5th February 2025 – (Abuja) The implementation of blockchain technology in Nigeria is poised to enhance efficiency and streamline the regulation of the local capital market, according to a senior official from the country’s Securities and Exchange Commission (SEC).
In a statement obtained by Xinhua in Abuja on Wednesday, Emomotimi Agama, the SEC’s director-general, highlighted that blockchain presents a significant opportunity to tackle major issues in Africa, including financial exclusion, lack of transparency, and inefficiencies across both public and private sectors.
Agama explained that blockchain technology functions as a secure, decentralised database for storing and sharing transaction data, widely recognised for its association with cryptocurrencies but applicable in various other sectors. He noted that the Nigerian securities regulator has been aligning its practices with international standards by collaborating with global regulatory bodies like the International Organization of Securities Commissions.
These collaborations are designed to ensure that the SEC’s regulatory framework remains robust and adaptable, promoting cross-border cooperation and bolstering investor confidence.
The official further mentioned that Nigeria has already implemented various initiatives, including the Accelerated Regulatory Incubation Program, to harness innovations responsibly. This programme aims to foster innovation while protecting consumers.
“In this era of technological advancement, the key question is not whether Africa will adopt blockchain, but how we will tailor its adoption to maximise benefits for all. We aim to leverage blockchain technology to enhance our regulatory efficiency,” Agama added.Share
