Nigeria’s position as one of the global leaders in crypto adoption is highlighted in EMURGO Africa’s “State of Web 3.0 in Africa” report, which provides compelling statistics and insights into the blockchain landscape on the continent. The report reveals that blockchain funding in Africa experienced a staggering 1,668% increase in 2022 compared to the previous year, reaching a total of $91 million. Kenya, South Africa, and Nigeria emerged as key countries driving this growth.
In Kenya, the report showcases the country’s prominent role in blockchain adoption and digital innovation. It highlights Kenya’s rapid implementation of blockchain solutions that are stimulating economic development in East Africa. Similarly, South Africa is experiencing an escalating adoption of Web3.0 and blockchain technologies, revolutionizing industries through secure and transparent data management in Southern Africa.
Notably, Nigeria ranks among the top 10 countries worldwide for crypto adoption, underscoring its position as a driving force in financial inclusion and innovation in the digital currency sector in West Africa. The report emphasizes Nigeria’s contribution to the global blockchain arena.
The MENA region, on the other hand, has emerged as the fastest-growing crypto market between 2021 and 2022, leading the way in digital revolution among users, regulators, and crypto investors.
Globally, crypto regulation is evolving, with 40% of the surveyed nations having implemented regulatory frameworks, 34% actively developing them, and only 9% enforcing prohibitions on cryptocurrencies.
While Africa currently receives only 0.5% of global blockchain funding, the continent’s commitment to Web3.0 technologies and digital currencies is poised to reshape its technological and financial landscape, facilitating unprecedented financial inclusion and innovation.
The report also highlights the growing demand for USD-pegged stablecoins in Africa due to weakening local currencies and fragile economic conditions. Consumers seek to safeguard their asset values from free-falling currencies, while small and medium-sized enterprise owners explore more cost-effective and efficient payment methods. This trend further underscores the adoption of digital currencies and blockchain technology as practical solutions in economically volatile environments.
Ahmed M Amer, CEO of EMURGO Africa, emphasizes the transformative potential of Web3.0 technologies in Africa, calling for a collaborative environment between stakeholders, policymakers, and regulators to unlock their full benefits.
The compilation of the “State of Web3.0 in Africa” report represents a significant milestone in understanding the opportunities, challenges, and potential of blockchain and Web3.0 in Africa and the MENA region. It serves as a valuable resource for industry leaders, policymakers, innovators, and all those interested, offering profound insights into the future of these regions beyond mere statistics.
With 20% of Sub-Saharan African countries currently outlawing crypto-assets and established data protection laws in countries like Kenya, Nigeria, Egypt, and South Africa, the report emphasizes the importance of a balanced regulatory approach to ensure individual privacy and protection.
Lastly, the report highlights the imminent impact of the metaverse on businesses. Based on PwC’s Metaverse Survey, an overwhelming 82% of executives anticipate integrating the metaverse into their operations within the next three years, further shaping the future of industries.