AI and blockchain research centers to be established across Nigeria on a national scale
Nigeria is making significant strides in embracing blockchain technology, as announced by the National Information Technology Development Agency (NITDA) and the Ministry of Communication and Digital Economy during the IoT West Africa Conference on July 2. Aristotle Onumo, the director of corporate planning and strategy at NITDA, made this announcement, standing in for Director-General Kashifu Inuwa Abdullahi.
The National Blockchain Policy is being implemented as part of a broader digital asset regulatory framework primarily led by the Securities and Exchange Commission (SEC) under the newly enacted Investments and Securities Act (ISA) 2025. This policy, developed over two and a half years, aims to leverage blockchain for financial inclusion, cross-border payments, and systemic market integrity.
One of the key components of this policy is the establishment of a legal framework. The ISA 2025, signed by President Bola Tinubu, formally categorizes cryptocurrencies and digital assets—including stablecoins—as securities, giving the SEC strong regulatory oversight and legal authority to license and supervise crypto businesses.
Crypto exchanges and virtual asset service providers are required to register and obtain licenses under the SEC’s supervision. Provisionally approved platforms like Quidax and Busha have emerged, but licensing processes are ongoing with strict compliance standards, including capital thresholds and transaction monitoring systems.
A specific regulatory framework for stablecoins has been launched, designed to integrate these digital assets into Nigeria’s national economy while protecting investors and maintaining market stability. Regulatory sandboxes are used to test stablecoin models before full-scale rollout.
The policy also emphasizes multi-agency oversight, involving the SEC, the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to ensure a unified approach to oversight, consumer protection, and anti-fraud enforcement.
In addition to the National Blockchain Policy, NITDA has plans to establish research hubs for emerging technologies like AI, IoT, blockchain, UAVs, additive manufacturing, and robotics across Nigeria's six geopolitical zones. NITDA will not only fund research in these areas but also support Nigerian startups developing products on emerging technologies.
President Bola Tinubu, in his pre-election manifesto, promised to integrate blockchain into various sectors of the Nigerian economy. To fulfil this promise, the aim of the 3MTT program, initiated by the federal government and nurtured by NITDA, is to have three million skilled Nigerians by 2027.
This commitment to fostering a dynamic technology research environment and skilled workforce positions Nigeria as a leader in Africa’s evolving digital economy. Despite promising developments in blockchain, it remains unclear how Nigeria plans to transform these policies and promises into tangible, productive endeavors. However, with the implementation of the National Blockchain Policy and the ongoing support for emerging technologies, Nigeria is well on its way to a digital future.
[1] Investments and Securities Act, 2025 [2] National Blockchain Policy [3] SEC Regulatory Sandbox Guidelines [4] Crypto Licensing and Regulation in Nigeria [5] Multi-Agency Oversight in Nigeria's Digital Economy
- The National Blockchain Policy, a vital component of the broader digital asset regulatory framework, is being implemented in Nigeria as part of the Investments and Securities Act (ISA) 2025, aiming to utilize blockchain for financial inclusion, cross-border payments, and market integrity.
- The Securities and Exchange Commission (SEC), under the newly enacted ISA 2025, has categorized cryptocurrencies and digital assets as securities, providing strong regulatory oversight and legal authority for licensed crypto businesses.
- Crypto exchanges and virtual asset service providers must register and obtain licenses under the SEC's supervision, with provisionally approved platforms like Quidax and Busha operating under ongoing licensing processes and strict compliance standards.
- A specific regulatory framework for stablecoins has been established to integrate these digital assets into Nigeria’s national economy while protecting investors and maintaining market stability, using regulatory sandboxes to test different models before full-scale rollout.
- To further support the evolving digital economy, the National Information Technology Development Agency (NITDA) plans to establish research hubs for emerging technologies like AI, IoT, blockchain, and robotics, while also nurturing Nigerian startups developing products on these technological fronts.
