
The initiative, spearheaded by the country’s National Information and Technology Development Agency (NITDA), aims to address data security concerns and enhance transaction efficiency.
While a timeline for development and implementation is yet to be established, Nigerium is envisioned as a platform for secure and transparent transactions across various sectors.
“Developing an indigenous blockchain like Nigerium is a significant step towards achieving data sovereignty and fostering trust in digital transactions within Nigeria,” remarked Chanu Kuppuswamy, a blockchain expert at the University of Hertfordshire Law.
The move aligns with Nigeria’s national blockchain policy, launched last year, which seeks to cultivate a thriving digital economy powered by blockchain technology. This policy aims to facilitate secure transactions, data sharing, and value exchange between individuals, businesses, and government entities.
The development of Nigerium comes amidst a burgeoning cryptocurrency industry in Nigeria, estimated to be worth $400 million.
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