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- How does blockchain technology help Nigeria develop its digital economy?
- Director General of NITDA said that blockchain may bring up to $10 billion in revenue
Kashifu Inuwa, director of Nigeria’s National Information Technology Development Agency (also known as NITDA), recently stated that the country’s use of the technology could bring up to $10 billion in revenue Blockchain The technology of the next decade.
At a stakeholder meeting in Abuja, the Director-General explained how blockchain can benefit Nigerians digital Economy, and promote the development of this type of economy when needed.
He said at the meeting:
“We hope Nigeria can strategically derive value from the economic potential of blockchain…Look at our young population, these people are mainly digital natives, and our position in Africa, we are studying how to at least get Income of about six to ten. It will reach 1 billion US dollars by 2030.”
He further added:
“Blockchain will play a key role in creating and tracking products and services.”
The Director-General further emphasized a study published by PricewaterhouseCoopers in October that found that blockchain technology could add nearly 2 trillion US dollars to global GDP in the next 10 years. Therefore, by 2030, it will account for 1.4% of global GDP.
In addition, he added that Nigeria can incorporate this technology through its payment services, digital identity, customer engagement, etc. to further improve this level.
“We think it is necessary for us to position our country well so that we can extract value from the blockchain.”
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