Sunday, February 16, 2025

ConsenSys Report: Nigeria Tops Global Crypto Adoption, Trust in Digital Data Soars to 98%

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.

Hot this week

Nigeria’s Dangote Refinery Reduces Diesel Prices for the Third Time Since Launch

The Dangote Petroleum Refinery has cut the gantry price...

From Energy to Education: African Startups Raise $289 Million in a Record January

African startups began 2025 on a high note, securing...

Nigeria to Boost Lagos-Kaduna Freight Rail to Full Capacity by Q2 2025

The Nigerian Railway Corporation (NRC) is ramping up freight...

AfDB Invests $3 Billion in Agro-Industrial Hubs to Transform Africa’s Agriculture

The African Development Bank (AfDB) is driving Africa’s agricultural...

Kenya’s Rose Exports Wither Under Pests, EU Regulations

Kenya's $1 billion flower export industry, a lifeline for...

Dangote Group to Invest $400M in Ethiopia Cement Expansion Amid Market Growth

Africa’s richest man, Aliko Dangote, is doubling down on...

Djibouti’s Youssouf Secures AU Commission Chair, Pledges Security and Unity

Djibouti’s Foreign Minister, Mahmoud Ali Youssouf, has emerged as...

Nigeria Sees 9,100 Childhood Cancer Cases Annually Amid Calls for Urgent Action

Nigeria records approximately 127,000 cancer cases annually, with children...

Nigeria’s Defence Chief Exposes Foreign Links to Boko Haram, Calls for Action

Chief of Defence Staff General CG Musa has indeed...

Ex-Lagos Speaker Obasa Sues Assembly Over Impeachment, Seeks Urgent Court Ruling

Former Speaker of the Lagos State House of Assembly,...

Nigeria to Boost Lagos-Kaduna Freight Rail to Full Capacity by Q2 2025

The Nigerian Railway Corporation (NRC) is ramping up freight...

Kenya’s Odinga, Djibouti’s Youssouf Lead Race for AU Commission Presidency

The race to lead the African Union (AU) Commission...

Related Articles

Popular Categories