Local experts note that if Nigeria adopts a foreign blockchain, it would be difficult for the country to stamp its influence on key blockchain decisions. Nigerian blockchain and data specialists have shared their views 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 emphasize that the success of the Nigerium project depends on leveraging the country’s local talent and addressing fundamental infrastructure and policy challenges.
Local Leadership in the Nigerium Project
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,” Luz stated.
However, Luz cautioned against skipping essential foundational steps, which could lead to significant issues, as seen with the eNaira project. He underscored the need for robust infrastructure, such as data centers and reliable electricity, to support the project. 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.
Addressing Data Collection Practices
Obinna Uzoije, a data expert with Africa Policy Conversations, commended NITDA’s efforts but emphasized the need to address Nigeria’s lagging data collection practices. He pointed out that accurate and reliable data is essential for the effective implementation of any blockchain project.
Summary Review: For Nigeria to truly benefit from the Nigerium blockchain project, it is crucial to harness local expertise and ensure robust infrastructure and policies are in place. By focusing on these areas, Nigeria can achieve data sovereignty and strengthen national security while making significant strides in the global blockchain arena.
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