The Federal Government at the end of the Federal Executive Council’s (FEC’s) meeting on Wednesday approved the implementation of the National Blockchain Policy for Nigeria.
A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers. Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network.
The Minister of Communications and Digital Economy, Prof. Isa Pantami, who gave this hint during a chat with journalists at the end of the FEC’s meeting, explained that the policy was developed in consultations with stakeholders involving more than 50 institutions and personalities.
He expatiated: “With the approval of the National Blockchain Policy, we can safely say that blockchain technology with all its components and types have been institutionalized in the country.
“The Federal Government had earlier approved the National Digital Economy policy and strategy for a digital Nigeria. It was unveiled and launched on Nov. 28, 2019”, Pantami added.
The minister explained that following the approval of the policy, cabinet directed regulatory agencies to liaise with the National Information Technology Development Agency (NITDA) to ensure that regulatory instruments were introduced in national economy and security
In another briefing, Minister of Science, Technology and Innovation, Mr Adeleke Mamora, said cabinet approved a National Technology Action Plan for Climate Change Mitigation and Adaptation in the country’s most vulnerable sectors.
Mamora explained that the devastating effects of climate change had made it expedient for nations to take actions on mitigation and adaptation to emerging trends.
