The Nigerian Institute of Social and Economic Research (NISER) has announced a strategic partnership with Japan-based blockchain company Soramitsu to advance blockchain technology research and application in Nigeria. This collaboration is set to enhance blockchain capacity, promote innovative projects, and address Nigeria’s financial and economic challenges through the use of blockchain technology.
The partnership establishes a Knowledge-Industry alliance where NISER will contribute local context and research expertise, while Soramitsu will provide specialized knowledge in blockchain technologies such as SORA, Central Bank Digital Currencies (CBDCs), and Hyperledger Iroha. This dual approach aims to strengthen blockchain research and implementation across Nigerian knowledge centers and institutions.
Soramitsu’s involvement will focus on applying blockchain to improve financial inclusion and economic efficiency in Nigeria. The partnership is expected to streamline processes, enhance transparency, and support Nigeria’s developmental goals by leveraging blockchain to address key economic issues and drive sustainable growth.
Soramitsu is renowned for its innovative blockchain solutions, having developed the Bakong CBDC with the National Bank of Cambodia, and a CBDC Proof-of-Concept with the Bank of the Lao PDR. Additionally, Soramitsu has created a closed-loop payment system for the University of Aizu and an identity verification prototype for Bank Central Asia, showcasing its extensive experience in blockchain applications.
NISER, established in 1960, is Nigeria’s leading public policy think-tank and has played a pivotal role in shaping national development plans and economic strategies. Its expertise has been crucial in formulating significant national documents, including the National Development Plans and the Economic Recovery and Growth Plan.
This new partnership with Soramitsu reinforces NISER’s commitment to fostering technological innovation and research. By combining NISER’s deep local knowledge with Soramitsu’s global blockchain expertise, the collaboration aims to address Nigeria’s economic challenges and contribute to the country’s long-term development and growth.
Blockchain #Fintech #DigitalTransformation #NISER #Soramitsu #Innovation #FinancialInclusion #EconomicDevelopment #Nigeria
