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Homepage > News > Business > Nigeria’s Web3 ecosystem shines; SEC criticized over CBEX scam Nigeria is home to 3% of global Web3 developers and contributed 4% of the new Web3 talent in 2024, a new report on the country’s blockchain industry has revealed. The Nigeria Web3 Landscape Report 2024 further revealed that Nigerian startups have cumulatively raised $130 million, with $20 million raised in 2024, a 10% dip from the $22 million raised the year prior. The report was compiled by Hashed Emergent, the venture capital arm of blockchain development firm Hashed. Nigerian exchange Quidax, Abuja-based blockchain consultancy Convexity, and local law firm Infusion Lawyers also contributed to the report. The $20 million raised in 2024 is the lowest in three years, reflecting a global dip in startup funding in Web3 and beyond. With the exception of artificial intelligence (AI) startups, every other sector has recorded a slowdown in financing amid broader macroeconomic challenges. In Nigeria, the 2024 figure was 64% lower than in 2022, when funding peaked at $56 million. Infrastructure startups topped the list with 11 deals, with finance and entertainment garnering seven and two deals, respectively. A more concerning finding was that 90% of last year’s deals were funded by grants. While the grants are critical for any blockchain community to spur growth, it indicates that most startups are still in the early development phase and must rely on grants rather than sustained revenue. In contrast, only 21% of the deals in 2022 relied on grants. Source:Hashed Emergent Stablecoins dominated the finance sector of Nigeria’s Web3 ecosystem in 2024, the report says. This aligns with a broader regional rise in stablecoin adoption as Africans seek alternatives to costly, slow, and inaccessible traditional financial solutions, especially in cross-border funds transfer. In Nigeria, reliance on stablecoins was heightened by a U.S. dollar scarcity amid a…

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Filed under: News - @ April 23, 2025 3:23 pm