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E-Business

Blockchain Technology to Add $29Bn to Nigeria’s GDP by 2030

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Areport by Enhancing Financial Innovation & Access (EFInA) has revealed, that by limiting the barriers currently confronting financial inclusion in Nigeria, blockchain technology will contribute no lesser than $29 billion to the country’s Gross Domestic Product (GDP) by 2030.

Blockchain Technology to Add $29Bn to Nigeria’s GDP by 2030

According to a recent statement issued by Henry Chukwu, EFInA Programme Specialist in charge of its Digital Financial Services, the report entitled ‘Potential of Blockchain for Financial Inclusion in Nigeria’ revealed that blockchain has the potential to revolutionise the Nigerian economy as it offers creditable packages that can enhance the possibility of achieving the National Financial Inclusion Strategy of 80 per cent that was set for 2020, but never materialised.

Driving financial inclusion in Nigeria has been highlighted by the Central Bank of Nigeria (CBN) as a key objective.

As financial inclusion in Nigeria stands at 64 per cent, falling short of the National Financial Inclusion Strategy of 80% set for 2020, Blockchain technology has the potential to revolutionise the Nigerian economy and increase Nigeria’s GDP by $29 billion by 2030, mainly by instilling trust in business, government transactions, and processes.”

“The report highlights that blockchain-enabled solutions can support progress towards Nigeria’s financial inclusion targets and address some of the key challenges around financial inclusion such as lack of formal ID, high transaction charges, and lack of transparency,” the statement reads in part.

EFInA further stated that blockchain technology, if effectively explored in Nigeria, can create ‘Enabling Identity Management’ and also fast-track access to finance and land titling & registration outside of cryptocurrency, adding that, ‘circulars recently released by Central Bank of Nigeria (CBN) and SEC indicate that blockchain technology is on Nigerian policy makers’ radar as cryptocurrency falls into different categories.

EFInA stressed that due to its potential to support governmental intervention schemes for those in underserved areas and enable efficiency in cross-border remittances, the CBN has announced plans to launch a Central Bank Digital Currency.

“To ensure that the potential of cryptocurrency and blockchain technology is realised in Nigeria, a collaborative effort among multiple stakeholder groups is essential – Regulators, Financial Service Providers, Development Institutions, and Donors /Financial Sector Development organisations. These stakeholder groups must find ways to communicate and collaborate to spur innovation-friendly policies and ensure we take a risk-balanced approach in implementing emerging technology in Nigeria.”

It added that “other countries have leveraged public-private partnerships and adopted blockchain technology to drive inclusion and efficiency in their financial systems. For instance, the South African Reserve Bank, in collaboration with ConsenSys (a fintech) and the national banking community, leveraged blockchain to reduce the transaction processing time by 75 per cent while increasing trust, confidentiality, and scalability in their financial system.”

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

NIMC Launches NINAuth Digital Identity Verification App for Govt Services

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Abisoye Coker-Odusote, DG/ CEO, NIMC
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National Identity Management Commission (NIMC) of Nigeria has launched a new digital identity verification tool called the NIN Authentication (NINAuth) application.

NIMC Launches NINAuth Digital Identity Verification App for Govt Services

The initiative, which forms part of President Bola Tinubu’s Renewed Hope Agenda, aims to strengthen the country’s national digital identity management framework.

The launch builds upon Nigeria’s comprehensive unified digital identity system that has been transforming access to financial services and government programs.

The NINAuth application introduces several key features focused on data security and privacy.

The platform requires explicit user consent before sharing identity information for Know Your Customer (KYC) processes, giving individuals greater control over their personal data.

The system provides seamless access to various government services, including SIM card registration, immigration applications, passport processing, tax filings, and financial transactions.

The development follows significant investment in Nigeria’s digital identity infrastructure, including a $45.5 million support from the World Bank as part of the Digital Identification for Development (ID4D) project.

As the official service for integration with NIMC’s backend infrastructure, NINAuth enables secure verification processes across ministries, departments, and agencies (MDAs).

The application is available for download on both the Google Play Store and Apple iOS App Store for users of the National Identification Number (NIN).

The rollout represents a significant milestone in Nigeria’s ongoing efforts to digitize government services and strengthen identity verification processes.

