From hedging hyperinflation to lowering the cost of cross-border remittances, crypto can improve financial inclusion in Africa’s largest economy.
Nigeria – Africa’s leading crude oil exporter and largest, most populous country – has about 40% of its population living below poverty levels.
The COVID-19 pandemic caused falls in the output of goods and services, which negatively affected the economy and caused thousands of jobs to be lost.
It is estimated that Nigeria’s unemployment rate will reach 32.5% this year and rise even more next year.
That’s where Nigeria’s emerging crypto economy comes in.
To strengthen the development of Africa’s largest economy, Nigerian regulators and stakeholders must tap into the potential inherent in crypto to improve such unimpressive economic data. We spoke to several experts from the Nigerian crypto scene to explore some of the potential benefits.