It is estimated that over 22 million people, 10.3% of Nigeria’s total population, currently own cryptocurrency.¹
As of Q3 2022, Africa is currently the fastest-growing cryptocurrency market among developing economies and the third-fastest growing market in the world.² At this rate, many have poised Africa to be the next hub of crypto and blockchain development.³ At the centre of all this, Nigeria is one of the main African countries driving Africa’s crypto growth, having ranked 6th worldwide in terms of crypto-related use according to a report done by Chainalysis, a US blockchain data platform.⁴ Cointelegraph reported that according to Google and other search engine’s data, Nigerians are the most “crypto-crazy” nation as they rank first among 15 countries surveyed.⁵ This surge in crypto adoption amongst Nigerian could be attributed to a lack of access to traditional financial services.₆ Additionally, the depreciation of their domestic currency, the Naira alongside rising inflation could be another major factor contributing to Nigerians holding cryptocurrencies as their main form of assets. ₇
According to an April report done by Kucoin, more than a third of Nigerians aged between 18 to 60 invest in cryptocurrencies themselves.₈ A majority of Nigerian crypto investors are below the age of 30 (52% of its investor). However, Nigeria as a country shows huge potential as these figures are gathered when only 51% of the entire population of Nigeria has access to the internet.₉ Furthermore, Kucoin reported that cryptocurrency ownership in Nigeria showed 50% gender parity, which, unlike in other countries, demonstrates that gender demographic plays no role in the country’s adoption of the evolving monetary system.₁₀
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