President Muhammadu Buhari says digital currency and its underlying technology, called block chain, can increase Nigeria’s GDP by $29 billion over the next 10 years.

The President stated this at the launch the eNaira platform in Abuja.

President Buhari said eNaira will help move people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.

He also said eNaira would cater for businesses and households seeking faster and cheaper means of payment instead of “private currencies” that have gained popularity and acceptance across the world, including Nigeria.

The launch was described by CBN Governor, Godwin Emefiele, as the first in Africa and one of the earliest around the world.

Emefiele said eNaira has taken off with over N500m of the currency minted so far.

The CBN governor also launched a new policy to financially support 100 targeted private sector companies in 100 days.

The financial instrument titled “The 100 for 100 PPP – Policy on Production and Productivity,” Emefiele said the CBN would advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from the 1st of November.