More than 80 Nigerian web3 startups have raised a combined US$130 million to date, with US$20 million raised in 2024 alone.
This is according to a new report released by Hashed Emergent, a venture capital firm accelerating web3 adoption in Africa and other emerging markets. The “Nigeria Web3 Landscape” report offers a comprehensive view of the country’s startup ecosystem, developer activity, consumer and government adoption, and regulatory outlook – drawing on ecosystem interviews, primary research, and platform data.
From just US$2 million in 2023, funding for finance startups rose to US$7 million in 2024, driven by stablecoin-powered payment solutions, while Nigeria contributed four per cent of global new web3 developers in 2024 — the highest from Africa.
USDT/NGN is now the most traded pair on centralised exchanges, with stablecoin transfers in Nigeria nearing US$3 billion in Q1 2024 alone.
“Nigeria’s momentum in web3 adoption will not only shape the future of digital innovation locally but also serve as a catalyst, leapfrogging Africa to the forefront of the global web3 economy,” said Tak Lee, CEO and managing partner at Hashed Emergent.
“As the country continues to build on a strong foundation of entrepreneurial resilience and technical talent, it is well-positioned to lead Africa’s charge into the global web3 economy.”
Nigeria’s developer ecosystem is one of the country’s strongest growth signals. In 2024, the country recorded a 28 per cent year-on-year increase, reaching 1.1 million total developers. Nigeria contributed four per cent of all global new Web3 developers—the highest from any country in Africa.
You can read the full report here.
