Obinna Iwuno, president of the Stakeholders in Blockchain Association of Nigeria (SiBAN), has emphasized the critical need for a progressive legal framework to hasten the incorporation of blockchain technology across other economic sectors.
Iwuno, a prominent player in the fintech and blockchain space, has urged the federal government of Nigeria to enact laws that facilitate the broad adoption of the National Blockchain Policy, which has been approved. The policy is a strategic move meant to promote increased financial inclusion, job creation, and economic growth in the nation.
Speaking at the National Information Technology Development Agency and Stakeholders in Blockchain Technology Association of Nigeria Stakeholders’ Policy Dialogue in Lagos, Iwuno emphasized the critical importance of establishing a forward-thinking regulatory framework. This, he believes, will play a pivotal role in accelerating the seamless infusion of blockchain technology into diverse sectors of Nigeria’s economy.
The National Blockchain Policy, greenlit by former President Muhammadu Buhari in May, lays out a comprehensive strategy to leverage blockchain’s potential. The policy document affirms that blockchain technology has the capacity to drive economic growth, facilitate job creation, and address the persistent challenge of financial inclusion.
In a recent interview, Iwuno expressed his confidence in Nigeria’s readiness to implement blockchain technology. He highlighted the significance of the collaborative efforts between industry stakeholders, regulators, and operators, noting that this synergy positions Nigeria as a trailblazer in the continent’s digital economy landscape if the blockchain policy is fully embraced.
The National Blockchain Policy envisions far-reaching impacts, recognizing the potential for blockchain technology to be a catalyst for positive change in Nigeria. Iwuno stressed that as leading countries leverage technological advancements, Nigeria must position itself as a formidable contender on the global stage.
He emphasized that the journey towards mainstreaming blockchain in Nigeria is not solely a governmental initiative but a collective endeavor driven by the shared determination of stakeholders to establish Nigeria as a leader in the global blockchain arena.