Nigeria among top 10 countries for crypto as Africa gets 0.5% global blockchain funding
EMURGO Africa, in strategic partnership with PwC, recently unveiled the “State of Web3.0 in Africa” report. The report cast a spotlight on the pivotal rise of blockchain investment within Africa. According to the report, 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
By Anna B Kiwanuka
Nigeria has secured a spot in the top 10 countries globally for crypto adoption, as per the “State of Web3.0 in Africa” report by Emurgo Africa and PwC. The report highlights the rapid growth of blockchain investment in Africa, with funding skyrocketing by 1,668% in 2022, reaching $91 million in countries like Kenya, South Africa, and Nigeria. It showcases the potential of blockchain in various sectors, such as SME financing, supply chain management, and digitizing trade infrastructure.
Kenya leads in blockchain adoption in East Africa, while South Africa embraces Web3.0 and blockchain technologies for transparent data management. Nigeria’s high-ranking position emphasizes its role in driving financial inclusion and innovation in the digital currency sector. These developments solidify Africa’s contribution to the global digital revolution.
The MENA region emerges as the fastest-growing crypto market, with increasing user participation and regulatory developments. While Africa currently receives only 0.5% of global blockchain funding, its commitment to Web3.0 technologies and digital currencies has the potential to reshape the continent’s financial landscape and foster unprecedented financial inclusion.
Amid weakening local currencies, there is a rising demand for USD-pegged stablecoins in Africa, offering reliable asset value protection and cost-effective payment solutions. This highlights the adoption of digital currencies and blockchain technology as practical solutions in economically volatile environments.
According to Ahmed M. Amer, CEO of EMURGO Africa, Web3.0 technologies are transforming Africa’s digital landscape by addressing long-standing challenges and empowering individuals. The report emphasizes the importance of collaboration among stakeholders, policymakers, and regulators to unlock the full potential of Web3.0 technologies and drive positive change across Africa.