News
Blockchain to Boost Global GDP by $1.7tn

New analysis by consultancy firm PwC shows blockchain technology has the potential to boost the global gross domestic product by $1.76 trillion over the next decade.
This is the key finding of a new PwC report, “Time for trust: The trillion-dollar reason to rethink blockchain”, which assesses how the technology is currently being used and explores the impact blockchain could have on the global economy.
Through analysis of the top five uses of blockchain, ranked by their potential to generate economic value, the report gauges the technology’s potential to create value across industries, from healthcare, government and public services, to manufacturing, finance, logistics and retail.
“Blockchain technology has long been associated with crypto-currencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organisations secure, share and use data,” comments Steve Davies, global leader for blockchain and partner at PwC UK.
“As organisations grapple with the impacts of the COVID-19 pandemic, many disruptive trends have been accelerated. The analysis shows the potential for blockchain to support organisations in how they rebuild and reconfigure their operations, underpinned by improvements in trust, transparency and efficiency across organisations and society.”
Putting blockchain to work
The report identifies five key application areas of blockchain and assesses their potential to generate economic value, using economic analysis and industry research.
The analysis suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.
PwC notes that tracking and tracing of products and services – or provenance – which emerged as a new priority for many companies’ supply chains during the COVID-19 pandemic, has the largest economic potential ($962 billion).
It points out that blockchain’s application can be wide-ranging and support companies from heavy industries, including mining, through to fashion labels, responding to the rise in public and investor scrutiny around sustainable and ethical sourcing.
According to the firm, payments and financial services, including use of digital currencies, or supporting financial inclusion through cross-border and remittance payments, will amount to $433 billion.
It adds that identity management, including personal IDs, professional credentials and certificates to help curb fraud and identity theft will be $224 billion, while application of blockchain in contracts and dispute resolution ($73 billion), and customer engagement ($54 billion), including blockchain’s use in loyalty programmes, further extends blockchain’s potential into a much wider range of public and private industry sectors.
PwC says blockchain’s success will depend on a supportive policy environment, a business ecosystem that is ready to exploit the new opportunities that technology opens, and a suitable industry mix.
Across all continents, it notes, Asia will likely see the most economic benefits from blockchain technology. In terms of individual countries, blockchain could have the highest potential net benefit in China ($440 billion) and the US ($407 billion). Five other countries – Germany, Japan, the UK, India and France – are also estimated to have net benefits over $50 billion.
The benefits for each country differ, however, with manufacturing-focused economies such as China and Germany benefiting more from provenance and traceability, while the US would benefit most from its application in securitisation and payments, as well as identity and credentials, says PwC.
At a sector level, it notes, the biggest beneficiaries look set to be the public administration, education and healthcare sectors.
PwC expects these sectors to benefit approximately $574 billion by 2030, by capitalising on the efficiencies blockchain will bring to the world of identity and credentials.
News
TikTok Returns on Apple, Google US App Stores as Trump Delays Ban

TikTok returned to the U.S. app stores of Apple and Google on Thursday as President Donald Trump delayed a ban on the Chinese-owned social media app and assured the tech giants they would not be fined for distributing or maintaining it.
The popular short video app used by nearly half of all Americans went dark briefly last month, before a law took effect on January 19 that requires its Chinese owner ByteDance either to sell it on national security grounds or face a ban.
The following day, Trump signed an executive order seeking to delay the enforcement of the ban by 75 days, allowing TikTok to continue its operations in the U.S. temporarily.
Although TikTok resumed service after Trump’s assurances, Google and Apple kept the app removed from their U.S. app stores.
TikTok, the second-most downloaded app in the U.S. last year, said on Thursday that its latest app was now available for download.
The delay could have been because Google and Apple were awaiting assurances that they would not be prosecuted for hosting or distributing the app, according to analysts.
Trump’s directive said the companies, which run mobile application stores or digital marketplaces where users can browse, download and update apps, would not face penalties for keeping the TikTok app up and running.
TikTok had more than 52 million downloads in 2024, according to market intelligence firm Sensor Tower.
About 52% of its total downloads were from Apple App Store, while 48% were from Google Play in the U.S. last year, Sensor Tower said.
The law that requires ByteDance to sell TikTok’s U.S. assets or ultimately face a ban was signed by then President Joe Biden last April, triggered by national security concerns and fears that China could use the video-sharing app to spy on American users.
The U.S. has never banned a major social media platform and the law that passed last year gives the government sweeping authority to ban or seek the sale of other Chinese-owned apps. Trump said on Thursday that his 75-day deadline on TikTok could be extended.
The turmoil at TikTok attracted several potential buyers, including former Los Angeles Dodgers owner Frank McCourt, who have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion.
Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February.
News
FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

Dr. Oluwatoyin Madein, accountant-general of the Federation,
The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.
This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.
Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.
The statement reads:
“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”
She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.
Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.
She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.
As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.
She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.
Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.
News
NBRDA Investigates Biocatalysts for Bioethanol Production

National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.
Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday
Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.
An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.
He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.
“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.
“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.
Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.
According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.
“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.
“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.
“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.
According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.
He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.
The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.
He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.
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