In a riveting development, the Nigerian government reveals a strategic initiative towards leveraging blockchain technology within their National Youth Service Scheme (NYSC). Advanced by the top echelon from NITDA, blockchain is seen as the antidote to the enduring challenge of certificate forgery. This move marks a transformative evolution for the NYSC – an obligatory stint for native graduates under 30, contributing one year of service to the nation.
This mandate has stirred ongoing controversy owing to widespread forgery and its perceived requirement for political qualifications. A digital shift towards certification, championed by the NYSC’s director-general, is garnering applause within Nigeria’s technology milieu.
Granting citizens and corporations the power to ascertain document veracity stands to optimize hiring practices by ensuring the legitimacy of potential recruits bearing the prerequisite NYSC certification.
Recently, the nation’s standpoint on cryptocurrency and blockchain technology has subtly pivoted. Spearheaded by the administration inaugurated on May 29, congenial crypto regulating laws were part of their campaign, primarily intended to entice investments. Unsurprisingly, Nigeria’s young demographic tops global charts in cryptocurrency adoption.
Government entities are progressively endorsing blockchain’s deployment in service delivery—an adoption endeavour envisioned to bolster transparency and simplicity. Addressing the salient subject of harnessing blockchain technology for sustainable economic growth and development, NITDA’s director-general outlines forthcoming plans, including the training and certification of Nigerian youth.
In an unprecedented twist, the CBN, traditionally antagonistic towards cryptocurrencies, evinces a readiness for collaborative blockchain ventures across Nigeria. Blockchain focused stakeholders like SiBAN and NITDA interpret this shift as potentially altering the nation’s economic landscape.
Projecting the global economic influence of blockchain at a staggering $1.7 trillion, Abdullahi argues that Nigeria can lucratively exploit this technology. Based on a BWC report, the country could see a GDP boost of approximately $40 billion by 2030 by proficiently positioning itself.
Interestingly, the President’s sanctioning of the revised Financial Act, which designates digital assets as taxable properties, essentially injects optimism into the once rigid aura surrounding digital currency in Nigeria.
However, the nation’s embraced e-naira has yet to meet expectations. To rectify this, the CBN is intensifying awareness about this digital currency through alignments with universities and market associations.
In sum, Nigeria’s pivotal shift towards blockchain adoption and the integration of this technology within the hands of its youth, business, and economy signal a revolutionary progression with broad, profound implications.
Source: Cryptonews
