A new report by the Enhancing Financial Innovation & Access (EFInA) has revealed that investment in blockchain technology will improve the Nigerian economy by $29 billion by 2030. The study also outlines the potential of blockchain to drive financial inclusion and illustrates potential use cases of the technology in the country.
In recent years, blockchain technology has grown to become an exciting innovation, sparking more interest in transportation, gaming and lottery industries while more African companies utilize decentralised ledger technology (DLT) across the continent. According to EFInA’s research, more focus on the technology can increase Nigeria’s GDP mainly by instilling trust in business, government transactions, and processes.
Speaking after the release of the report, Ashley Immanuel, EFInA CEO, stated that with Nigeria’s rising population and the current focus on economic diversification due to shrinking oil revenue, it has become imperative to leverage on the benefits of blockchain technology while also addressing the challenges that have inhibited financial inclusion.