Nigeria’s national blockchain policy, launched three years ago with the potential to generate up to $40 billion in economic value, has seen little implementation, even as the government intensifies efforts to regulate cryptocurrencies.
The policy, developed by the National Information Technology Development Agency (NITDA), was designed to transform Nigeria from a consumer of foreign technology into a producer of blockchain-based digital services. It proposed building a sovereign blockchain infrastructure known as Nigereum, establishing regulatory sandboxes for startups, integrating blockchain into government services, modernising land registries and identity management, and training tens of thousands of developers.
However, industry experts say the initiative has largely remained on paper since the inauguration of the National Blockchain Steering and Implementation Committee. Obinna Iwuno, founder of the Crypto Bootcamp Community, noted that Nigeria is one of only nine countries worldwide and the only one in Africa with a national blockchain policy, yet progress has stalled.
Crypto Regulation Overshadows Broader Strategy
While recent developments such as the signing of the Virtual Assets Executive Order and the implementation of the Investments and Securities Act (ISA) 2025 have brought clarity to digital asset regulation, the wider blockchain agenda has received limited attention.
Iwuno argued that policymakers have focused too heavily on cryptocurrencies which he described as just one byproduct of blockchain technology while neglecting the foundational infrastructure that could revolutionise multiple sectors of the economy.
“Blockchain is an entire system that can touch every fabric of our economy and society from oil and gas to mining, governance, healthcare, education, public service, infrastructure, supply chains, and agriculture,” he said.
Significant Economic Opportunity at Risk
Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has previously warned that the country risks missing out on an estimated $2 trillion in long-term economic value if the policy is not activated. Studies by Enhancing Financial Innovation and Access (EFInA) projected that blockchain could contribute $29 billion annually by 2030 if adoption accelerates.
The stalled progress represents a missed opportunity to diversify revenue streams, reduce reliance on foreign technology, and create high-value jobs in emerging digital sectors.
As global governments increasingly view blockchain as critical infrastructure, Nigeria risks falling behind its peers if it fails to move beyond crypto regulation and fully activate its national blockchain strategy. The coming months will be critical in determining whether the policy can be revived and its potential realised.
