Nigeria holds the second-highest global interest in Bitcoin, only behind El Salvador, according to Google Trends data.
The country remains the leading Bitcoin adopter in Africa, with substantial interest in digital assets like Bitcoin and Ethereum, as highlighted by a recent CoinGecko study.
Nigeria is expected to dominate the cryptocurrency market share in Africa, accounting for 658.8% of the continent’s market—nearly eight times more than the next leading nation.
With a population of 223 million, Nigeria is one of Africa’s fastest-growing and youngest countries, with 43% of its population under 15 years old, according to the United Nations.
Stablecoins, such as USDT, are increasingly utilized by Nigerian businesses and the diaspora for transactions. Nigerian tour operators often quote prices in US dollars and accept USDT as payment.
Despite facing recent challenges, Bitcoin has performed well in 2023, showing a nearly 42% return.
While digital assets have gained popularity for fund transfers and savings, particularly among the African diaspora, their use for everyday payments remains limited.
This holds true despite the Federal Government’s stringent regulatory environment, which bans banks from transacting with unlicensed virtual asset providers.
Nevertheless, Nigeria’s cryptocurrency market has established itself as a significant means of transaction in Sub-Saharan Africa.
However, it is rapidly losing ground to countries with more favorable attitudes towards cryptocurrencies, such as the UK, UAE, and Brazil.
