Nigeria Emerges as Africa’s Leading Web3 Hub: Report

Nigeria emerges as the leading Web3 hub in Africa due to its wide crypto adoption, skilled and energetic blockchain developers, and resilient entrepreneurs deploying transformational technologies and innovations to tackle both domestic and continental challenges.

A 2024 report on Nigeria’s Web3 landscape unveiled by Hashed Emergent, Asia’s leading blockchain-focused firm with a team rooted in Web3 emerging markets, including Lagos, highlighted how Nigeria is emerging as a leading Web3 hub in Africa.

📢 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐖𝐞𝐛𝟑 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝟐𝟎𝟐𝟒 𝐢𝐬 𝐋𝐢𝐯𝐞

We are excited the unveil the first-ever Nigeria Web3 Landscape Report, in collaboration with our knowledge partners @QuidaxGlobal, @withconvexity_ , @Web3Bridge, and @InfusionLawyers.

Now in its… pic.twitter.com/jOMWgJJd3c

— Hashed Emergent (@HashedEM) April 14, 2025

The report, which was released on the 14th of April, 2025, stated that more than 80 Nigerian startups have collectively raised more than $130 million.

Furthermore, the country’s thriving developer community contributed 4% to new Web3 developers’ growth in 2024, the highest in Africa.

In addition, financial sectors are also gearing up for the Web3 revolution with increased use of stablecoins and notable investment growth in the last two years.

In fact, enterprises in the public and private sectors are deploying Web3 ecosystems to address their many challenges, although the implementation of Web3 solutions is still in the early stages.

Moreover, the report cited the partnership deal between Zone Payment Network Limited (formerly known as Appzone) and Nigeria’s Inter-Bank Settlement System (NIBSS) to employ blockchain innovations for efficient transaction processing between banks and financial service providers.

Also, hopefully, the recently announced regulatory guidelines will serve as a definitive tool for the deployment of Web3 ecosystems in Nigeria.

Financial Startups and Web3 Developers Promote Web3 Innovations in Nigeria

In 2024, the funding for Web3 startups dropped from $22 million in 2023 to $20 million. Nevertheless, the financial and infrastructural sector recorded considerable growth, which was greatly fueled by grants from Layer1/Layer2 ecosystems.

The finance sector jumped from $2 million in 2023 to $7 million in 2024 as a result of interest in stablecoin-based payment systems for a hedge against inflation and for fast and dependable cross-border transactions.

Additionally, the report stated that, as of 2024, the country’s Web3 developers stand at 1.1 million, which signified a 28% rise from the previous year. In fact, research has it that there will be a consistent 7% growth rate through 2030.

Notably, Nigeria currently contributes 3% of global Web3 developers. Most of the developers are between the ages of 18 to 27.

Also, Solana tops the developers’ choice who work on DeFi and consumer-focused applications

My favourite highlights from the inaugural Nigeria Web3 Landscape Report by @HashedEM

1. @Solana dominated all other chains in chain of choice for developers in Nigeria 🔥

2. @SuperteamNG was tagged as ‘Nigeria’s most active Web3 community’ emphasizing our GDP and support to… pic.twitter.com/6ZLrCAXcPg

— Harri (@Harri_obi) April 14, 2025

Emphatically, the report expressed that the strict regulatory landscape could enmesh the expected growth of the Web3 industry.

However, the recently signed Nigerian Investment and Securities Act (ISA) 2025 has addressed the fear and given room for innovation, especially Web3, to thrive.

Africa Partners with the World-Leading Firms to Promote Web3 Education on the Continent

Earlier, news had it that Quidax partners with Tether to boost crypto and blockchain education in Africa, starting with Nigeria and Ghana. The move aims to empower 15,000 individuals and businesses with essential digital asset knowledge for better inclusivity.

Also, Bybit committed to a $100,000 fund in partnership with AltSchool Africa to offer 1,000 students access to tech education and mentorship to foster digital literacy and economic empowerment across Africa.