Nigeria’s Blockchain Ambitions: A Question of National Priorities 

The Nigerian government’s newly unveiled National Blockchain Policy, aimed at fostering innovation in digital infrastructure, is facing scrutiny over its priorities amid the country’s crippling electricity shortages. 

Announced by Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, the five-page policy framework touts blockchain technology as a catalyst for financial inclusion, digital identity solutions, and supply chain transparency. Tijani emphasized an “inclusive approach” to ensure the policy is “technically sound and locally relevant,” while pledging collaboration with global researchers and stakeholders.  

The document identifies 21 Nigerian researchers specializing in blockchain technology, discovered through AI analysis of nearly 3,000 academic papers, who will reportedly advise the government, and while the Minister of Digital Economy’s enthusiasm for emerging technologies like artificial intelligence and blockchain is evident, the lack of implementation of the 2023 NITDA Blockchain Policy introduced by his predecessor, Isa Pantami, should serve as a clear signal that Nigeria may not yet be ready for such ambitious innovations.

Public skepticism is compounded by the government’s contentious relationship with the crypto industry. Recent clashes, including the high-profile detention of Binance executives in 2024 and the Central Bank’s 2020 ban on crypto transactions, have fueled distrust. While crypto remains legal, regulatory ambiguity persists, deterring investment.  

The policy’s viability faces a more fundamental hurdle: Nigeria’s dire electricity shortages. Over 90 million of its 230 million citizens lack grid access, the highest globally. Even connected areas endure frequent outages, with the national grid collapsing in March after briefly reaching 5 gigawatts (GW), a fraction of the 48GW managed by South Africa (population: 63 million) and 16GW by Bangladesh (170 million).  

With the economy stagnating and living standards declining, resolving the energy crisis should supersede high-tech ventures. Chronic underfunding and grid dysfunction suggest no quick fixes, casting doubt on blockchain’s promise as a near-term solution.  

As debates rage, the government insists its dual focus on innovation and infrastructure will prevail. Yet for many Nigerians, the policy serves as a reminder of the chasm between political visions and on-the-ground realities.