The National Information Technology Development Agency (NITDA) says the global market for blockchain technology is expected to grow over $39billion by 2025.
Director-General of NITDA, Mallam Kashifu Inuwa, disclosed this recently at the Blockchain Summit Day during the Digital Nigeria Conference and Exhibition organised by the agency in Abuja.
Inuwa stated that the success of cryptocurrencies, stablecoins, Non-Fungible Tokens (NFTs), Metaverse, and Web3 was beginning to take over industrial and financial space.
“With Blockchain Technology supporting these new-age concepts, we can expect that the future will belong to decentralised resources. After cryptocurrencies gained much traction, blockchain technology emerged as one of the most promising technologies to transform businesses.
“Today, many large and medium-sized enterprises are exploring the Blockchain’s potential to make a place in the competitive market. The global market for blockchain technology is expected to grow over USD 39 billion by 2025,” he said.
The D-G also noted that the NFT market alone was having a steady growth as financial and other activities went from physical to digital.
Inuwa explained that Blockchain was at a point where large corporations and governments were beginning to comprehend its potential to improve people’s lives and build more resilient organisations.
Also, he informed that the metaverse concept had become a real phenomenon, with many popular platforms enjoying massive user bases.
The D-G said: “One of the significant aspects of the metaverse design is decentralisation, which would enable transparency and seamless access to the metaverse.
“Asides from decentralisation, metaverse also relies on blockchain capabilities for ensuring user governance privileges alongside verifiable provenance.”
Inuwa added that blockchain pushed for the emergence of digital transparency and integrity, leading to extensive changes in business models and governmental functions.
According to him, it will facilitate the development of the Nigerian digital economy by supporting the digital transformation agenda in a way that promotes efficiency, transparency, and productivity.
“Innovators in various fields are maximising the benefits of this incredible technology from medicine to agriculture, finance, governance, education, transport and across the global supply chain.
“Innovators are exploring ways to use blockchain technologies to disrupt and transform traditional process models. With its decentralised and trustless nature, Blockchain technology can lead to new opportunities, benefit industries through greater transparency, enhanced security, and easier traceability”, he said.
Inuwa said NITDA was inclined to deploy its statutory responsibility towards innovative technologies to develop strategies for a healthy IT ecosystem that encapsulates emerging technology such as Blockchain.
RSPHB Hails Rotary Over Maternal Health Support
The Rivers State Primary Health Board has commended Rotary Club International District 9141 for the donation of fetal Doppler, ultrasound scanner and Incubator to Oyibo Comprehensive Health Centre.
The agency’s medical health representative for Oyibo, Dr. Victoria Ewoh, said the equipment will reduce maternal mortality and complement government effort in boosting healthcare at the grassroots.
She described rotary as a foremost charity organization poised to improve community wellbeing and healthcare delivery.
The equipment, she further assured will be utilized to touch the lives of mothers and children, noting that state government is doing all in it powers to improve on health care delivery in the communities, “ I can assure you that there will be reduction of fetal deaths with these equipments”, she added.
While unveiling the facilities, District Governor of Rotary International District 9141, Mightyman Aye Dikuro said the donation forms part of Rotary mission to advance world, understanding, goodwill, peace and improvement of health, including support for education and alleviation of poverty.
This objective he explained is imbedded in activities of the club all over the world to uplift communities and transform lives.
Aye Dikuro assured that Rotary is ready to partner government in the district which covers Rivers, Bayelsa , Delta and Edo States in reducing health challenges, as he urged the community to ensure they protect the equipment and sustain more projects.
On his part, Chairman of Committee of the clubs that embarked on the project, Timi Bubagha, said the donation was borne out of needs assessment done by the club in the area, as it discovered that that there is need for improved maternal health.
Mr. Bubagha who is the President of Rotary Club Garden City added that the clubs are poised to do more for communities, and urged the officials and community to ensure the items are put to good use.
Community leader and member of Oyibo Chiefs Council, Chief Precious Emeruka lauded Rotary for the donation, as he described it a dream come for the community.
