Nigeria, or rather, Nigerians, faced a slew of challenges in their efforts to capitalize on the cryptocurrency industry. Before we look at these obstacles and how Nigeria has seemingly overcome them, it is important to note that it is in fact, no longer a secret and is now widely known that the world’s most populous black nation has grown fond of disruptive technology that blockchain technology is.
The cryptocurrency was banned in Nigeria earlier this year, causing a frenzy among the country’s young crypto enthusiasts. Several businesses have been impacted by the Central Bank of Nigeria’s single decision to restrict financial institutions from involving in crypto transactions.
What is odd, however, is the increase in cryptocurrency participation among Nigerians since the release of the federal government of Nigeria’s official publication of its stance an increase in Google searches for terms like “what is cryptocurrency?” How do I get started with cryptocurrency? And all other related searches by Nigerians became increasingly popular with search engines.
Popular P2P platforms saw a significant increase in transactions from the region. In the following sections, we look at key figures and their contributions to the growing cryptocurrency community in Nigeria.
Today’s centre of attention is on Eljaboom, a global cryptocurrency influencer, who has also openly expressed his love for Nigerians, not only through tweets praising the resilience of Nigerian counterparts but also through action, by donating to the government science school in Kuru, Plateau state, with the tag “FOR THE ADVANCEMENT OF BLOCKCHAIN TECHNOLOGY IN NIGERIA.” This act reinforces the previously stated sentiment regarding the unprecedented growth of cryptocurrency technology in Nigeria.
According to Elja, the cryptocurrency space in Nigeria can only continue to produce enthusiasts like Keith Mali Chung, COO and Co-founder of Swirge, a decentralized social media platform powered by blockchain technology, and Deborah Ojengbede, a 27-year-old female ex-banker turned CEO of Africa’s leading NFT platform, AFEN group. Elja’s donation was put to good use.
It was enough to refurbish the government science school’s e-library in Kuru, Plateau state, providing over 50 computers, a year’s subscription to internet access, classroom desks, and remodelling of the e-library mall
The events that have heralded Nigeria’s crypto journey have drawn even more key industry figures, blockchain developers, cryptocurrency influencers, and tech experts. One example is Twitter’s CEO openly tweeting about Nigeria’s influence in the crypto space. While there are bigger names who can draw attention to the situation in Nigeria through what they have said in the past, other notable people in the crypto-verse have shown their support for Nigeria’s crypto community. This has resulted in generous gestures from people who have discovered a unique connection with Nigeria’s crypto youths, influencers, developers, and pioneers.
We can find evidence in the #builtwithbitcoin initiative by Ray Yousseff, CEO and founder of Paxful who has openly declared his love for Nigeria.
Cryptocurrency startups continue to spring up in Nigeria, and their growth has been hailed as a game-changer for the advancement of technology in Africa. Nonetheless, the use of blockchain technology has the potential to revolutionize critical sectors of African society, and Nigeria is increasingly becoming a leader in this regard.
If you want to get started in the world of cryptocurrency and are looking for a community to join, you can start by reading about Afen Blockchain’s plan to change key sectors in Africa through blockchain education.