Nigeria Greenlights National Blockchain Policy to Boost Digital Economy


Key Points

  • Nigeria has approved a National Blockchain Policy to boost its economy.
  • The technology will be used in finance, healthcare, supply chain, and transportation.
  • Nigeria will also regulate crypto after an attempt to ban it failed.

Nigeria has approved a National Blockchain Policy to boost its digital economy. A broad range of industries will employ this technology.


Nigeria has taken a few steps forward in its bid to include blockchain technology in its economy. The country’s Federal Executive Council approved a blockchain policy that would help boost its digital economy. The Ministry of Communications and Digital Economy tweeted on May 4 about the policy, with both the public and private sectors involved in the discussions leading to the approval.

Stay in the know on crypto by frequently visiting Crypto News Today

The Ministry of Communications and Digital Economy was responsible for developing the policy, which focuses on creating a policy that incorporates all of the benefits of blockchain technology. Regarding this, the press release stated,

“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.”

The press release also suggested that the technology could be utilized in the healthcare, transportation, and supply chain industries, in addition to the financial industry. The agency urged both public and private sector entities to consider implementing blockchain solutions.

Nigeria SEC Will Allow Tokenized Assets

Nigeria has taken other steps with respect to the utility of tokenized assets. The country’s Securities and Exchange Commission aims to allow tokenized assets.


The change would include allowing tokenized coin offerings on licensed digital exchanges. However, these must be backed by assets that include equity, debt, or property, but not crypto. Like other nations, Nigeria is keen on ensuring that there must be a certain standard of investor protection.

Nigeria’s SEC would focus on having fintech firms register as digital sub-brokers, crowdfunding intermediaries, fund managers, and more. It’s the first step in what may be a long line of regulatory actions.

The African Nation Sets Out to Regulate Crypto

Nigerians are extremely fond of crypto and are keen to have the asset class permitted. The government has launched a CBDC called the e-Naira, which Nigerians are taking to. Since its launch in October 2021, about 13 million users have created e-wallets.

In December 2022, the government said it would regulate cryptocurrencies as its central bank had failed to contain a ban it had implemented in early 2021. Amid all of this, bitcoin has been trading at a premium in Nigeria.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like