According to the latest news from experts, the future of blockchain in Nigeria will strongly depend on local talents.
The Nigerian specialists emphasize that the adoption of a blockchain developed abroad could limit the capacity of the country to influence key decisions within the technology.
Promoting and developing native blockchain solutions will be crucial to ensure greater control and a significant impact in the global blockchain landscape. Let’s see all the details below.
Nigerium: The Sovereignty of the Nigerian Blockchain
Nigeria blockchain news: the importance of developing local solutions
As anticipated, Nigerian blockchain and data experts have expressed their opinions on the initiative of the National Information Technology Development Agency (NITDA) to develop an indigenous blockchain called “Nigerium”.
This ambitious project aims to ensure data sovereignty and strengthen national security. Thus emphasizing the need to develop the project internally by leveraging local talents and addressing fundamental infrastructural and political challenges.
Nathaniel Luz, CEO of Flincap, a platform for African over-the-counter cryptocurrency exchanges, highlighted the importance of having Nigerian experts leading the Nigerium project.
Luz stated that Nigeria possesses the necessary skills to build a blockchain project from start to finish. Additionally citing the involvement of Nigerians in major global blockchain initiatives:
“If we talk about data security and national integrity, we cannot outsource all this to some foreigners.”
However, Luz has warned of the risks of skipping essential fundamental steps, as seen with the eNaira project. She emphasized the need for robust infrastructure, such as data centers and reliable electricity, to support the Nigerium project.
Currently, most of Nigeria’s data is stored with Big Tech companies outside the country, highlighting the importance of developing local data storage capabilities.
Necessary Data Collection Practices
Obinna Uzoije, data expert at Africa Policy Conversations, praised the efforts of NITDA, but emphasized the need to improve data collection practices in Nigeria:
“The inability of Nigeria to adopt data collection as a crucial factor to achieve state capacity is a significant challenge that must be addressed.”
The lack of accurate and reliable data has led to disparities, making it difficult to use data-based information for development and research.
Uzoije also highlighted the emerging career of data analysis in Nigeria, urging companies and individuals to recognize the importance of data collection and analysis to drive innovation and economic growth.
Nigeria has shown interest in using blockchain more extensively in its economy.
In May, it restructured the National Blockchain Policy Steering Committee (NBPSC) to reassess the policies guiding the implementation of the country’s National Blockchain Policy.
More recently, the country has announced its intention to establish research centers focused on emerging technologies. Among these are artificial intelligence (AI), the Internet of Things (IoT), and blockchain in the six geopolitical zones of the country.
These developments underline the importance of strong local leadership and robust infrastructure to realize the full potential of blockchain in Nigeria.