Over 25 million Nigerians hold crypto assets, yet Web3 startups are underfunded. Why?
- Over 25 million Nigerians are adopting digital currencies, particularly stablecoins like USDT.
- Nigerian Web3 startups raised only $20 million in 2024, a decline from $22 million in 2023.
- Blockchain infrastructure projects are attracting more than half of 2024's total funding.
The current landscape for Web3 startups in Nigeria is concerning due to the significant decline in venture capital funding and the regulatory challenges that hinder growth. While the adoption of stablecoins presents a bright spot, the overall environment suggests that without clearer regulations and increased investment, many promising startups may struggle to thrive domestically.
