Stakeholders in the Blockchain Technology Association of Nigeria have called on the Federal Government to develop a national Bitcoin strategy, drawing inspiration from pro-cryptocurrency policies recently endorsed by the US President-Elect, Donald Trump.
SiBAN’s President, Obinna Iwuno, said adopting a forward-thinking approach to cryptocurrency, particularly Bitcoin, could position Nigeria as a leader in the global digital economy.
“Nigeria cannot afford to lag in this fast-evolving space. We need policies that integrate cryptocurrency into the mainstream economy,” Iwuno told The PUNCH.
Despite its status as Africa’s largest economy, Nigeria has struggled with low cryptocurrency adoption, with just 5.93 per cent of its population owning digital currencies, according to data from Triple-A.
This figure trails behind countries like Vietnam and the United Arab Emirates, where adoption rates stand at 21.2 per cent and 30.4 per cent, respectively.
Globally, Bitcoin has gained significant traction, with the United States and Japan leading trading volumes and innovation.
Iwuno pointed to Trump’s recent statements supporting Bitcoin as a potential catalyst for broader adoption.
The SiBAN president urged Nigeria to seize the opportunity to become a leader in the cryptocurrency space.
“A national Bitcoin strategy would provide the clarity and structure needed for local blockchain development,” he said, suggesting initiatives such as a Bitcoin Exchange-Traded Fund and stablecoins backed by the naira.
He added that promoting cryptocurrency could offer Nigerians a hedge against inflation, particularly with the growing use of Bitcoin and stablecoins for earning in foreign currencies.
“Nigeria has the potential to thrive in the global crypto market if we act decisively,” Iwuno said. “We must prioritize innovation and ensure that our policies align with global trends.”