Nationwide rollout of AI and Blockchain research center by Nigeria announced
Nigeria has taken a significant step towards integrating blockchain technology into its economy with the introduction of the National Blockchain Policy last year. This policy, developed over a period of two and a half years by the National Information Technology Development Agency (NITDA) and the Ministry of Communication and Digital Economy, forms part of a larger strategy to position Nigeria as a leader in Africa’s crypto ecosystem.
The policy is currently implemented through a blockchain policy framework aligned with the 2025 Investment and Securities Act. This Act establishes the regulatory environment for digital assets, including cryptocurrencies classified as securities, under the oversight of the Securities and Exchange Commission (SEC). The SEC’s framework incorporates compliance requirements such as Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, verifiable reserves for stablecoin issuers, and mandated audits to ensure market integrity and consumer protection.
The 2025 Act marks a shift from restrictive enforcement to structured compliance and innovation, with local crypto firms obtaining provisional licenses and international players entering regulatory sandboxes under SEC supervision. Tokenization use cases for government services are also being explored, highlighting adoption beyond private enterprise into public sector applications.
However, there remains some regulatory uncertainty. For instance, the Central Bank of Nigeria has yet to clarify its position on banking services for crypto firms, and a comprehensive national blockchain development strategy or AI strategy is still lacking, reflecting ongoing challenges in policy coordination and regulatory clarity.
President Bola Tinubu, in his pre-election manifesto, expressed intentions to integrate blockchain into various sectors of the Nigerian economy. However, it remains unclear how Nigeria plans to turn these policies and promises into tangible, productive endeavors. As of now, there is no publicly available roadmap for implementing the National Blockchain Policy. No tangible steps towards its implementation have been publicly announced.
In summary, Nigeria’s current status is a regulated environment with legal recognition of cryptocurrencies as securities, active licensing of crypto firms by the SEC, and expanding blockchain use cases in government services. The roadmap toward broader blockchain adoption involves enforcement of the new legal framework, expansion of the SEC’s regulatory sandbox, and further development of tokenization initiatives. However, full clarity and national strategic policy on blockchain remain works in progress.
References: 1. Nigerian SEC Releases Draft Crypto Regulations 2. Nigeria's Crypto Regulatory Uncertainty 3. Nigeria's National Blockchain Policy 4. Nigeria Explores Tokenization for Government Services 5. Challenges in Nigeria's Blockchain Policy Development
- The National Blockchain Policy, introduced in Nigeria last year, is part of a broader strategy to establish the country as a leader in Africa's crypto ecosystem.
- The policy, implemented through a blockchain policy framework aligned with the 2025 Investment and Securities Act, sets the regulatory environment for digital assets, including cryptocurrencies classified as securities.
- The Securities and Exchange Commission (SEC) oversees this regulatory environment, enforcing compliance requirements such as Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.
- Local and international crypto businesses are already taking advantage of this regulated environment, with some firms obtaining provisional licenses and exploring tokenization use cases for government services.
- President Bola Tinubu has expressed intentions to integrate blockchain into various sectors of the economy, yet a publicly available roadmap for implementing the National Blockchain Policy and a comprehensive national blockchain development strategy are still lacking.
- As technology continues to evolve, particularly in the areas of artificial intelligence and finance, Nigeria's policy coordination and regulatory clarity will be crucial for fostering a thriving ecosystem of startups and businesses in the digital assets sector.
