Nigeria’s National Information Technology Development Agency (NITDA) has announced plans to develop an indigenous blockchain platform dubbed “Nigerium.” This initiative aims to give Africa’s largest economy greater control over its digital infrastructure and data management.
NITDA Director General Kashifu Abdullahi revealed the ambitious project during a meeting with delegates from the University of Hertfordshire Law School. The proposal, initially presented by the visiting academics, seeks to address concerns about reliance on foreign-controlled blockchain technologies that may not prioritize Nigeria’s interests.
“Developing our own blockchain will allow Nigeria to customize the technology according to our needs and align it with our laws and regulations,” explained Chanu Kuppuswamy, who led the University of Hertfordshire delegation. She emphasized the risks of depending on foreign platforms, citing recent unilateral changes made to the Ethereum blockchain without user consultation.
The Nigerium project is set to be a collaborative effort between the public and private sectors, potentially positioning Nigeria as a leader in blockchain innovation on the continent. This move follows the country’s recent approval of a national blockchain policy and plans to establish research centers focused on emerging technologies across its six geopolitical zones.
However, experts caution that the project’s success hinges on addressing fundamental challenges. Nathaniel Luz, CEO of Flincap, stressed the importance of leveraging local talent and improving basic infrastructure. “We need the basics of all basics—electricity, basic policies—to make these things work,” he noted.
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The initiative also includes proposals for a “data embassy”—a server hosted in a third-party country to ensure digital continuity and protect against cyber threats and natural disasters.
While NITDA has confirmed its commitment to developing Nigerium, no specific timeline has been set for its implementation. As Nigeria navigates this ambitious project, it continues to grapple with regulating the broader cryptocurrency landscape, highlighting the complex balance between innovation and control in the digital age.