Nigerian blockchain and data experts have shared their insights on the National Information Technology Development Agency’s (NITDA) initiative to develop an indigenous blockchain named “Nigerium.”

This ambitious project aims to ensure data sovereignty and bolster national security. However, stakeholders highlight that the Nigerium project must be homegrown, leveraging the country’s local talent and addressing fundamental infrastructure and policy challenges.

Local leadership in the Nigerium project

In a statement shared with Cointelegraph, Nathaniel Luz, CEO of Flincap — a platform for African over-the-counter crypto exchanges — emphasized the importance of having Nigerian experts lead the Nigerium project.

He believes that Nigeria has the capable hands to build such a project from start to finish, highlighting that Nigerians have led major global blockchain initiatives.

“If you’re talking about data security and national integrity, you cannot be outsourcing that to some foreigners.”

However, Luz cautioned against skipping essential foundational steps, which could lead to significant issues, as seen with the country’s eNaira central bank digital currency project. He underscored the need for robust infrastructure to support the project, such as data centers and reliable electricity.

Luz pointed out that most of Nigeria’s data is stored with Big Tech firms outside the country and stressed the importance of developing local data storage capabilities. “We need the basics of all basics— electricity, basic policies — to make these things work,” he explained.

Data collection practices needed

Obinna Uzoije, a data expert with Africa Policy Conversations, commended NITDA’s efforts but highlighted the need to address Nigeria’s lagging data collection practices.

“Nigeria’s inability to adopt data collection as a crucial factor for achieving state capacity is a significant challenge that needs to be addressed,” he stated. Uzoije pointed out that the lack of accurate and reliable data has led to disparities, making it difficult to utilize data-driven insights for development and research.

Uzoije stressed the infancy of data analysis as a career in Nigeria, stating that companies and individuals must recognize the importance of data collection and analysis to drive innovation and economic growth.

Nigeria has shown interest in using blockchain more extensively in its economy. In May, the NITDA restructured the National Blockchain Policy Steering Committee to reassess the policies guiding the implementation of the country’s National Blockchain Policy.

More recently, Nigeria announced plans to establish research centers focused on emerging technologies such as the Internet of Things and blockchain across the country’s six geopolitical zones.

Source:- COINTELEGRAPH