Local experts have observed that Nigeria would encounter challenges in establishing its influence on critical blockchain decisions if it were to adopt a foreign blockchain.
Nigerian blockchain and data specialists have provided their perspectives on the National Information Technology Development Agency’s (NITDA) initiative to create an indigenous blockchain known as “Nigerium.”
The objective of this ambitious undertaking is to enhance national security and guarantee data sovereignty. Nevertheless, stakeholders emphasize that the Nigerium initiative must be indigenous, utilizing the country’s local talent and addressing fundamental infrastructure and policy challenges.
Nathaniel Luz, CEO of Flincap, a platform for African over-the-counter crypto exchanges, underscored the significance of having Nigerian specialists head the Nigerium initiative in a statement shared with Cointelegraph.
He is of the opinion that Nigeria possesses the capability to construct such a project from the ground up, emphasizing that Nigerians have been at the forefront of significant global blockchain initiatives.
Nevertheless, Luz advised against neglecting the fundamental foundational stages, as this could result in substantial complications, as seen with the eNaira project. To facilitate the endeavor, he emphasized the necessity of a robust infrastructure, including data centers and dependable utilities.
Luz emphasized the significance of enhancing Nigeria’s data storage capabilities, as the majority of the country’s data is stored with large technology companies located outside of the country.
Obinna Uzoije, a data expert with Africa Policy Conversations, commends NITDA’s endeavors but underscores the necessity of addressing Nigeria’s weak data collection practices.
He argues that Nigeria’s failure to incorporate data collection as a critical component of state capacity is a substantial obstacle that necessitates resolution. Uzoije emphasizes that disparities have resulted from the absence of precise and dependable data, which has made it challenging to apply data-driven insights to research and development.
Uzoije said that data analysis as a job is still very new in Nigeria. He said that both people and businesses need to understand how important it is to collect and analyze data in order to drive creativity and economic growth.
Nigeria has expressed a desire to integrate blockchain technology more extensively into its infrastructure. The NITDA reorganized the National Blockchain Policy Steering Committee (NBPSC) in May to reconsider the policies that govern the implementation of the country’s National Blockchain Policy.
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