Key charts that show why Nigeria is Africa’s most important Crypto market
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Loading... - Lawal Suleiman
- 16 Feb 2023
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Digital use is quickly taking over daily life, especially in nations with a history of financial instability or where there are significant impediments to accessing traditional financial goods like bank accounts.
A prime example is Nigeria, the most populated nation in Africa. Its impatient, young populace has to deal with money controls, rising unemployment, and the whims of the black market in currency transactions every day.
Some insights: Nigeria has one of the greatest youth populations in the world, with a median age of 18 and a population that is primarily between the ages of 15 and 65. This presents a chance to harness the youth’s potential for sustainable development and growth.
- Nigeria is ranked as the second-best-performing country in the world in terms of interest in Bitcoin. In the same vein, the country is also the largest source of BTC trading in Africa.
- Nigerians are said to be the most crypto-savvy population on the African continent, ranking as the top country for crypto adoption in Africa and 11th overall. 35% of the country’s population aged between ages 18 and 60, was reported to have owned or traded cryptocurrencies in 2022.
Trading volume in SSA: Statistics from UsefulTulips.org, which monitors bitcoin transactions on the two largest peer-to-peer cryptocurrency trading platforms in the world, has shown that Sub-Saharan Africa (SSA) recently surpassed North America as the location with the highest volume of this type of crypto activity.
Crypto markets in Africa are among the fastest-growing in the world, with a peak of $20 billion in monthly transactions expected to occur in the middle of 2021, according to Chainalysis. Kenya, Nigeria, and South Africa are the countries with the most users in the region. Read More…
