Mr. Obinna Iwuno, the President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), delivered a noteworthy speech at the Digital Assets Summit that SiBAN hosted about the plans and strategies SiBAN has put in place and is currently developing to help the nation’s digital asset economy transform effectively.
As a self-regulatory organization dedicated to encouraging innovation, cooperation, and education within the Nigerian blockchain ecosystem, SiBAN acts as a major blockchain association in that country. The group wants to make the digital asset market safer and more successful.
As he made his presentation,
Obinna emphasized digital assets and blockchain technology as two essential instruments in determining the future of the planet during his talk. He stated that because SiBAN is at the vanguard of Nigeria’s efforts, the country is well-positioned to play a critical role in the fast-emerging global trends in this field.
The federal government has indicated interest in investigating big data and AI for payment during the past year. The Nigerian central bank has also stated that it intends to utilize innovative payment infrastructures, including stablecoins, initial coin offerings, and DLT-based identification systems.
Ecosystem expansion and value generation
Obinna continued by talking about the importance of generating actual change in the ecosystem of digital assets. He emphasized that blockchain technology has enormous potential for profound social effects in addition to generating cash. Blockchain has the potential to address practical issues and spur economic growth.
The President used the example of how India’s success in the IT industry has made it a source of envy throughout the world to illustrate how value creation and sustainable growth in the ecosystem may benefit the country.
India has been working since the early 2000s to become a significant exporter of tech jobs and skills to other countries, as well as to have Indian CEOs in the leading international IT businesses.
Take a hint from India and exploit the chance that blockchain technology has given us to accomplish what they have in the tech sector. India is currently the world’s top exporter of IT talent and employment, according to statistics.
He also mentioned that Nigeria has the ability to use blockchain technology and integrate digital assets across various sectors in order to achieve technological leadership in the technology landscape, starting in Africa.
Creating Jobs and Enhancing the Ecosystem
He emphasized that although there has been progress in Nigeria’s digital asset ecosystem, there remain regulatory concerns that need to be addressed.
He spoke in detail about the numerous types of digital assets, including transactional, utility, securities, and digital representations of real estate, all of which have enormous potential.
In addition, he discussed the creation of work prospects for young people inside the sector, stating that the government should not be seen as the main source of job creation but rather as a facilitator.
Their primary objective should be to promote job creation by creating an atmosphere that is favorable for businesses to flourish.
We currently have a scenario where many people want to graduate and work for the government. The government does provide work possibilities, although these jobs tend to be administrative in nature.
Collaboration and resiliency are important.
The SiBAN President also discussed the significance of stakeholder involvement, lobbying for public policy, the development of industry standards, and the backing of blockchain enterprises through investment and incubation across the board.
He added that the blockchain ecosystem’s resiliency and adaptability have kept the sector viable as it has expanded.
Without the backing or assistance of the government, we have been operating in this environment, but now things are beginning to change, and all of that is starting to happen. Imagine, however, if we had abandoned them since they had not offered any assistance or support. We might not have what we have right now.
Ecosystem is driven by data
Obinna also emphasized the need for data-driven decision-making in his presentation. He clarified that gathering and evaluating data is essential for figuring out how developments in the sector will affect things.
The President stated that even though data is sometimes undervalued in Africa, it is an essential part of every productive economy. Data, he said, is a tool for decision-making, assessment, and progress monitoring; it is not simply about statistics.
It provides direction for options and aids in locating problem areas, enabling educated selections. He underlined the value of using data to fix problems and advance every endeavor.
He urged participants to constantly be aware of the facts that will aid them in putting their ideas into action. Data makes it simpler to develop and implement new tactics in real-time that are based on actual outcomes rather than conjecture.
The foreseeable future
He stated that SiBAN’s future ambitions include forging solid linkages with business and government, generating employment possibilities, and encouraging cooperation and participation within the ecosystem. As a result, better, tougher policies and regulations will be developed for the sector.
President Obinna concluded by stating that SiBAN is still dedicated to promoting innovation, bringing about good change, and making Nigeria a significant player in the global blockchain ecosystem.
In order to promote ongoing development and contribution to the Web3 ecosystem in Nigeria and Africa as a whole, he also urged the audience to join SiBAN.
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