The landmark report released by venture capital firm Hashed Emergent offers a comprehensive overview of Nigeria’s blockchain ecosystem, detailing the progress of over 80 startups that have collectively raised more than $130 million to date—including $20 million in 2024 alone.
The report highlights a shift in funding activity, with early-stage deals and ecosystem grants playing a major role.
Infrastructure startups attracted $11 million, while financial platforms—especially those leveraging stablecoins—received $7 million.
Although investment in entertainment and gaming sectors dipped sharply, builder interest remains active in areas like SocialFi and NFTs.
One of the report’s key insights is Nigeria’s surging developer community.
Nigeria’s rising crypto market
Nigeria’s crypto market is showing rapid growth, surpassing other African nations.
According to a September 2023 report by blockchain research firm Chainalysis, the country’s transaction volume increased by 9% year-over-year, reaching $56.7 billion between July 2022 and June 2023.
This growth significantly outpaces that of major African markets such as South Africa, Kenya, Mauritius, Ghana, and Tanzania.
In 2024, the country recorded a 28% year-on-year increase in developers, accounting for 4% of all new Web3 developers globally—the highest from any African nation.
Notably, 86% of these developers are under 27 years old, with most entering through grassroots initiatives like Web3bridge, Web3Ladies, and SuperteamNG.
Crypto adoption in Nigeria continues to evolve beyond trading and while regulatory uncertainty remains, the report notes progress.
The Central Bank of Nigeria reversed its ban on crypto-related accounts in December 2023, and the Securities and Exchange Commission launched the Accelerated Regulatory Incubation Program (ARIP) to onboard new digital asset firms.
Stablecoins now dominate usage, with the USDT/NGN pair becoming the most traded on centralized exchanges.
In 2024, Nigeria received $59 billion in crypto value—$24 billion of that in stablecoins. Blockchain is also being adopted by public institutions for services like land registries, ID systems, education records, and healthcare.
