‘Blockchain can add $29b to Nigeria’s GDP’

Blockchain technology has the potential to transform and enhance Nigeria’s digital economy and add about $29b to Nigeria’s Gross Domestic Product (GDP) by 2030, Country Ambassador ImpactMarket Nigeria, Kingsley Goodwin, has said.

He said the industry has the potential to foster financial inclusion and employment for Nigeria’s teeming youth population.

Quoting a report drafted by Enhancing Financial Innovation and Access (EFInA), Goodwin noted that the blockchain technology offered an optimistic outlook on the potential of blockchain adoption in Nigeria.

Speaking on the theme ‘Leveraging Blockchain Technology for Human Empowerment and Economic Development in Nigeria’ he said the potential that blockchain technology has in solving some of the world’s biggest problems was still very much underestimated.

According to him, blockchain has the potential to radically change many societal sectors and to foster open innovation and economic progress.

Goodwin said: “The report stated that by 2030, the blockchain industry can increase Nigeria’s Gross Domestic Product (GDP) by $29 billion, which can play a significant part in helping Nigeria achieve its Sustainable Development Goals: Reducing poverty, building an inclusive economy, caring for the health and well-being of Nigerian citizens, developing better education opportunities and improving cross-border trade.

“Over the past few years, emerging economies have come to the forefront of blockchain adoption, with Nigeria being one of the frontrunners and the leading country in Africa in terms of cryptocurrency adoption interest. According to a survey conducted by Statista in 2020, 32 per cent of Nigerians have admitted to using or owning cryptocurrencies.