Kashifu Inuwa CCIE, the Director General of the National Information Technology Development Agency (NITDA), has urged industry stakeholders, government officials, and experts to collaborate in leveraging Blockchain technology to enhance asset management and drive economic growth in Nigeria. Inuwa made the call at the Tokenised Economy 2024: Real-World Assets Tokenisation conference, organized by Cyberchain in partnership with BAZE University and NITDA.
The conference served as a hub for professionals to explore opportunities in digital asset finance, capital markets, commodities, real estate, and other key sectors. In his keynote address, Inuwa emphasized the transformative potential of tokenisation—the process of converting physical and digital assets into Blockchain-based digital tokens. He noted that tokenisation can revolutionise how assets are managed, exchanged, and secured, leading to improved liquidity and accessibility.
Represented by Engr. Salisu Kaka, Director of e-Government and Digital Economy Development at NITDA, Inuwa explained that tokenisation allows real-world assets to be issued as digital and legal representations. “When assets are tokenised, a Blockchain token is created, enabling assets to be traded, sold, or held in digital formats,” he said. This method, he added, simplifies complex sectors such as real estate by automating processes, increasing liquidity, lowering barriers to investment, and improving transparency.
Inuwa praised Lagos State’s bold move to tokenise real estate, suggesting it could set a precedent for other states. He also encouraged tokenising other sectors like agriculture, oil and gas, bonds, and securities to accelerate wealth creation and boost the country’s economy.
However, the DG stressed the importance of a clear regulatory framework to strengthen investor confidence and the need for robust infrastructures to support the tokenised economy. He highlighted NITDA’s efforts, noting that since the launch of the National Blockchain Policy (NBP), the agency has worked closely with industry players to promote Blockchain adoption across sectors.
“Tokenisation of real-world assets offers Nigeria a unique opportunity to unlock economic potential and improve the lives of its citizens. By investing in infrastructure, education, and regulatory support, Nigeria can position itself as a leader in the tokenised economy in Africa,” Inuwa concluded.
In his remarks, Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), emphasized the inclusive nature of tokenisation, stating that it breaks down traditional barriers and makes investments accessible to a wider audience. He said, “Tokenisation democratizes wealth, enabling more inclusive financial participation across previously exclusive markets such as real estate and art.”
Both officials agreed that Blockchain and tokenisation present significant opportunities for Nigeria’s economic future, calling for continued collaboration among all stakeholders to fully realize its potential.
