Nigeria has become Africa’s fastest-growing Web3 developer hub, contributing 4% of all new global Web3 developers, the highest in the continent. This surge in developer activity places Nigeria at the forefront of Web3 adoption in Africa. The country’s rapid digital transformation is attributed to a robust combination of technical talent and entrepreneurial resilience, positioning it to lead the African Web3 movement. In 2024, Nigeria also ranked second globally for crypto adoption, receiving $59 billion in crypto transactions.
According to industry experts, Nigeria’s Web3 ecosystem is evolving rapidly, with a significant portion of its developer base under the age of 27. Over half of these developers have joined the ecosystem in the past year, highlighting a fresh influx of talent. However, employment within the Web3 space remains fluid, as many developers operate on a freelance basis. Interestingly, 45% of developers are paid in stablecoins, while others receive popular cryptocurrencies such as Ethereum, Bitcoin, or Solana.
While Nigerian Web3 developers face compensation gaps compared to global peers, there has been increasing exposure to international roles, bounty programs, and founder opportunities. This has led to a growing number of Web3 startups in Nigeria, with over 80 companies raising more than $130 million collectively. In 2024, Nigerian startups raised $20 million, primarily in the areas of infrastructure and financial technology, with notable investments in Layer 1/Layer 2 programs and ecosystem grants.
Despite a decline in investment in the entertainment and gaming sectors, which fell to $2 million from $17 million the previous year, there is still significant interest in SocialFi and Gaming/NFT projects. The focus has shifted towards foundational infrastructure, particularly in stablecoin adoption for cross-border payments and inflation-resistant financial solutions. This indicates a maturation of the Web3 space in Nigeria, with a strong foundation for continued growth and influence in the global digital economy.
Source:Business day