Nigeria continues to dominate the global crypto adoption landscape, driven by trust, awareness, and an appetite for digital ownership, according to a report by blockchain firm ConsenSys. Released on Tuesday, the survey highlights Nigeria’s growing influence in the crypto and Web3 ecosystem, with 84% of respondents owning at least one crypto wallet.
“Nigerians show unparalleled trust in internet services using their data, with 98% expressing confidence,” said Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys. The report surveyed over 18,000 individuals across 18 countries, emphasizing Nigeria’s top rank in crypto awareness, with 99% of respondents familiar with cryptocurrencies.
Awareness translates into action. Among those aware of non-fungible tokens (NFTs), 94% plan to acquire one within the next year. The study also reveals that 92% of Nigerians desire more control over their online identity, reflecting growing concerns about data privacy. “This highlights the critical role of blockchain in enhancing trust and transparency,” Lubin added.
READ MORE: Defence HQ Highlights Nigerian Military’s 2024 Triumphs Over Terrorism and Crime
The findings underscore Nigeria’s leadership in embracing decentralization. “Nigerians understand decentralization better than any other surveyed country, with 80% recognizing its potential to improve traditional banking and social media,” the report stated.
Despite a challenging crypto market in recent years, barriers to investment are easing. Market volatility, once the top concern, has declined significantly since 2023. ConsenSys noted, “Emerging markets like Nigeria, India, and South Africa are rapidly embracing crypto and blockchain technology as transformative tools.”
Lubin pointed to the broader implications of Web3, describing it as a blockchain-based, decentralized internet that empowers individuals. “This new era of internet connectivity aligns with the needs of countries like Nigeria, where decentralization offers solutions to data exploitation and misinformation,” he said.
The report paints a hopeful picture for Nigeria, where the convergence of awareness, ownership, and trust positions it as a beacon for crypto-driven economic transformation.
