Nigeria to formulate a fresh blockchain policy, repeated endeavor

In a significant stride towards digital transformation, the Nigerian government has announced plans to develop a new blockchain policy. The policy, spearheaded by Minister Bosun Tijani, is intended to support the growth of blockchain technology in Nigeria and drive blockchain adoption across various sectors.

The announcement has been met with mixed reactions, with some expressing skepticism, particularly in light of the Ministry's past plans that have yet to be fully implemented. Notably, the launch of an indigenous blockchain dubbed Nigerium and numerous projects announced by the National Information Technology Development Agency (NITDA) in 2023 have shown little progress as of July 6, 2025.

However, the government's commitment to establishing a formal regulatory framework for blockchain and cryptocurrency has advanced significantly since 2023. The Investments and Securities Act (ISA) 2025, signed by President Bola Ahmed Tinubu on March 29, 2025, classifies cryptocurrencies and other digital assets as securities, bringing them under the regulatory authority of the Securities and Exchange Commission (SEC). This move requires Virtual Asset Service Providers (VASPs), Digital Asset Operators (DOPs), and Digital Asset Exchanges (DAEs) to register and obtain authorization from the SEC to operate legally in Nigeria.

The policy aims to balance fostering innovation with investor protection, promoting the use, adoption, and integration of blockchain technology for enhanced economic prosperity, transparency, and trust. It also aligns Nigeria’s fintech and crypto regulatory policies with global standards, leveraging existing laws such as the Companies and Allied Matters Act (2020) to maintain international credibility.

Despite this progress, the Central Bank of Nigeria (CBN) continues to exercise some restrictions, reflecting ongoing caution in the traditional banking sector. The CBN retains the ability to discourage or restrict certain banking transactions involving cryptocurrencies.

Enforcement actions against unregulated platforms have been consistent since 2023, with the SEC issuing warnings against platforms such as Binance. The new regulatory regime underscores the government's commitment to protecting investors from illicit or unauthorized operations.

As part of the policy development process, the ministry is seeking submissions from the public to suggest more stakeholders in the Nigerian blockchain ecosystem to join its research efforts. The policy will provide a structural roadmap for blockchain development in Nigeria, focusing on creating a conducive environment for blockchain businesses and driving the development of a blockchain ecosystem.

While some critics argue that Nigeria faces more urgent challenges, such as the persistent lack of stable electricity, proponents of the new policy believe it will contribute to financial inclusion and digital identity in Nigeria. The policy will address regulatory issues related to blockchain technology, aiming to advance the country's digital transformation and position it as a global player in the blockchain industry.

As the policy development process continues, it is expected that the government will address the concerns of critics and work towards creating a robust and inclusive blockchain ecosystem in Nigeria.

The new blockchain policy, spearheaded by Minister Bosun Tijani, seeks to foster innovation in Africa, particularly in Nigeria, by supporting the growth of blockchain technology and driving adoption across various sectors.
The Investments and Securities Act (ISA) 2025, signed by President Bola Ahmed Tinubu, classifies cryptocurrencies as securities, bringing them under the regulatory authority of the Securities and Exchange Commission (SEC) in Nigeria.
The policy aims to balance fostering innovation with investor protection, promoting the use, adoption, and integration of blockchain technology for enhanced economic prosperity, transparency, and trust.
The Central Bank of Nigeria (CBN) exercises some restrictions on cryptocurrencies, reflecting ongoing caution in the traditional banking sector. However, the new regulatory regime underscores the government's commitment to protecting investors from illicit or unauthorized operations.
As part of the policy development process, the ministry is seeking public submissions to suggest more stakeholders in the Nigerian blockchain ecosystem to join its research efforts. The policy will provide a structural roadmap for blockchain development in Nigeria, focusing on creating a conducive environment for blockchain businesses and driving the development of a blockchain ecosystem.