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Nigeria expects blockchain technology revenues to reach up to $10B in a decade

Nigeria wants to better position itself as blockchain-related businesses are expected to grow in the coming years.

Image by mmi9 from Pixabay

Fri, 06 Nov 2020, 07:49 am UTC

Blockchain, the technology that power popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), is slowly making its way into other industries such as supply chain management, human resources, and online security. Nigeria revealed plans of cashing in on this new technology, which could potentially bring in billions in revenue in a decade.

Nigeria wants to tap into blockchain technology’s huge economic potential. The country’s National Information Technology Development Agency (NITDA) came up with the National Blockchain Adaption Strategy Framework to better position itself in the niche.

According to NITDA Director-General Kashifu Inuwa, Nigeria could expect the revenue stream from blockchain technology to balloon between $6 billion and $10 billion in just ten years, Cointelegraph reported. This was revealed by Inuwa on November 5 stakeholders meeting held in Abuja City to review the agency’s strategy on blockchain adoption.

“We see the need for us to position our country well so we can capture value from the blockchain,” the Director-General said. “Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030.”

The meeting’s goal was for the stakeholders to come out with strategies that the government can implement to help with job creation in the niche. “We are looking at coming up with a strategy to help the country capture value from financial services, land administration, education, and health care,” Inuwa added, according to Vanguardngr.com.

Inuwa supported his projection with the findings of a study released in October 2020 saying that blockchain-based economic activity would be worth more than a trillion dollars in a decade. “There is a recent publication by PricewaterhouseCoopers(PwC), an international institution that indicated that in the next 10 years, blockchain is going to contribute 1.76 trillion dollars to the global Gross Domestic Development by 2030,” the Director-General said.

Nigeria leads African countries in terms of blockchain and cryptocurrency adoption. A report by Arcane Research released in May revealed that 11 percent of internet users in the country also owns cryptocurrency making Nigeria the second-highest percentage of crypto ownership in the continent.

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