Web3.0: Nigeria Ranks in Top 10 Worldwide for Crypto Adoption

EMURGO Africa, in strategic partnership with PwC, has unveiled the “State of Web3.0 in Africa” report, a forward-looking publication that provides an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa and the Middle East and North Africa (MENA) region.

Unearthing compelling statistics, the report casts a spotlight on the pivotal rise of blockchain investment within Africa. Blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa and Nigeria. This heralds Africa’s burgeoning presence within the global blockchain arena.

Illustrating the impressive progress and latent potential of blockchain and Web3.0 technologies across Africa, the report paints a picture of Kenya’s forefront role in blockchain adoption and digital innovation. It showcases Kenya’s speedy growth in implementing blockchain solutions that stimulate economic development in East Africa.

In South Africa, the report indicates the escalating adoption of Web3.0 and blockchain technologies that are revolutionizing industries via secure and transparent data management in Southern Africa. It also highlights Nigeria’s high-ranking position in the top 10 worldwide for crypto adoption, emphasizing the country’s role in propelling financial inclusion and nurturing innovation in the digital currency sector in West Africa. These findings underline the transformative effect of blockchain and Web3.0 technologies in Kenya, South Africa and Nigeria, establishing them as major contributors to the digital revolution unfolding across Africa.

The MENA region, concurrently, has been identified as the fastest-growing crypto market from 2021 to 2022, leading the digital revolution among users, regulators and crypto investors alike.

On the global stage, crypto regulation is evolving, with 40% of the 35 nations surveyed having instituted regulatory frameworks, 34% actively developing them, and a scant 9% enforcing outright prohibitions on cryptocurrencies.

Despite the fact that Africa has thus far received a mere 0.5% of global blockchain funding, the continent’s commitment to Web3.0 technologies and digital currencies is poised to recalibrate its technological and financial landscape, paving the way for unprecedented financial inclusion and innovation.

Weakening local currencies coupled with fragile economic backdrops have created rapidly growing demand for USD-pegged stablecoins on the continent, as consumers protect their asset values from free-falling and owners of SMEs seek cheaper and efficient ways of payment. This development is a testament to the burgeoning adoption of digital currencies and blockchain technology as practical solutions in economically volatile environments.

Ahmed M Amer, CEO of EMURGO Africa, in a statement, emphasized that;

“Web3.0 technologies are already redefining the African digital landscape, offering innovative solutions to long-standing challenges and empowering individuals and communities across the continent. This report presents an in-depth exploration of the potential of these technologies to drive positive change, while highlighting the importance of fostering a collaborative environment between stakeholders, policymakers, and regulators to unlock the full potential of Web3.0.”

Compilation of the “State of Web3.0 in Africa” report marks a significant milestone, charting the course for understanding the opportunities, challenges and potential of blockchain and Web3.0 in Africa and the MENA region. It serves as an invaluable resource for industry leaders, policymakers, innovators, and all interested parties, offering profound implications for the future of these regions beyond mere statistics.

With 20% of Sub-Saharan African countries currently outlawing crypto-assets, and established data protection laws in countries like Kenya, Nigeria, Egypt, and South Africa, the report underscores the importance of a balanced regulatory approach in safeguarding individual privacy and protection.

Finally, the report accentuates the imminent impact of the metaverse on businesses. Based on PwC’s Metaverse Survey, an overwhelming 82% of executives anticipate metaverse integration within their business operations in the next three years.

For a comprehensive understanding and deeper insights, download the full “State of Web3.0 in Africa” report here.