New AI and Blockchain Training in Nigeria Set Against a Background of Tightened Crypto Policies

Nigeria’s Vice President, Kashim Shettima, has launched the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Jigawa, aiming to make Nigeria a digital tech leader in Africa.

Partnering with Gluwa, the program will train 1,000 Nigerians annually in AI and blockchain.

President Bola Ahmed Tinubu has also introduced a 150,000 naira ($90) grant for micro, small, and medium enterprises (MSMEs) to boost the local fintech sector. Shettima clarified that this grant is non-repayable.

Shettima also inaugurated the 4th edition of the Expanded National MSMEs Clinic to support small businesses across Nigeria.

Meanwhile, Nigeria’s crypto regulations have tightened. In May, Tinubu banned peer-to-peer crypto trading with the naira to prevent currency devaluation.

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The SEC, led by Emomotimi Agama, has restricted Binance’s naira transactions and trading, filing charges of tax evasion and money laundering against the exchange and its executives.

Despite these restrictions, cryptocurrency trading in Nigeria remains strong, with volumes increasing 9% to $56.7 billion from July 2022 to June 2023.

Alexander Stefanov