Tech News

FG targets $6bn revenue from Blockchain Technology

By Stanley Iwuoha

Federal government says it is projecting to raise at least $6bn from blockchain and use Information and Communication Technology (ICT) to increase the Gross Domestic Product of the country.
The Director General, National Information Technology Development Agency (NITDA), Mallam Inuwa Abdullahi, who disclosed this said he is championing the course to ensure its fruition.

He stated that for Nigeria to produce billionaires through emerging technologies, the country must adopt Blockchain technology since that is the future.

Abdulkahi dropped the hint in Abuja during a one day stakeholders meeting on national strategy on Blockchain adoption.

He noted that emerging technology is where the future is and Nigeria and Nigerians must not be left behind in over $1trillion dollars that this technology is expected to offer the world.

“The emerging technology is where the future is. That is where the next
generation billionaires are going to come from. Or may be the present
billionaires are already from that area, that is why everybody is
trying to control. So Nigeria as a country also, would not want to be
left behind. We want to be part of the people that will benefit from
the $1.76billion technology. That is why we are here today to brainstorm and come up with adoption strategy.”

Speaking further he talked on the prospected market estimation and projections of how countries are benefit from the technology.

“The bottom line of what we do is the GDP. that reminds of the article
i read from the PwC titled trust for future. In the report, they projected that blockchain will add $1.76trillion to the global GDP in the next 10years. And they idenfied five (5) Applications areas:
Firstly, Tracking and Tracing of products and services, the application is going to capture the largest share of that
$1.76trillion. The report projected that by 2030, that sector will be
valued at $962billion.

“they talked about payment and financial services, including
using cross boarder settlement and remittences to promote financial
inclusion, and this sector is going to be valued at $423billion.”

He went further that, “Digital Identity, including personal identity, Certificates
and Credentials Identity to avoid fraud and identity theft, this area
is going to be valued at $224billion.

And that, “Contract and Disbute Resolution, that is where the
application of smart contract is adopted, and that one was projected
to be valued around $73billion by 2030.”

“It was about customer engagement where you can use the blockchain
application for loyalty and other things, and this area will be valued
at about $54billion. So as a country, we need to look at out
competitive advantage and see which of those applications we can
easily grap vaules from.”

The report went further to even look at regions that will capture most
of the values and China was placed the highest because of their
potential in tracking and tracing of products and services. This is a
result of we learnt from Covid-19 pandemic which distructed the global
supply chain and also it has put a high periority in looking for a
technology that can improve trust, transparency and efficiency in
their services.

According to him, “China has done while the whole world was scanbbering about coming up with regulatgory framework revoving adoption of blockchain technology. China wasted no time, it went ahead and started using this technology, by adopting their own technology. Like the Alibaba, they have this blockchain and they have created alot of hub around the country, and also that is what is causing the cold
war between the China and U.S on who is going to control the emerging
technology.” He stated

He expects the stakeholders to come up with very good and implementable national Blockchain strategy. When he said, “You are going to capture most of the values we are going to create from this strategy. “I know the potentials in blockchain: I will expect to see at the end of this workshop, a strategy that can be easily translated and flexible for execution. Because some of our challenges most of the time when we come up with strategy, we end up with an expensive book that will end up on a shelf cataching dust, for we dont
want that, we want to come up with something we can implement
together. For you the private sector to capture the value and for the
government also to direct on it to create jobs and wealth for our
country.” The NITDA boss advised.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Subscribe to our Newsletter to Get Fresh and Free Updates.

Subscribe to our Newsletter to Get Fresh and Free Updates.

ICT news breaks, new industry statistics, Pinpoint Tech reviews and much more!

You have Successfully Subscribed!