Nigeria has exhibited the most interest in crypto assets such as Bitcoin and Ethereum than any other country in Africa.
Africa’s most populous country accounts for 66.8% of the continent’s cryptocurrency interest, roughly eight times that of the next African country. Nigeria, along with Kenya, was once thought to have the greatest bitcoin interest in the world.
South Africa, Morocco, Ghana, Egypt, and Côte d’Ivoire have not made substantial contributions to African cryptocurrency interest. The remaining 48 African countries have the continent’s lowest relative interest in cryptocurrencies, at less than 2.0% each year.
According to a recent Blockchain.com research, Nigeria has emerged as one of the world’s fastest-growing cryptocurrency markets. In a 2020 online survey conducted by data company Statista, 32% of Nigerians who participated used cryptocurrencies.
This is the highest rate of any country on the planet. Nigeria has one of the world’s greatest young populations, with an average age of 18 and the majority of the population aged 15 to 65.
It represents an opportunity to tap into young people’s potential for long-term development and growth. Nigeria ranks second only to El Salvador in terms of Bitcoin interest. Similarly, the country is Africa’s leading source of BTC trading.
According to experts, the scarcity of foreign currency and the stringent requirements imposed by African banks have fueled high interest among its citizens. Furthermore, unemployment in Nigeria remains extremely high, with KPMG forecasting a 40% unemployment rate this year.
The crypto business, on the other hand, has offered new job prospects for young Nigerians, which is one of the reasons for the broad use of crypto assets in Nigeria. The number of jobs in the bitcoin business is expected to more than treble by 2020.
