Nigeria Harnesses AI And Blockchain To Combat Crime: A Technological Revolution In Security

On Jun 30, 2024

Nigeria is deploying cutting-edge Artificial Intelligence (AI) and blockchain technology in a groundbreaking effort to combat crime, marking a significant leap forward in security innovation.

Nigeria is demonstrating a growing interest and adoption of cryptocurrency, blockchain technology, and artificial intelligence (AI) as critical components of its technological and economic strategy. These technologies are seen as catalysts for innovation, efficiency, and inclusive growth across various sectors. These advancements are shaping Nigeria’s digital future and positioning it as a leader in technology across Africa.

Recently Olanipekun Olukoyede, Nigeria’s top official in charge of combating financial crime, suggests using advanced technology like blockchain and AI to prevent illegal money leaving Africa.

Blockchain can combat illicit fund transfers, Nigeria’s top finance investigator says
Nigeria’s Economic and Financial Crimes Commission (EFCC) chair, Olanipekun Olukoyede, advocates for the adoption of blockchain technology and artificial intelligence (AI) to combat illegal… pic.twitter.com/452PbmXhlu
— Bullish Singh! 🔥 (@BullishSingh_) June 29, 2024

He supported his point of view by highlighting the fact that African nations lose approximately $88.6 billion per year due to illicit illegal money transactions, funds that could otherwise significantly improve lives across the continent.

Furthermore, the Nigerian official presented an example of how Nigeria recovered $311 million from the United States in 2020. That money had been illegally taken by a former Nigerian leader.

Nigeria & Crypto regulation

Nigeria is actively embracing crypto for digital asset leverage and DeFi solutions, exploring blockchain to enhance transparency and security across finance, logistics, and governance. AI adoption is also rising, driving automation, predictive analytics, and personalised services, positioning Nigeria as a tech leader in Africa.

This year, Nigeria has exhibited significant opposition towards the crypto sector. Currently, Nigerian enforcement agencies are in conflict with Binance crypto exchange over allegations of money laundering and tax evasion.

Under these circumstances, Nigerian authorities are also looking to introduce a new set of rules and laws to regulate this innovative sector within a controlled environment.

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