ABUJA, Feb. 5 (Xinhua) -- The deployment of blockchain technology in Nigeria is expected to improve efficiency and aid the regulation of the local capital market, a senior official of the country's Securities and Exchange Commission (SEC) has said.
In a statement obtained by Xinhua in the Nigerian capital of Abuja Wednesday, Emomotimi Agama, director-general of the SEC, said the blockchain presented an opportunity to build a future where Africa's significant issues of financial exclusion, lack of transparency, inefficiencies in public and private sectors would be addressed.
Noting that blockchain technology is thought to be a secured, decentralized database that stores and shares transaction data, known for its use in cryptocurrencies with many other applications, Agama said the Nigerian securities regulator has been consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organization of Securities Commissions, an industry association.
The official said such collaborations aimed at ensuring the SEC's regulatory framework remained robust and adaptive, enabling cross-border cooperation and fostering investors' confidence.
According to him, the most populous African country had already introduced several measures, including the Accelerated Regulatory Incubation Program and Regulatory Incubation, to ensure the innovations were harnessed responsibly. The program would not only foster innovation but also safeguard consumers, he said.
"In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximize its benefits for all the people. We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market," he added. ■
