Nigeria

10.34% of Nigerians own cryptocurrency

How many cryptocurrency 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 the fastest-growing cryptocurrency market among developing economies, and the third-fastest, according to data from Google and other search engines. Nigerians are the most “cryptocurrencies-crazy” nation, ranking as the fastestgrowing market in the world. At this rate, many have positioned Africa as the next hub for cryptocurrencies and blockchain development. At the centre of all this, Nigeria is one of the main African countries driving Africa’s cryptocurrency growth, having ranked 6th worldwide in terms of cryptocurrency-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 cryptocurrency 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 by Kucoin, more than a third of Nigerians aged 18 to 60 invest in cryptocurrencies. A majority of Nigerian cryptocurrency investors are below the age of 30 (52% of its investors). However, Nigeria as a country shows significant potential, as these figures were gathered when only 51% of its population had access to the internet.  Furthermore, Kucoin reported that cryptocurrency ownership in Nigeria showed 50% gender parity, which, unlike in other countries, demonstrates that gender demographics play no role in the country’s adoption of the evolving monetary system.

Cryptocurrencies’ rising popularity in Nigeria

  • Nigeria Plans to Create a Virtual Free Zone With Binance Cryptocurrency Exchange – September 2022
    The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with Binance to create a virtual free zone for the blockchain and digital economy. NEPZA wishes this project to be somewhat parallel to Dubai’s virtual free zone. Ultimately, NEPZA’s partnership with Binance aims to capitalize on the booming blockchain and digital economy.
  • Nigeria Leads Global Search for Cryptocurrency Information – August 2022
    Despite being in the midst of cryptocurrency winter, Nigerian cryptocurrency 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 Cryptocurrency Investors – April 2022
    A world-leading cryptocurrency exchange, Kucoin, has reported that Nigerians are among the most zealous nationalities in cryptocurrency adoption. For many, it has become the preferred choice for storing and transferring assets. In 2021 alone, Nigeria witnessed a 2,467.2% increase in its user base over the course of a year.