In the 2024 Global Crypto Adoption Ranking. Nigeria the Giant of Africa has snatch the 2nd Position from rest of the world!
In recent years, Nigeria has solidified its position as a global leader in cryptocurrency adoption, fueled by innovative solutions to tackle economic challenges. Ranking 2nd on the global adoption index, the country saw nearly $59 billion in cryptocurrency transactions 2023-2024
Nigeriaโs crypto activity is largely driven by smaller retail and professional sized transactions.
Transaction exceeding $1m account for 15% of the total value of cryptocurrency received in Nigeria, while the transaction under $1m account for the remainder 85%
๐๐๐ฃ๐จ๐ซ ๐๐๐๐ฌ๐จ๐ง:
- Remittance fee: Many Nigerians rely on stablecoins to send money across borders due to the inefficiencies and high costs associated with traditional remittance channels. โCross-border remittances are a major use case for stablecoins in Nigeria
As shown below, the average cost of sending a $200 remittance from Nigeria is approximately 60% lower when using stablecoins compared to traditional remittance methods facilitated by fiat currency.
- Inflation: As in other African countries, a major driver of stablecoin adoption in Nigeria is inflation and the depreciation of the naira โ which plummeted to a record low in February 2024. We can see the impact of this trend by looking at transfer sizes under $1 million.
In Q1 2024, stablecoin value approached almost $3billion, making stablecoins the largest portion of sub-$1M transactions in Nigeria.
Although bitcoin and altcoins remain relevant, representing billions in value received, stablecoins is clearly the favorite medium for transactions
- Influx of Youths Adoption: With the attraction of DeFi, Jobs offer, Airdrops. providing Nigerians with new opportunities to earn, receive incentives, and engage in decentralized trading, in addition to the traditional financial systems.
DeFi is experiencing a major moment in Nigeria, echoing
the broader trend of Sub-Saharan Africa as the global leader in DeFi adoption. Nigeria stands at the
forefront of this trend, with over $30 billion in value received in DeFi services last year.
๐๐๐ง๐ญ๐ข๐ฆ๐๐ง๐ญ๐ฌ:
-
๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐๐ฉ๐ข๐ง๐ข๐จ๐ง: While Nigeria is making progress with initiatives like ARIP, many FIs remain hesitant to fully engage with the crypto sector due to lingering regulatory ambiguities.
-
๐๐ซ๐ข๐ฏ๐๐ญ๐ ๐๐๐๐ญ๐จ๐ซ: With the government ambiguity, Private Sectors are still cautious, waiting for clear signals from the central bank and SEC before fully entering the market.
-
๐๐๐ค๐ฅ๐ก๐: Some smaller part of Nigerian are Very Optimistic and are the root and also the vanguard, with some of them among top Influencers in the Web3 Space,
-
Some smaller part of Nigerian are continuing to have distrust in web3, due to loss of money and unmet expectations.
While Most are still potential future Crypto adopter
๐พ๐ค๐ฃ๐๐ก๐ช๐จ๐๐ค๐ฃ:
Nigeriaโs crypto market continues to flourish. With a vibrant fintech
landscape,Youth Adoption, and potential for collaboration between regulators, TradFi, and crypto companies.
The Nation is well-positioned to emerge as a global crypto leader.
If you read to this stage I will encourage you to Give a like and repost, to support me 
And also follow me on Twitter 
x.com
โ๐ซ๐ฃographics ๐๐ซ๐ก ๐ก๐t๐ ๐ค๐ฌ๐ฑ๐ฑ๐ข๐ซ ๐ฃ๐ฏ๐ฌ๐ช chainalysis.com