Nigeria has taken the lead in global cryptocurrency ownership, as revealed by ConsenSys’ second annual Global Survey. The report highlights that emerging markets, including Nigeria and South Africa, are at the forefront of the cryptocurrency revolution.
The survey shows that Nigeria tops the list with 73% of respondents owning crypto assets, followed by South Africa at 68% and the Philippines at 54%. These countries are also advancing in cryptocurrency-related awareness and engagement, with significant interest in Web3 activities such as staking, decentralized finance (DeFi), and non-fungible tokens (NFTs).
In Nigeria, 80% of respondents were aware of decentralization, and 77% correctly defined blockchain technology. Similarly, 74% of South African respondents and 61% of Filipinos reported familiarity with blockchain.
Despite the growing interest, the report identifies persistent challenges to broader adoption, including concerns over scams, market volatility, and limited understanding of cryptocurrency’s utility. Globally, 75% of respondents expressed concerns about artificial intelligence (AI) enabling fraud and misinformation. However, 54% believe blockchain could provide the transparency needed to combat AI-driven disinformation.
Joseph Lubin, Ethereum co-founder and ConsenSys CEO, emphasized the transformative role of blockchain in enhancing privacy, trust, and transparency. “The adoption of Web3, blockchain, and cryptocurrency has accelerated recently, with 2024 being a key year,” Lubin stated, linking this growth to the potential for clearer regulations in the wake of the recent U.S. presidential election.
Nigeria’s economic challenges, including high youth unemployment and soaring food inflation, have driven many citizens to explore digital assets as a means of livelihood. According to blockchain analytics firm Chainalysis, 33% of Nigerians actively invest in cryptocurrencies, ranking the country second in global adoption, after India.
Cryptocurrencies also play a vital role in remittances, as Nigerians abroad use digital assets to bypass the high fees and inefficiencies of traditional money transfer methods. However, policymakers remain cautious, arguing that the rise of cryptocurrencies undermines the naira and complicates governance.
In response, President Tinubu’s administration has adopted a mixed approach. While the Nigerian Securities and Exchange Commission (SEC) has regulated a few local exchanges, several prominent crypto firms have exited the Nigerian market in 2024.
As Nigeria continues to balance innovation with regulation, its leadership in cryptocurrency adoption underscores the transformative potential of digital assets in emerging economies.