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Nigeria has emerged as the country with the highest interest in cryptocurrencies, particularly Bitcoin and Ethereum, in Africa, according to a recent research report from CoinGecko, a price tracking firm.
Year-to-date data analysis reveals that Nigeria accounts for 66.8% of the continent’s crypto interest, surpassing other African countries by a significant margin. This makes Nigeria the country with the highest crypto interest in Africa, a title it shares with Kenya. South Africa, Morocco, Ghana, Egypt, and Côte d’Ivoire have shown comparatively lower levels of cryptocurrency interest.
Among the 54 African countries, only 41 have expressed interest in cryptocurrencies this year, with 13 countries currently showing no interest. Nigeria, with its population of over 200 million people, also holds the distinction of being the largest source of Bitcoin trading volume on the continent.
Recent reports from Blockchain.com highlight Nigeria as one of the fastest-growing cryptocurrency markets globally. In a 2020 online survey conducted by Statista, Nigeria had the highest percentage of cryptocurrency users among participating countries, with 32% of respondents indicating their involvement.
Nigeria’s large youth population, with an average age of 18 and a majority between 15 and 65, presents an opportunity to harness the potential of young people for sustainable development and economic growth.
Regarding Bitcoin interest, Nigeria ranks second globally, just behind El Salvador. The country also serves as Africa’s largest source of Bitcoin trading activity.
Experts attribute the high interest in cryptocurrencies among Nigerians to factors such as scarcity of foreign exchange (FX) and strict requirements imposed by African banks. Digital assets offer solutions to these challenges, including hedging, remittance, and providing relief during times of economic uncertainty.
Additionally, Nigeria faces high unemployment rates, with estimates by KPMG putting it at 40% this year. The crypto industry has created new job opportunities for young Nigerians, contributing to the widespread adoption of crypto assets within the country. In 2020, the number of jobs in the cryptocurrency industry more than doubled compared to previous figures.
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