The President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), Obinna Iwuno, has called on all key players in Nigeria's blockchain industry to unite under the SiBAN umbrella.
Obinna, who made the call at the Web3Lagos Conference in Lagos, believes that the industry currently lacks level of coordination and focus needed, with many operators working in isolation rather than with a unified approach.
"We have communities, but they are fragmented. We need to have a coordinated approach," Iwuno stated in his keynote, urging all operators and exchanges to join SiBAN. He also argued that the real problem was not a lack of talent or projects, but a lack of coordination and focus.
In a subsequent panel session, Iwuno addressed the issue of capital flight, where foreign investment in African projects pales in comparison to what's seen in Europe or South Asia. He challenged the narrative that Africa lacks purchasing power, noting that many foreign projects are attracted to the continent's tangible consumer base.
He laid out a powerful vision for self-sufficiency: a grassroots movement where the African community itself pools its resources to fund promising projects. "What if a million Nigerians each invested $100 into a promising African project? That's $100 million. Isn't that liquidity?" he asked, proposing the creation of an African blockchain fund.
He emphasized that they don't need to wait for a massive, mythical investor. "We just need one success story, adding that a single successful project, funded by Africans for Africans, could be the catalyst for countless others. Our focus now needs to be on building. Because until we build, we will not have a stake in the global system."
Speaking further, he also highlighted the importance of policy engagement and dialogue with regulators, noting that many in the industry are unaware of crucial bills and legislation because they aren't part of the process. He emphasized the need for different roles within the ecosystem, from builders and community leaders to business developers and pointed out the glaring absence of an African blockchain venture capital fund.
"It's not because we can't. If 20 people put $50,000 together, that's $1 million we can use to kickstart," he insisted. According to him, the path forward is not to wait for foreign VCs to offer meager sums, but to pool collective resources and build their own future.
The future of Nigeria’s blockchain ecosystem will not be built in isolation , it will be built together.
This is a call to every operator, innovator, policymaker, and community leader: unite, collaborate, and take ownership of Africa’s digital future.
Contact us:
Email: membership@siban.org
Website: www.siban.org
