Nigeria has solidified its position as a key player in Web3 innovations in Africa, hosting numerous startups and developers.
Development of Web3 Ecosystem in Nigeria
According to the 'Nigeria Web3 Landscape' report released by Hashed Emergent, most of the 80 startups raised $130 million in 2024. Of this, $20 million was invested in early-stage deals focused on infrastructure and financial applications.
Growth of Developers and Their Role
Nigeria saw a 28% year-on-year increase in developers, reaching 1.1 million in 2024, which accounts for 4% of the global new Web3 developers. A significant portion of the developers is under 27 years old.
Regulatory Challenges and Future of Web3 in Nigeria
Nigeria faces regulatory challenges, including the lack of unified legislation on digital assets. Despite this, progress in regulation is observed as regulators actively engage with market players.
Nigeria displays significant potential in the Web3 space, but for successful future development, alignment between regulators and local developers is essential.
