Crypto as a growth enabler for innovation and development in Nigeria—But first, regulation
- A trader in Onitsha uses cryptocurrency to send USDT to her supplier in Guangzhou, reducing transaction time from three days to under three minutes.
- Between July 2023 and June 2024, Nigerians traded over $59 billion in cryptocurrency, making Nigeria the second-largest market globally.
- Stablecoins like USDT are increasingly used by SMEs and high-net-worth individuals for cross-border payments and to preserve value amid inflation.
The rapid growth of cryptocurrency in Nigeria presents an unprecedented opportunity for economic transformation. However, without clear regulatory frameworks, the potential benefits may be undermined by risks and uncertainties. It is crucial for stakeholders to collaborate in creating a balanced approach that fosters innovation while ensuring user protection.
