a defined regulatory framework that encourages innovation, supports local blockchain startups, and ensures compliance with international standards?
3. Does it provide a clear roadmap for establishing strategic public, private, and development partnerships with global blockchain leaders, organizations, and companies to facilitate the exchange of knowledge, best practices, and resources?
4. Does it provide the pathway for developing a skilled workforce and promoting cutting-edge research for establishing Nigeria as a regional leader in the blockchain space?

In this newsletter, I will discuss some specific aspects of the Blockchain Policy and offer recommendations for improvement based on the four key questions outlined above.

Firstly, I commend the vision and mission of the Blockchain Policy, which emphasizes inclusiveness, interoperability, and a focus on national priorities. However, I propose alternative statements for the Policy Direction on page 12 to better reflect these principles:

i. Foster a collaborative ecosystem that integrates blockchain technology across public and private sectors, enhancing transparency, security, and innovation for Nigeria's digital economy, driving inclusive growth and prosperity.

ii. Cultivate domestic talent and foster innovation in blockchain technology, facilitating its adoption and integration across public and private sectors to enhance Nigeria's digital economy, bolstering transparency, security, and inclusive growth.

On pages 14 and 15, the Innovation Policy Statement is comprehensive, covering various aspects of blockchain technology, including research, development, innovation, education, and collaboration. However, I recommend setting clear targets or deadlines for achieving these objectives, making it easier to assess progress and ensure accountability. In addition, the statement should provide more details on how the government plans to execute these initiatives to reduce uncertainty and potential inefficiencies.

The Policy Statements on Adoption for Financial Services on page 16 showcase a proactive approach to establishing a regulatory framework for integrating blockchain technology into the financial system. However, there's a lack of clarity on the roles and responsibilities of stakeholders, mechanisms, or timelines for implementing the frameworks and providing funding and incentives. Moreover, the statement does not address potential challenges or risks associated with blockchain adoption, such as security concerns, privacy issues, and environmental impacts. These issues must be addressed in the National Blockchain Policy.

Regarding Government and Corporate Digital Services on page 17, I suggest citing more examples beyond the three provided, in areas like Intellectual Property Rights Management, Healthcare Data Management, Education and Credential Verification, Tax Collection and Transparency, and Public Procurement and Contracts.

I also recommend broadening the Steering Committee on page 22 to include more stakeholders for ease of adoption and implementation, such as the Ministry of Youth, the Federal Ministry of Trade and Investment, the Ministry of Education, and the Ministry of Agriculture, et all.

In conclusion, here are my further recommendations for improvement:

1. Set specific goals and timelines: Outline clear objectives and timelines for the initiatives mentioned in the draft, which will help measure progress and ensure accountability.
2. Address privacy and security concerns: Include measures or reference to frameworks containing measures to safeguard user data and privacy, as well as strategies to tackle potential security threats.
3. Provide implementation details: Offer a clear roadmap for the execution of these initiatives, including resource allocation, stakeholders' roles, and expected outcomes.
4. Establish a dedicated body or task force: Consider creating a specialized team or agency to coordinate and oversee the implementation of the blockchain policy. This dedicated body would ensure that the policy's objectives are pursued effectively and consistently, while also serving as a central point of contact for stakeholders and the public.
5. Capacity building and public education: Include plans for capacity building and public education to raise awareness about blockchain technology and its potential benefits and risks, both within the government and among the general public. This could involve organizing workshops, seminars, and training programs for government officials, industry professionals, and citizens to build understanding and support for the adoption and integration of blockchain technology.

By addressing these recommendations, Nigeria's Blockchain Policy can more effectively focus on the key areas that will drive the country's growth and innovation in the blockchain space. With a clear vision and actionable strategy, Nigeria can establish itself as a regional leader and global player in the rapidly evolving blockchain ecosystem.