Why Young Nigerians Prefer Crypto To Naira
Despite government hostile look on crypto in Nigeria, Nigerians are adopting crypto in defiance of the government. Nigeria is considered one of the top oil-rich countries in the world, but 40% live in poverty. Cryptocurrencies and NFTs are a way for young people to get around government failures
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As inflation hits 16%, young people are taking up a new asset class beyond the reach of legacy financial institutions.
Nigeria and cryptocurrencies have had a long, storied history. Nigeria is aligning itself to play an integral role in crypto adoption on the continent. Home to over 200 million people, it is the most populous country on the continent.
“Storing company reserves in USDT helped maintain value over crippling inflation,” Aliyu Pokima COO at Gorth Nigeria LTD, a firm that delivers petroleum product to other companies
This oil-rich country leads the continent in having the largest GDP with $432 billion in 2020, according to data obtained from the world bank.
Despite the glowing statistics on paper, figures on the ground paint a sad picture of inequality. There is an ever-increasing gap between the rich and the poor. In 2020, data from the Nigerian Bureau of Statistics revealed that about a staggering 83 million Nigerians, or roughly 40% of the population live in poverty.
However, for thousands, the temptation of cryptocurrencies might be the jolt that wakes up the sleeping giant from its hibernation. It is championed by its incredibly young population.