NITDA DG Calls for Collaboration on Blockchain Technology
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NITDA DG Calls for Collaboration on Blockchain Technology
By Alabidun Shuaib AbdulRahman
The Director General of National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has emphasized the need for a concerted effort among industry players, government officials, and experts to explore the transformative potential of Blockchain technology in asset management and economic development in Nigeria.
Inuwa made this call at the Tokenised Economic Conference and Exhibitions, themed “Tokenised Economy 2024; Real-World Assets Tokenisation,” organized by Cyberchain in collaboration with BAZE University and NITDA.
He highlighted the benefits of tokenizing physical and digital assets through Blockchain technology, including enhanced liquidity, accessibility, and security.
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According to Inuwa, tokenization involves converting traditional physical or digital assets into digital tokens recorded on a blockchain, serving as digital representations of real assets.
This process, he explained, allows assets to be sold, held, and traded in a digital format.
Represented at the event by the Director of e-Government and Digital Economy Development department, Engr. Salisu Kaka, Inuwa cited real estate investment markets as an example, where tokenization can mitigate challenges by automating inefficient transfer and record-keeping processes.
He noted that this offers several advantages over traditional real estate financing, such as automating processes, increasing liquidity, lowering investment barriers, and improving transparency.
The NITDA DG commended Lagos State’s plan to tokenize real estate, describing it as a bold move that could set an example for other states to follow.
He also emphasized the need to establish a clear regulatory framework and develop strong infrastructures to support the tokenized economy.
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), noted that tokenization breaks down traditional barriers, making investments in areas like real estate and art accessible to a wider range of people, regardless of their financial status.
By investing in infrastructure, education, and a supportive regulatory environment, Nigeria can unlock the full potential of tokenization and drive economic growth, becoming a leader in the tokenized economy in Africa.
