Nigeria has emerged as a global leader in cryptocurrency adoption and blockchain awareness, according to a 2024 report by Consensys, a leading blockchain and Web3 software company.
The study, which surveyed over 18,000 individuals across 18 countries, places Nigeria at the forefront of crypto ownership and trust in Web3 technology.
Nigeria’s Leading Role in Crypto Awareness
An astounding 99% of Nigerians surveyed have heard about cryptocurrencies, the highest level among all countries covered in the report. Furthermore, 77% demonstrated a deep understanding of crypto concepts, marking Nigeria as a hub of blockchain knowledge. 
Joseph Lubin, Co-Founder of Ethereum and CEO of Consensys, stated, “Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and Web3.”
Widespread Crypto Ownership in Nigeria
Crypto ownership is equally remarkable, with 84% of Nigerian respondents owning at least one crypto wallet. Additionally, 94% of those aware of non-fungible tokens (NFTs) plan to acquire them within the next year. These figures underscore the strong appetite for digital assets in the country.
According to Lubin, “2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society in the right direction espoused by the Web3 ecosystem.”
Decentralisation and Data Privacy Gain Traction
The survey highlighted Nigeria’s progressive stance on decentralisation and data privacy. Approximately 92% of Nigerians expressed a desire for greater control over their online identities, with many emphasizing the need for equitable sharing of profits generated from their data.
Additionally, 80% of respondents in Nigeria showcased a clear understanding of decentralisation, surpassing other countries in the survey.
The report also pointed to the transformative potential of Web3 technologies. It revealed that over half of Nigerians believe decentralisation could improve traditional banking and social media platforms, providing innovative solutions to persistent challenges.
Barriers to Crypto Investment Declining
Compared to last year, barriers to investing in crypto have decreased significantly. While market volatility remains the top concern, it has lessened in impact, reflecting a maturing market landscape.
The report described 2024 as a year of positive momentum, noting how emerging markets like Nigeria, India, and South Africa are rapidly embracing blockchain technologies.
A Future Built on Blockchain
Web3 technologies offer a decentralised, transparent, and blockchain-based internet model, providing a solution to frustrations with current centralized systems.
Lubin emphasized, “The critical role of blockchain and decentralisation in enhancing privacy, trust, and transparency for how data is managed cannot be overstated.”
As Nigeria continues to lead the charge in crypto adoption, the nation sets a powerful example of how blockchain can drive economic, social, and political transformation.
How do you envision Nigeria’s role in shaping the future of blockchain and Web3 technologies? Let us know in the comments!
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