The director-general for Nigeria’s National Information Technology Development Agency, Kashifu Inuwa, said that blockchain revenue is expected to reach between $6 billion to 10 billion in the next 10 years. He stated: “We want Nigeria to be strategically placed to capture value from this economic potential of blockchain.” Inuwa continued, “Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030.” Blockchain could be integrated to regional systems, financial services , digital identity, process optimization and contract settlement application. Nigeria is the leading nation in terms of blockchain and crypto adoption. One of the most recent events was crypto donations undertaken by a group of Nigerian feminists to support protests against the police’s Special Anti-Robbery Squad.
Why it matters: Bitcoin and other tokens are a perfect fit for nations that have suffered from a chronic lack of banking services. Today, smartphone technology is very inexpensive, and even the poorest families can afford a device that will be compatible with a crypto wallet app. Instead of having to use a banking system that may not allow the poor entry due to fees, or a third-party platform that charges high prices, anyone can send money globally in a very short amount of time. Africa is especially well suited to crypto use, as it tends to lack infrastructure outside of capital cities, which has been a huge hurdle to clear when it comes to growth.