How Nigeria leads Africa's crypto race

The crypto ecosystem is buzzing with more enthusiastic and dynamic followers coming from all over the world.

Though it sounded like an impossible task when it all started with all sorts of gimmicks and fud creating tactics to water down the spread and adoption of blockchain technology and crypto currencies especially from government financial bodies who seem to have little or no knowledge of how blockchain technology works back then. 

However, there were resilient and determined people globally who after getting an understanding of how the ecosystem works have determined to continue to spread the adoption and knowledge of blockchain technology and crypto currencies.

Africa as a continent has had its fair share of fud being propagated around the continent with their government machinery implementing policies to stifle the spread of knowledge amongst its people and perpetually holding the people in financial bondage. This has proven to be impossible as the blockchain and bitcoin in particular has demonstrated a similarity with the use of the internet as these are not controlled by any government because it is an open source algorithm which is decentralized in nature. This has tremendously improved the number of people getting to use and know more about bitcoin and by extension other crypto currencies as the quest for knowledge seems to be on the increase on a daily basis according to google analytics on their search engines.

This is why a statistics showed that Africa had grown its user acceptability of crypto currencies in the year 2021 to over 1200% with Nigeria taking the lead as shown below as at June 2021,

The world's top 10 countries with crypto acceptance, according to the Statista data, are:

  • Nigeria: 32%

  • Vietnam: 21%

  • Philippines: 20%

  • Turkey: 16%

  • Peru: 16%

  • Switzerland: 11%

  • India: 9%

  • China: 7%

  • U.S.: 6%

  • Germany: 5%

  • Japan: 4%

There are so many awareness programs going on in Nigeria at the moment where every means to educate people and inform them of the transformational dimension of the use of crypto currencies can have on their finances. People have started to hedge their funds in crypto currencies as a result of the devaluation of the country’s fiat currency the naira against the US dollar. This is as a result of poor economic policies which has affected the naira and has led to a continuous fall of the value.

Nigeria is a country with a population of over 200 million people with an active youth population of over 60%. The youth are industrious, determined  and resilient in their quest to attain financial independence from the shackles of poverty in which they have found in blockchain technology and use of crypto currencies as an avenue to attain these goals.

We at Klever are passionate about helping countries achieve this goal of financial independence and Nigeria has proven to be a fertile ground for mass education and crypto adoption to be formalized as a way of life among the people. Nigerians have proven to be teachable and willing to grow and as such this has helped them attain the position of Africa’s fastest growing crypto adoption country and presently contending for a massive global recognition as the country is about becoming the first country to implement a central bank digital currency “e-Naira” on the first of October 2021.

We look forward to how this would impact the economy and life of the people in the coming days as the Klever team is also willing to educate the people of Nigeria more through our various social media platforms with educative materials for a rapid transformation of the people and their businesses by the use of the Klever wallet from the comfort of their mobile devices.

It is indeed a Klever thing to do.

By James Enajite
Klever Writer
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