Blockchain Technology Association of Nigeria (SiBAN) tasks government to provide enabling environment
For innovators to thrive and boost Nigerian economy
Blockchain Technology Association of Nigeria (SiBAN) has asked regulators of the sector to create an enabling environment for innovation to do their work, in order to boost private sector investments and employment benefits for the economy of Nigeria.
Making the clarion call in a direct response to the speech of the vice-President. Prof. Yemi Osinbajo at the Nigeria Digital Economy Summit (NDES) with the theme “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy”, SIBAN said the association was always ready to partner with the relevant agencies to realise the economic dreams and vision of the Nigerian government.
President, SiBAN, Senator Ihenyen stated that unless the Central Bank of Nigeria (CBN) realigns its role in today’s dynamic banking and financial system, private sector-led blockchain innovations in the banking and financial system will remain in the doldrums, with the attendant effect of big losses for the fragile Nigerian economy.
Ihenyen said in the face of unemployment, poverty, dwindling oil revenue, cost-pull inflation, and other socio-economic problems ravaging the country that there is no other period to rejig its policy and regulatory stance on emerging technologies, including blockchain-technology applications in the financial services industry, which is presently going through demand-driven disruption worldwide.
The SIBAN supremo admitted that while regulations in Nigeria’s banking and financial system always come up with innovative trends, which help to accommodate new players in Web 2.0, that it was high time that regulators started reviewing their approach to regulating Web3, blockchain and DeFi-based innovations.
Speaking earlier, vice president Osinbajo stated that blockchain technology regulators should think and develop relevant policies and regulations that promote innovation and commerce.
The country’s number two citizen said that with the proper approach, policy, human capital and potential, Nigeria can become a leading voice in digital technology.
“A whole new world is unfolding before our very eyes, unlike Web 1 and 2 where we were relatively disadvantaged. In 1989 we didn’t have mobile phones so we could not take advantage of the reach and depth that mobile telecoms gave digital innovation and financial inclusion. We are now better positioned to be significant players in Web 3,” he said.
