The Nigerian Institute of Social and Economic Research (NISER) has partnered with Japan-based global blockchain company, Soramitsu to promote blockchain technology research, capacity building and application in Nigeria.
The collaboration seeks to establish a Knowledge-Industry partnership, where NISER provides local context knowledge and analysis through research, while Soramitsu deepens the capacity of NISER’s research faculty and other Nigerian knowledge centres in blockchain technology.
Soramitsu will focus specifically on SORA, Central Bank Digital Currencies (CBDCs), and Hyperledger Iroha.
Additionally, the partnership will explore and implement innovative projects using blockchain technology to promote financial inclusion, reduce economic inefficiencies in various sectors of Nigeria’s economy by streamlining processes and enhancing transparency, as well as contribute to West African country’s developmental goals.
It will also focus on using blockchain to address Nigeria’s financial and economic challenges and by implementing blockchain-driven initiatives, the partnership hopes to address key economic issues, drive technological innovation, and contribute to the country’s sustainable growth.
Soramitsu is an award-winning global technology company that delivers blockchain-based solutions for enterprises, universities, and governments.
Utilising blockchain technology, Soramitsu developed the Bakong CBDC along with the National Bank of Cambodia, a CBDC Proof-of-Concept with the Bank of the Lao PDR.
With the Central Bank of Solomon Islands, they developed a closed-loop payment system for the University of Aizu in Japan, as well as an identity verification system prototype for Bank Central Asia in Indonesia.
Soramitsu also participated in Asia-Pacific’s first proof-of-concept test of a cross-border multi-currency security settlement system using distributed ledger technology with the Asian Development Bank; and in collaboration with the Risk Assurance Group and Orillion Solutions developed the technology core of the Fraud Intelligence Blockchain.
Established in 1960, NISER is Nigeria’s premier public policy think-tank with its mandate putting it at the centre of public policy formulation and analysis in Nigeria.
The Institute was instrumental in the development of Nigeria’s First to the Fourth National Development Plans; Public Service Reform in the 1990s; establishment of the Raw Material Research and Development Council; Preparation of the National Economic Empowerment and Development Strategy (NEEDS-2) 2006 Document; among others.
Indeed, virtually all major national development plans, economic and social development blueprints and sector strategies at the national level in Nigeria have benefited from NISER research expertise.
Some such blueprints include the National Human Development Report (2016); National Social Protection Policy (2017); and Economic Recovery and Growth Plan (2017-2020) and the country’s current Medium Term National Development Plan (2021-2025).
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