Blockchain
the importance of developing local solutions
According to the latest news from experts, the future of blockchain in Nigeria will depend heavily on local talent.
Nigerian specialists point out that adopting a foreign-developed blockchain could limit the capacity of the country to influence key decisions in the technology field.
Promoting and developing native blockchain solutions will be crucial to ensure greater control and significant impact in the global blockchain landscape. Let’s see all the details below.
Nigerium: The Sovereignty of the Nigerian Blockchain
Blockchain News in Nigeria: The Importance of Developing Local Solutions
As expected, Nigerian blockchain and data experts they expressed their views on the National Information Technology Development Agency’s (NITDA) initiative to develop an indigenous blockchain called “Nigerian”.
This ambitious project aims to ensure data sovereignty and strengthen national security. Thus underlining the need to develop the project internally by leveraging local talent and addressing key infrastructure and policy challenges.
Nathaniel LuceCEO of Flincap, an African OTC Drug Platform cryptocurrency exchanges, highlighted the importance of having Nigerian experts leading the Nigerium project.
Luz said that Nigeria has the expertise to build a blockchain project from start to finish. He also cited Nigerians’ involvement in major global blockchain initiatives:
“If we are talking about data security and national integrity, we cannot outsource all of this to some foreigner.”
However, Luz warned of the risks of skipping essential milestones, as seen with the eNaira project. He stressed 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 Great technology companies abroad, highlighting the importance of developing local data storage capabilities.
Necessary practices for data collection
Obinna Uzoijedata expert at Africa Policy Conversations, praised NITDA’s efforts, but stressed the need to improve data collection practices in Nigeria:
“Nigeria’s failure to embrace data collection as a critical enabler of state capacity is a significant challenge that must be addressed.”
The lack of accurate and reliable data has led to disparity, making it difficult to use data-driven information for development and research.
Uzoije also highlighted the growing importance of data analytics in Nigeria, urging businesses and individuals to recognize the importance of data collection and analysis in driving innovation and economic growth.
Nigeria has shown interest in using blockchain more widely in its economy.
In May, it restructured the National Blockchain Policy Steering Committee (NBPSC) to reassess the policies that guide the implementation of the country’s National Blockchain Policy.
More recently, the country announced its intention to establish research centers focused on emerging technologies. Among these, artificial intelligence (Artificial intelligence), the Internet of Things (IoT) and blockchain in the country’s six geopolitical zones.
These developments underscore the importance of strong local leadership and solid infrastructure to achieve the full potential of blockchain in Nigeria.