Financial services can generate $10bn revenue for the Nigerian economy via blockchain – NITDA

Financial services firm stand the chance of attracting $10 billion in earnings into the Nigerian economy through installation of blockchain technology, the Nigerian Information Technology Deployment Agency (NITDA) declared on Thursday.

Kashifu Inuwa, NITDA’s director-general, said at a session with journalists in Abuja that his organisation had made arrangement to devise a blueprint that would position Nigeria to realise between $6 billion and $10 billion through blockchain.

A security system in data technology, blockchain enables information recording through a process that makes hacking, cheating and alteration pretty hard for cyber criminals.

It stores digital transactions that are multiplied and shared over a network of computer systems.

Read also: Nigerian economy performing better than projected –Finance Minister

“Considering our youthful population and our strategic position in Africa, we are looking at how we can get at least $6bn to $10bn in blockchain technology by the year 2030,” said at the stakeholders’ forum centring on adoption strategy for the technology.

“This is doable because if you look at our payment and financial services sector, it is very huge and it is strategically placed to capture this value.”

A newly released publication by PricewaterhouseCoopers, Inuwa disclosed, noted that the contribution of blockchain technology to the global economy could reach $1.76 trillion ten years from now.

The prospect is vibrant for Nigeria, according to the NITDA head, in view of Nigeria’s robust payment and financial services that are making it the fintech hub of Africa.

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