Nigeria is setting its sights on bolstering its digital sovereignty with the development of a homegrown blockchain system dubbed Nigerium.
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.