Skip to content Skip to sidebar Skip to footer

Nigeria Takes the Lead in Crypto Interest in Africa, Says CoinGecko Report

A recent research report released by CoinGecko, a price tracking firm, reveals that Nigeria has displayed a higher level of interest in crypto assets like Bitcoin and Ethereum compared to any other country in Africa.

Year-to-date data breakdown demonstrates that Nigeria accounts for 66.8% of the cryptocurrency interest on the continent, which is nearly eight times more than the interest shown by the next leading African country. Previously, Nigeria was recognized as the country with the highest cryptocurrency interest in the world, along with Kenya.

On the other hand, countries such as South Africa, Morocco, Ghana, Egypt, and Côte d’Ivoire have not contributed significantly to cryptocurrency interest in Africa.

Among the 54 African countries, the remaining 48 exhibit a relatively low interest in cryptocurrencies, with less than 2.0% interest per year.

Further insights from the report indicate that only 41 out of the 54 African countries have shown interest in cryptocurrencies this year, while 13 countries have demonstrated no interest at all. Nigeria, as Africa’s largest economy with a population of over 200 million, also leads the continent in terms of BTC trading volume.

Another report by confirms that Nigeria has emerged as one of the fastest-growing cryptocurrency markets globally.

In a 2020 online survey conducted by Statista, it was discovered that 32% of Nigerian participants were actively using cryptocurrencies, marking the highest percentage among all countries worldwide.

Nigeria, known for having one of the largest youth populations globally, presents an opportunity to leverage the potential of its young people for sustainable development and growth. The country’s average age is 18, and a significant portion of the population falls within the 15 to 65 age range.

Key points to note include Nigeria ranking second in terms of Bitcoin interest, just behind El Salvador. Additionally, Nigeria serves as Africa’s largest source of BTC trading.

Experts attribute the high interest in cryptocurrencies among Nigerians to factors such as FX scarcity and stringent requirements imposed by African banks. Cryptocurrencies offer solutions to these challenges, including hedging, remittance, and providing relief during times of economic uncertainty.

Moreover, Nigeria continues to face significant unemployment, with an estimated rate of 40% in 2023 according to KPMG. However, the cryptocurrency industry has created new job opportunities for young Nigerians, contributing to the widespread adoption of crypto assets within the country. In 2020, the number of jobs in the cryptocurrency sector more than doubled compared to previous figures.

Be the first to know

Get the best of all crypto news updates coming from Nigeria, Kenya, SA, Ghana, and across Africa

Show CommentsClose Comments

Leave a comment