Nigeria 2019 Political Agenda
The People’s Democratic Party presidential aspirant, Atiku Abubakar, informs the public ahead of the February 2019 general elections. He informs about plans to introduce a blockchain and cryptocurrency policy if elected as president.
Atiku Abubakar proposed the policy as a way of bringing about growth and development in the Nigerian economy. On a positive note, it is the first time a national policy for the young industry is being advanced.
During his “Let’s Get Nigeria Working Again” campaign manifesto, Atiku spoke about the fact that 70% of the country’s population is below the age of 30 – which is approximately 140 million people. Creating such a policy will have to give results similar to the existing mobile money policy, which has created jobs in the informal sector and reduce unemployment in the country.
A properly formulated blockchain and cryptocurrency policy will put guidelines for business initiatives within and into the country. It would also help in defining how a single economy would be built around blockchain and cryptocurrency or incorporated into another.
This is especially with the prospects of blockchain’s technology in enhancing openness in most sectors. Munachi Ogueke, co-founder of Cryset a blockchain and cryptocurrency enthusiast said,
According to the policy plan he laid out, a planned blockchain and cryptocurrency framework would be looked into by the administration. To what end? We can’t say for now but the blockchain community believes it’s a step in the right direction.
Despite the lack of statistics, Nigerians continue to engage the blockchain/ cryptocurrency space. They make use of global trends, trading in cryptocurrencies and invest in digital assets. Mostly, tokenized by start-ups through blockchain-backed initial coin offerings. Some persons have taken steps toward improving their technical skills. Basically, to be able to improve their work prospects in the sector.
Ogueke believes the government should give considerable attention to the technology, particularly due to the fact that corporate enterprises like Oracle, Microsoft, and InterSwitch have launched blockchain-related projects in Nigeria, although on a small scale basis. Over the last three years, there has been no deliberate action and legal status by the government on blockchain and cryptocurrency despite having a series of discussions.
Ogueke also stated that: “Blockchain and cryptocurrency companies are playing recklessly because there is no clear line. A framework will go a long way to give clarity regarding guidelines.”
It’s important to note that the Blockchain industry is experiencing expansion in Africa. There are various innovations that are in place and shows interest flow from both the public and private sectors. Especially, interest in using this technology for effective data management.