By Martin Ekpeke
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has unveiled its core priorities for advancing and promoting blockchain innovations across Nigeria, placing paramount importance on the protection of consumers, investors, and operators within the burgeoning space.
During a recent panel session themed ‘Unlocking Potential: Driving Financial Inclusion and Real-World Applications of Digital Assets,’ at the Crypto & DeFi Forum in Lagos, Mr. Obinna Iwuno, President of the self-regulatory blockchain association, emphasized that these three groups form the indispensable pillars of the industry.
He further articulated that their collaborative synergy is essential for delivering valuable products and services to the market, ultimately benefiting the consumers.
“We believe that if there is collaboration among these groups, the Blockchain can contribute $60 billion annually to Nigeria’s economy,” he said at the event well-attended by blockchain and crypto enthusiasts.
Iwuno elaborated on SiBAN’s strategic approach to achieving this ambitious goal, highlighting the critical role of education and awareness. He asserted that the most effective way to dispel misconceptions about cryptocurrency is to educate people on what it truly is, rather than merely stating what it is not.
“You cannot teach somebody how to identify counterfeit money,” he explained, “You can easily identify counterfeit money when you know what the original is like.” This philosophy, he noted, will empower individuals to understand and utilize legitimate crypto applications, while simultaneously recognizing fraudulent schemes.
This awareness campaign, according to Iwuno, will not only foster market growth and financial inclusion by educating Nigerians on the potential of blockchain technology and how to access it, but also stimulate technological advancement. He underscored that cryptocurrencies and digital assets are not merely speculative tools, but rather innovative technologies that can significantly contribute to the ongoing industrial era.
“When people approach me and say, ‘Between crypto and forex, which one should I go into?’ I don’t think about it twice. I say crypto,” Iwuno stated, emphasizing the technological innovation inherent in blockchain over traditional forex markets.
The SiBAN President stressed that educating the populace on blockchain’s capabilities would inspire innovation and entrepreneurship, leading to the creation of new sectors, jobs, businesses, and investments. This, in turn, would allow the blockchain industry to contribute massively to Nigeria’s Gross Domestic Product (GDP) and national revenue, potentially adding over $60 billion annually if properly harnessed. This enthusiasm, he said, underpins SiBAN’s strong support for initiatives like the National Blockchain Policy and the new ISA Act, which formally recognizes digital assets.
Beyond education, SiBAN is diligently working to ensure investor protection by advocating for platforms that adhere to international standards.
While acknowledging the common desire for immediate results, SiBAN, which was the industry partner at the event emphasized the importance of a well-defined process, highlighting Nigeria’s status as a signatory to numerous global initiatives and treaties.
According to SiBAN’s President, certain aspirations might require time and pragmatic approaches to align with international frameworks, alluding to the significant issue of Nigeria being on a “grey list,” implying a need for careful, standardized approaches to ensure the nation’s removal from such lists. This commitment to proper governance, policies, and operational standardization is crucial for attracting and safeguarding investments.
Finally, Iwuno addressed the protection of operators, asserting SiBAN’s commitment to prioritizing its stakeholders within the ecosystem. He cited successful local and international collaborations, including engagements with departments of the US government, the UN, and a global body in the International Financial Center (DIFC).
These partnerships, he explained, are crucial for projecting Nigeria onto the global blockchain stage. Locally, SiBAN is fostering deep penetration through grassroots education and national awareness campaigns, working closely with regulators such as the Securities and Exchange Commission (SEC), National Information Technology Development Agency (NITDA), Central Bank of Nigeria (CBN), and the Nigerian Financial Intelligence Unit (NFIU).
The aim is to demystify crypto, eliminate ambiguity, and prevent the victimization of crypto traders, operators, and users, reinforcing the message that “crypto is not a scam.”
Through these multi-faceted efforts encompassing education, investor protection, and operator support, SiBAN aims to build a robust and trustworthy blockchain ecosystem in Nigeria, ultimately unlocking its immense potential for economic growth and national development.