Nigeria has emerged as the global leader in cryptocurrency ownership, with a striking 73% of respondents in the country claiming ownership of crypto assets, according to the second annual Global Survey by ConsenSys. This places Nigeria at the forefront of global cryptocurrency adoption, surpassing both South Africa (68%) and the Philippines (54%).
The survey highlights that emerging markets like Nigeria and South Africa are playing a significant role in driving the worldwide adoption of cryptocurrencies. These countries have shown a deep interest in cryptocurrency-related activities, including decentralized finance (DeFi), staking, and non-fungible tokens (NFTs). In addition, the survey revealed that 80% of Nigerians are aware of decentralization, and 77% can correctly define blockchain technology.
Despite the growing interest in crypto, challenges persist. Respondents expressed concerns about scams, market volatility, and a lack of understanding of cryptocurrency’s purpose. Nonetheless, emerging markets, including Nigeria, are showing a remarkable willingness to embrace virtual currencies, even in the face of these obstacles.
The survey also notes that 75% of participants are concerned about the potential for artificial intelligence (AI) to spread fraud and misinformation. However, many believe that blockchain could provide the necessary accountability and transparency to combat AI-driven disinformation, with 54% of participants globally agreeing that blockchain could address these issues.
In Nigeria, the push towards cryptocurrency is closely linked to the country’s economic struggles, including high youth unemployment and soaring inflation. The digital space has become a potential lifeline, with 33% of Nigerians estimated to invest in cryptocurrencies, according to blockchain-tracking firm Chainalysis. Moreover, Nigerians living abroad have increasingly turned to cryptocurrency to send remittances, bypassing the high fees and delays associated with traditional methods.
Despite regulatory concerns, the Nigerian government has adopted a balanced approach, attempting to regulate cryptocurrency exchanges while acknowledging the growing role digital currencies play in the nation’s economy. Although some prominent crypto companies have exited the Nigerian market, the country’s appetite for crypto assets remains robust.
Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, commented on the increasing importance of data privacy and blockchain, stating, “It is impossible to overestimate the crucial role that blockchain technology and decentralization play in improving privacy, trust, and transparency in the way our data is handled.”
With blockchain technology gaining momentum, Nigeria’s position as a leader in crypto adoption underscores the country’s pivotal role in shaping the future of digital currencies.
