By Efosa Taiwo
The Chief Executive Officer of CBC Blockchain Services, Obinna Iwuno has called on the Nigerian government to create a Blockchain Development Fund, stressing that the country cannot continue to focus its resources on petroleum while neglecting technology and innovation.
Speaking at Moonshot 2025, Obinna who also doubles as the president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) highlighted the innovative potential of blockchain, Obinna said the technology has the power to transform every sector of the economy if properly harnessed.
“The innovative part of my job is how we are able to create solutions with innovations that solve problems. Blockchain technology is good infrastructure that can power so many things—finance, health, education, logistics, supply chain, data management, and more. Blockchain is very inspiring. There is a saying in the space that if you sleep one month, you wake up six months behind,” he said.
He described blockchain as a tool that has given Africa the opportunity to level up with the rest of the world, adding that it holds the key to unlocking the next generation of the internet through Web3 technologies.
“This is the reason I wake up every day to look for the next innovation for blockchain and the next innovative companies. Blockchain is integratable into every and anything—it’s applicable in any sector. That is what is coming up with the next generation of the internet, which is Web3,” he added.
Despite the growing interest in emerging technologies, Obinna said Nigeria’s tech ecosystem is being held back by three major challenges: poor infrastructure, lack of funding, and limited skill development.
“Africa’s tech ecosystem currently is lacking three things — the infrastructure, the government has a part to play, also the private sector. If the government brings in the right environment, policies, and regulations for the private sector to follow, it will complement and complete the infrastructural deficit,” he explained.
Calling out the government’s funding priorities, Obinna urged authorities to redirect attention to innovation-driven sectors.
“Why are we not dedicating funding into tech innovation? Why is there not a national research lab? Why aren’t we investing in such things? We are dedicating fundings to things of the past. The same way there’s funding into the Petroleum Technology Development Fund is the same way we are supposed to have the Blockchain Development Fund and the Artificial Intelligence Development Fund,” he said.
He emphasized that innovation is not tied to natural resources but to the creative potential of the people.
“We should become a major innovator, because the advantage to innovate is not tied to mineral resources; it is tied to the mind of the people,” he noted.
On skill development, Obinna pointed out that Africa is lagging behind the West and must encourage exchange in knowledge and technology to build capacity locally.
“We are lacking in the skills being used in the West and North America. We need to have an exchange in ideas and technologies to enable us to develop right here,” he stated.
He further advocated for stronger blockchain and Web3 policies, and urged the government to review tax structures and the Startup Act to create a more enabling environment for innovation.
“We also need to look at the taxes—how does it help innovative and emerging sectors to thrive without being overburdened? These are the things we are looking at. If those three areas are controlled, then we can have the success we want to see,” he added.
Speaking on the conference, Obinna commended the organizers, describing it as a platform for forward-thinking conversations.
“The conference has been phenomenal. It’s been an amazing event, and we need more of these across Nigeria and in other industries. We encourage what we have seen here. That is why we partnered as an association to bring the conversation about blockchain and national assets to this stage because we are currently the fastest growing sector in tech globally and we are the future of the internet.”
The post Nigeria needs blockchain development fund, not just petroleum funding, says CBC Blockchain CEO appeared first on Vanguard News.
