Nigeria | 2022

Cryptocurrency Adoption and trends in Nigeria in 2022



of Nigerians
own cryptocurrency

How many cryptocurrencies owners are there in Nigeria?

It is estimated that over 22 million people, 10.3% of Nigeria’s total population, currently own cryptocurrency.

State of Cryptocurrencies in Nigeria

As of Q3 2022, Africa is currently the fastest-growing cryptocurrency market among developing economies and the third-fastest growing market in the world. At this rate, many have poised Africa to be the next hub of cryptocurrencies and blockchain development. At the centre of all this, Nigeria is one of the main African countries driving Africa’s cryptocurrencies growth, having ranked 6th worldwide in terms of cryptocurrencies-related use according to a report done by Chainalysis, a US blockchain data platform. Cointelegraph reported that according to Google and other search engine’s data, Nigerians are the most “cryptocurrencies-crazy” nation as they rank first among 15 countries surveyed. This surge in cryptocurrencies adoption amongst Nigerian could be attributed to a lack of access to traditional financial services. 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

Nigeria Cryptocurrencies Ownership Demographics

According to an April report done by Kucoin, more than a third of Nigerians aged between 18 to 60 invest in cryptocurrencies themselves. A majority of Nigerian cryptocurrencies 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.  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.

Cryptocurrencies’s rising popularity in Nigeria

  • Nigeria Plans to Create a Virtual Free Zone With Binance Cryptocurrencies Exchange – September 2022
    The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with Binance to create a virtual free zone on blockchain and digital economy. NEPZA wishes this project to be somewhat parallel to Dubai’s virtual free zone. Ultimately, NEPZA’s partnership with Binance is aimed to take advantage of the booming blockchain and digital economy.
  • Nigeria Leads Global Search for Cryptocurrency Information – August 2022
    Despite being in the midst of cryptocurrencies winter, Nigerian cryptocurrencies enthusiasts are still in full throttle. According to CoinGecko, the Nigerian population searched the most for the terms ‘cryptocurrency’, ‘invest in cryptocurrencies’, and ‘buy cryptocurrencies’. 
  • KuCoin’s Into The Cryptocurrenciesverse Report Reveals 35% of Nigerian Adults are Cryptocurrencies Investors – April 2022
    A world-leading cryptocurrency exchange, Kucoin has reported that Nigerians are amongst the most zealous nationality when it comes to cryptocurrencies adoption. For many, it has become the preferred choice for storage and transfer of assets. In 2021 alone, Nigeria witnessed a 2,467.2% spike in their number of users in the course of a year. 

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