Comparative Guides

Welcome to Mondaq Comparative Guides - your comparative global Q&A guide.

Our Comparative Guides provide an overview of some of the key points of law and practice and allow you to compare regulatory environments and laws across multiple jurisdictions.

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4. Results: Answers
Blockchain
2.
Blockchain market
2.1
Which blockchain applications and protocols have become most embedded in your jurisdiction?
Nigeria

Answer ... Cryptocurrencies, especially bitcoin. Increasingly, cryptocurrencies are being used for peer-to-peer transactions and cross-border payments.

For more information about this answer please contact: Senator Ihenyen from Infusion Lawyers
2.2
What potential new applications/protocols are most actively being explored?
Nigeria

Answer ... Tokenisation. A number of blockchain-based businesses are exploring the potential of blockchain through utility and asset tokens.

For more information about this answer please contact: Senator Ihenyen from Infusion Lawyers
2.3
Which industries within your jurisdiction are making material investments within the blockchain space?
Nigeria

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.

For more information about this answer please contact: Senator Ihenyen from Infusion Lawyers
2.4
Are any initiatives or governmental programmes in place to incentivise blockchain development in your jurisdiction?
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.

For more information about this answer please contact: Senator Ihenyen from Infusion Lawyers
Contributors
Topic
Blockchain