By 
Hashed Emergent, the venture capital firm fueling Web3 innovation across Africa and emerging markets, has launched the first edition of the Nigeria Web3 Landscape Report, offering the most comprehensive snapshot yet of the country’s blockchain ecosystem, developer activity, consumer trends, and regulatory outlook.
RELATED: Web3’s Dark Future: Quantum Computing, AI & Metaverse fuel perfect storm for cyberattacks
Drawing from platform analytics, ecosystem interviews, and on-the-ground research, the report cements Nigeria’s status as the most active Web3 market in Africa, driven by a fast-growing base of developers, grassroots innovation, and increasing blockchain integration in both the financial sector and public services.
“Nigeria’s rapid momentum in Web3 adoption positions it to lead Africa into the global decentralized economy,” said Tak Lee, CEO and Managing Partner of Hashed Emergent.
“The combination of entrepreneurial resilience, technical talent, and real-world use cases gives Nigeria a unique edge on the global blockchain stage.”
Web3 Startups Thrive Amid Early-Stage Surge
The Nigeria Web3 Landscape Report 2024 reveals that over 80 Web3 startups founded by Nigerians have collectively raised more than $130 million, with $20 million raised in 2024 alone, primarily targeting infrastructure and financial applications.
Key highlights
- $11 million in funding went to infrastructure projects
- $7 million flowed into financial use cases, up from $2 million in 2023
- Stablecoins dominate usage for cross-border payments and inflation-resistant tools
- Entertainment and gaming sectors saw a dip to $2 million, down from $17 million in 2023
Despite funding fluctuations, interest remains high in SocialFi, NFTs, and decentralized gaming, with builders continuing to push forward even amid capital consolidation.
Developer Growth Powers Nigeria’s Web3 Engine
A standout feature of Nigeria’s Web3 momentum is its developer ecosystem, which grew 28% year-over-year in 2024, reaching 1.1 million total developers. Nigeria now contributes 4% of all global new Web3 developers—the highest of any African nation.
Key insights
- 86% of developers are under 27 years old
- Over half joined the ecosystem in the last 12 months
- Major talent pipelines include Web3bridge, SuperteamNG, Web3Ladies, and Solana-based bootcamps
- 45% are paid in stablecoins, with ETH, BTC, and SOL also popular
- Only 15% hold full-time roles, while 41% work as freelancers
The report also points to a rising share of global bounty programs, founder tracks, and international remote work opportunities shaping developer compensation.
Web3 Use Cases Expand from Retail to Public Infrastructure
Nigeria’s Web3 story is no longer about speculation—it’s about solving real-world problems. The country ranked #2 globally in crypto adoption (Chainalysis), with $59 billion in crypto value received, including $24 billion in stablecoins.
Beyond wallets and trading platforms, blockchain technology is now embedded into:
- Public sector services: identity verification, land registries, education, and healthcare
- Point-of-sale systems: servicing over 50 million users with onchain transaction tracking
- Cross-border payments and inflation hedging tools for daily financial use
This shift signals web3’s integration into Nigeria’s core systems, distinguishing the country from other emerging markets.
Crypto Regulation in Nigeria: Between Progress and Friction
The regulatory climate in Nigeria remains dynamic. While progress is being made, friction points remain:
Positive strides:
- CBN lifted its crypto ban in December 2023, allowing banks to serve licensed VASPs
- The SEC introduced the ARIP to streamline onboarding of digital asset firms
- Local exchanges like Quidax gained regulatory approval
Challenges persist:
- Ongoing disputes between agencies (SEC, CBN, NDIC)
- Blocking of major platforms like Binance and Coinbase by the NCC
- Lack of comprehensive digital asset legislation
- Regulatory grey areas around DeFi, NFTs, and DAOs
Despite this, industry advocacy groups like SiBAN, VASPA, and FintechNGR, along with the Investments and Securities Act 2024, indicate a shift toward a more cohesive framework.
Nigeria at the Forefront of Africa’s Web3 Future
The report concludes that Nigeria’s Web3 ecosystem is poised for exponential growth, driven by local innovation, youth-led developer networks, and increasing protocol engagement. However, long-term success depends on deeper alignment between regulators, protocol builders, and ecosystem leaders.
Hashed Emergent reaffirms its commitment to early-stage founders and aims to position Nigeria as a launchpad for the next generation of Web3 solutions in Africa and globally.
The Nigeria Web3 Landscape Report was developed in partnership with Quidax, Convexity, Web3bridge, and Infusion Lawyers.
