Answer ... Cryptocurrencies, especially bitcoin. Increasingly, cryptocurrencies are being used for peer-to-peer transactions and cross-border payments.
Answer ... Tokenisation. A number of blockchain-based businesses are exploring the potential of blockchain through utility and asset tokens.
Answer ... The following industries are currently making material investments in blockchain in Nigeria:
Financial services: Investment in this sector takes the form of investment in:
- blockchain-powered start-ups;
- the development of products that boost financial inclusion in Nigeria; and
- the development of blockchain applications to improve business processes.
- Supply chain: Gradually, logistics companies are investing in blockchain to improve their supply-chain businesses in Nigeria.
Answer ... These are no specific governmental programmes in place to incentivise blockchain development in Nigeria. However, in the fintech space generally, in 2018 the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) launched the Financial Industry Sandbox. The sandbox is an initiative managed by the Financial Service Innovators Association of Nigeria and supervised by the CBN and NIBSS.
Private initiatives have largely focused on blockchain education. They include:
- BlockchainDev100, an initiative of the Blockchain Nigeria User Group focused on building blockchain developer talents;
- the 500 Nigeria Devs for Ethereum Project, an initiative of the Cryptography Development Initiative of Nigeria which aims to create 1 million developers;
- Binance Labs’ 10-week incubator programme that helps blockchain entrepreneurs to deliver products with a clear product market fit; and
- blockchain and cryptocurrency conferences and meetups in Nigeria, including CampusBCAT by Cryptotvplus and Blockchain Education Train by SiBAN.