Chief Emeruka praised the State Government for endorsing Rotary Project, and assured that the community would ensure that the items were utilized and secured.
NITDA’s N12bn Project Will Enhance Start-Up Act Implementation – FG
The Federal Government said the N12 billion project of the National Information Technology Development Agency (NITDA) would boost the implementation of the Nigerian Start-Up Act 2022 (NSA).
Minister of Communications and Digital Economy, Prof Isa Pantami, said this at the inspection of the ongoing Digital Innovation and Entrepreneurship Centre implemented by NITDA in Abuja recently.
The projects were two buildings inter-connected, one of which would serve as the actual Digital Innovation Entrepreneurship Centre and the second as NITDA headquarters.
Pantami said it is the responsibility of government executives to ensure that any approval by FEC under their supervision is implemented according to the agreement.
“When it comes to capacity, the rooms, the offices, the training centres, all these are in alignment with what the FEC approved twice on November 11, 2020 and April 5, 2021.
“There are several ways our citizens are going to benefit. We have the NSA 2022, an Executive Bill by this administration”, he said.
Pantami added that the building would further consolidate on economic diversification, for which the sector already laid the foundation of contributing 18.44 per cent to the Gross Domestic Product of the country.
The Minister said the project was approved and projected to be completed in 36 months from the date of approval in November 2020.
Pantami also said N9.56 billion was approved on November 11, 2020, with VAT and other taxes included.
VP Wants National Innovation Ecosystem Rebranding
Vice-President of Nigeria, Yemi Osinbajo, has called for the reappraisal and rebranding of the national innovation ecosystem to drive technological and socio-economic development in the country.
Osinbajo made the call at the opening of a two-day National Innovation Workshop at the International Convention Centre, in Awka, Anambra State recently.
The workshop, tagged “Promotion of Inventors of Science, Technology and Innovation (STI)”, was organised by the Senate Committee on Science and Technology, and the Nigerian Institute of Science Laboratory Technology.
Osinbajo, who was represented by the Minister of State, Federal Ministry of Science, Technology and Innovation, Chief Henry Ikoh, said the workshop would offer Nigeria an opportunity to reappraise and rebrand its ecosystem.
“This will be with emphasis on technology and entrepreneurship.The way to go to bridge the gap between the poor and the rich is through thinking out of the box, innovation and commercialisation of thoughts.
“Nigeria will be great again only when we begin to shift our emphasis from consumer nation to production, and we need innovation to produce”, he said.
Also speaking, Anambra State Governor, Chukwuma Soludo, said there was the need for a national policy to promote STI, saying, it is the new way of life.
“Without STI, nothing happens. In Anambra, we recognised this fact and we have been taking proactive measures to make Anambra the home of talents for STI in the country.
“We need to replicate same across the country by having a legislative framework to mainstream STI in our schools to catch them young.
“The policy will also mandate Nigerians and the Nigerian government to promote indigenous inventors and innovators by patronising them. If they innovate and invent, and nobody patronises them, their ideas will die,” he said.
In his lecture, Sen. Anyim Pius Anyim, former Secretary to the Government of the Federation, said there was an urgent need to draw attention and to prepare the country for the fourth industrial revolution.
“Human race is in transition in a dimension of technological revolution which will affect the way we live, work and relate, and so we must prepare and adjust the way we think.
“In a short while from now, talents and innovation are going to be the only dependable capital assets. As a nation, we need a legislative agenda to harness our available human resources.
“We need to groom and nurture Nigerian youths into the path of science, technology and innovation to key into the opportunities.The fourth industrial revolution will present and place our economy on a sustainable path for growth,” he said.
In her remarks, Sen. Uche Ekwunife, Chairman, Senate Committee on Science and Technology, said the workshop was to connect innovators, inventors, academia, policy makers, entrepreneurs, tech companies and students from across the country.
The programme featured demonstration sessions, prize funds to outstanding innovation and award presentation to best Nigerian inventor.
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