“NINAuth is a cutting-edge suite of services including web, API, and mobile verification designed to enhance data security, protect privacy, and simplify access to government services,” said Dr. Kayode Adegoke, Head of Corporate Communications at NIMC.

“The platform introduces a robust layer of protection, empowering individuals with greater control over their personal information.”

The implementation supports the objectives of the recently established Nigeria Digital Identification for Development Project Ecosystem Steering Committee, which oversees the country’s digital identity initiatives.

President Bola Ahmed Tinubu has approved the launch of the NINAuth app and directed its use for verification and authentication across all MDAs.

The application provides a secure single sign-on solution for accessing government services and social protection programs while maintaining strict data privacy controls.

The centralized approach to digital identity management represents a significant step forward in Nigeria’s digital transformation journey and its commitment to modernizing government services.

 

 

 


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E-Business

NCC to Checkmate $3Bn Digital Piracy Market

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Nigerian Copyright Commission (NCC) has set in motion a machinery to checkmate the booming copyright piracy market in the country.

NCC to Checkmate $3Bn Digital Piracy Market

Copyright piracy is said to cost Nigeria an annual loss estimated at billions of naira.

Despite the absence of a coordinated or official statistics to gauge the quantum of loss,  John Asein, director general, NCC, said as far back as 2019, Nigeria lost N918 trillion ($3 billion) annually to digital piracy.

The financial damages severely impact local businesses and innovation efforts.

The commission, in collaboration with the World Intellectual Property Organisation (WIPO), has started a project to develop strategies and tools to address the menace.

Speaking at a stakeholders’ meeting on the WIPO project to address online copyright piracy in Nigeria, Asein said digital technologies have unlocked tremendous opportunities for the creative and innovation sectors.

The NCC boss said technology also poses serious challenges, including online piracy, which he said is growing rapidly.

He said: “Pirate sites continue to emerge rapidly, with statistics indicating a 6.7 per cent increase in user visits. A significant percentage of these users are students aged between 18 and 24, with social media and messaging platforms becoming major gateways for accessing pirated content.”

He added: “No industry is immune. The most affected sectors include television (43.6 per cent), publishing (27.5 per cent), film (12.9 per cent), music (7.0 per cent), and software (6.2 per cent).

“Far beyond mere statistics, the victims are no longer only foreign right owners. Many Nigerians in these sectors have also been bruised and their creative enterprises ruined.”

 

 

 

 


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NIPOST Partners KLM on Global Mail Delivery

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Nigerian Postal Service (NIPOST) has signed an international mail partnership with KLM Royal Dutch Airlines for improved delivery access to over 200 countries without middlemen.

NIPOST Partners KLM on Global Mail Delivery

Tolani Odeyemi, postmaster-general and chief executive officer of NIPOST, described the deal as a “major milestone” for the country’s logistics and postal sector.

In a statement on X on Monday, Odeyemi explained that the new agreement marks  NIPOST’s first direct international airline partnership for several years.

“For a long time, NIPOST operated without any direct partnerships with international airlines, relying heavily on multiple third-party handlers,” the Postmaster-General stated. This often resulted in delays, higher costs, and uncertainty around the delivery of packages.”

She explained that under the new arrangement, KLM will directly handle all outbound international mail from Nigeria, eliminating the need for intermediaries.

“This translates to faster and more reliable delivery, reduced risk of loss or damage, lower handling charges, and access to over 200 countries through KLM’s global network,” the Postmaster-General stressed.

According to Odeyemi, NIPOST’s breakthrough came after it began settling long-standing debts owed to international carriers, a step she said was key to “rebuilding global trust” in Nigeria’s postal system.

She revealed that talks were also ongoing with Ethiopian Airlines to bolster regional and continental logistics, particularly on African and Eastern routes.

“Our goal is clear and unwavering: to connect Nigeria regionally and globally, efficiently, securely, and affordably,” Odeyemi asserted.

The NIPOST CEO described the development as a significant win for Nigerian businesses and small and medium-scale enterprises that rely on international shipping, stating, “You now benefit from quicker, more affordable international shipping, greater peace of mind with improved reliability, and new potential to reach and grow in global markets.”

Odeyemi commended the teams behind the scenes and pledged continued improvements in service delivery, adding that the deal signals a turning point for the agency.

 


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