Blockchain technology can boost Nigerian economy by $29bn – EFInA

A new report by the Enhancing Financial Innovation & Access (EFInA) has revealed that investment in blockchain technology will improve the Nigerian economy by $29 billion by 2030. The study also outlines the potential of blockchain to drive financial inclusion and illustrates potential use cases of the technology in the country.

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

In recent years, blockchain technology has grown to be an exciting innovation, sparking increased interest in the transportation, gaming, and lottery industries, while more African companies across the continent use decentralized ledger technology (DLT). According to EFInA’s research, more focus on the technology can increase Nigeria’s GDP mainly by instilling trust in business, government transactions, and processes.

Ashley Immanuel, EFInA CEO, stated after the report’s release that with Nigeria’s growing population and the current focus on economic diversification due to declining oil revenue, it has become critical to leverage the benefits of blockchain technology while also addressing the challenges that have hampered financial inclusion.

“From the study, we also identified the four key use cases of blockchain technology in Nigeria”, said Ashley. “Enabling Identity Management, Payments, Access to Finance, and Land Titling & Registration – outside of cryptocurrency, which is a major application of blockchain technology and a recurring topic of discussion among government institutions and regulators globally. The potential use cases across several industries are immense, leading to projections of a massive in the sector by many experts. With a digital-led economic strategy, these will provide opportunities to revolutionise the Nigerian economy and also meet our financial inclusion targets”.

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