Nigeria has for a long time struggled with its economy, even though it has the highest GDP in Africa. It primarily depends on oil exports which generate a better half of the government’s revenue. Sectors such as transport, energy, and infrastructure have been sidetracked, yet they are crucial for Nigeria’s development.
The country is now trying to find solutions to save the 40% of its people living in poverty. In this case, cryptocurrency is one of the approaches used to lift impoverished citizens and improve their living standards. It has become a necessity in Nigeria as it addresses several concerns, as discussed below.
Individual Average Income is Not Enough
The recent recession of 2016 hit Nigeria’s economy hard, which resulted in many straining to make ends meet. The country is yet to recover from the crisis to date. In 2020, many citizens lost their jobs, thus increasing the unemployment rate by 27.1%. As for the employed, their average incomes are just not enough for everyday life. Reports tell of them to be going under gradually for six consecutive years.
Such blows called for a financial solution to boost people’s average income.
A survey in 2020 reports that almost 32% of Nigerians are trading in the crypto space. Consequently, the great numbers put the state in position three with significant cryptocurrency volume.
Many Nigerians Don’t Have Bank Accounts.
More than half of Nigerian’s population don’t have bank accounts. Even for those that have local withdrawal restrictions limit them to insufficient access to funds of $100. Instead of banking their money, many prefer using the little they have to buy cryptocurrency. Stablecoins is mainly used because it charges affordable fees when buying and selling on digital wallets.
Educational Opportunities are Scarce
Crypto in Nigeria has caused a significant turnaround in the state’s educational sector. Nigerians mainly use P2P Crypto Exchanges in most of their transactions, subsequently probing the BuiltWithBitcoin campaign I’m September 2020. Out of it, a new school in Nigeria’s Sanga area was constructed to put as many kids as possible to school.
There is No Success Story without Crypto
Cryptocurrency is an ample opportunity for Nigerians. The last years, there has been a wide adoption of Bitcoin in Nigeria and the price of BTC to NGN has also increased as a consequence of that. Once they step foot into crypto trading, pulling out is not an option. It is the only promising way to end poverty and a great cause to capitalize on education and boost income. For once, people feel the excitement of desiring to own houses, farms, and anything that would inflate their bubble to enjoy life.
Unreliable Government Shares and Bonds
Before crypto proved to be crucial, Nigerians survived on “pleading not to shut it off entirely.” According to them, the country was not hospitable for their financial concerns. Authorities came down heavily to freeze bank accounts and put out unwavering and strict regulations for foreign exchange. It pushed many to invest in trading. Nigerians’ primary fear, however, is having the platform shut down. It packs many opportunities that they cannot afford to miss. They intend to scrape off their impoverished lives even if it means taking advantage by all means.
