Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), has urged industry stakeholders, government officials, and experts to harness the transformative potential of Blockchain technology in asset management and economic development.
Speaking at the Tokenised Economic Conference and Exhibitions, themed Tokenised Economy 2024: Real-World Assets Tokenisation, Inuwa emphasized the importance of Blockchain technology in revolutionizing key sectors of Nigeria’s economy.
The event, organized by Cyberchain in collaboration with BAZE University and NITDA, served as a platform for industry professionals to explore opportunities in digital assets finance, real estate, capital markets, and other sectors.
In his keynote address, Inuwa, represented by Engr. Salisu Kaka, Director of e-Government and Digital Economy Development at NITDA, outlined the benefits of asset tokenization using Blockchain technology.
Inuwa explained that tokenization involves converting physical or digital assets into digital tokens recorded on a blockchain.
These tokens serve as digital representations of real assets, allowing them to be sold, held, and traded in a digital format, which improves liquidity and accessibility.
He emphasized the potential of Blockchain technology to automate processes, increase liquidity, lower investment barriers, and enhance transparency, particularly in real estate markets.
“Tokenization offers several advantages over traditional real estate financing, such as automating processes, increasing liquidity, and improving transparency. It is considered a promising development for the future of real estate markets,” Inuwa said.
He praised Lagos State’s plan to tokenise real estate, describing it as a bold move that could set a precedent for other states.
Inuwa further suggested that tokenizing other key sectors, including agriculture, oil and gas, securities, bonds, and derivatives, could significantly accelerate wealth creation and economic growth in Nigeria.
However, Inuwa stressed the importance of a clear regulatory framework to boost investor confidence and the development of infrastructure that supports the tokenized economy.
He highlighted NITDA’s efforts in promoting Blockchain adoption across all sectors, particularly through the National Blockchain Policy (NBP) and its steering committee.
“Nigeria has the potential to become a leader in the tokenised economy in Africa. By investing in infrastructure, education, and a supportive regulatory environment, Nigeria can unlock the full potential of tokenisation and drive economic growth,” Inuwa concluded.
In his remarks, Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), emphasized how tokenization democratizes wealth by making traditionally exclusive investments, like real estate and art, accessible to a broader audience.