Blockchain: Nigeria targets $ 6 billion in revenue by 20309. November 2020
A Nigerian government agency expects the blockchain industry to grow significantly by 2030 in the country. At least $ 6 billion in revenue could thus be generated.
Nigeria’s blockchain industry to explode, government says
A speech by the director of the National Information Technology Development Agency (NITDA), reported by Vanguard , gives indications of the government’s hopes. Kashifu Inuwa explained last week that it was estimated that the blockchain sector could generate 6 to 10 billion dollars in revenue for Nigeria by 2030.
Inuwa confirmed that Nigeria does not want to be overtaken, and that blockchain is already contributing to the growth of global economies:
“We are aware of the need to position our country effectively , so that we can generate value with blockchain. ”
Nigeria, a leading figure in the blockchain industry in Africa?
For this, NITDA relies on two strengths: Nigeria’s young population, most of whom were born digitally, as well as the country’s place on the continent. Nigeria is indeed sometimes considered a leading figure in the development of the Bitcoin Trader sector in Africa. With regard to blockchain in particular, several areas should be explored: digital payments of course, but also digital identity technologies and contract and conflict management, among others.
Cryptocurrencies Rise In Nigeria
At the local level, several signs are already pointing to an increasing adoption of cryptocurrencies . Last October, the MetaMask wallet named Nigeria among the four countries with the most users, along with the United States, India and the Philippines. In September, the Nigerian analysis firm A&D Forensics also explained that the arrival of “Big Players” in the region represented a turning point :
” When Binance arrived in Nigeria, it gave many people the opportunity to buy and exchange [crypto currency s] . They have more liquidity than other exchanges in the region, they recruit local community managers […] and they provide free rewards. ”
While the country’s fiat currency, the naira (NGN), has been steadily losing value for many years now, cryptocurrencies are seen as a haven by the people of Nigeria. An impression confirmed by a recent study by Blockchain.com , which concluded last August:
“Nigeria has been the country with the greatest progress in recent months. The country has increased its use of the Blockchain.com web wallet by 60% since April 2020. ”