Chapter54, Ledger, and Africapanel Publish Survey on Crypto Usage in Nigeria

11 May 2023 | Chapter54

Chapter54, a unique accelerator helping European tech launch operations in African markets, has partnered with Ledger, a global leader in cryptocurrency security, and AfricaPanel, a leading survey company, to conduct a groundbreaking survey on cryptocurrency usage in Nigeria.

The survey, titled "Crypto Usage in Nigeria: Trends, Attitudes, and Behaviors," aims at understanding the current state of cryptocurrency adoption in Nigeria, the largest economy in Africa. The survey was conducted among a representative sample of Nigerian adults, covering topics such as cryptocurrency awareness, usage, investment, NFT adoption and regulation.

The survey reveals that Nigeria is one of the most active cryptocurrency markets in Africa, with over 18% of Nigerian adults reporting that they own or have used cryptocurrencies, which represents 39 million people. Among other things, the survey also highlights the factors driving cryptocurrency adoption in Nigeria are highlighted, including a desire to generate income (39%), hedge against FX volatility (24%) and diversify investments (20%).

"We are excited to partner with Ledger and AfricaPanel to shed light on the current state of cryptocurrency adoption in Nigeria," said Vincent Previ, Managing Director of Chapter54. "This survey provides valuable insights for tech companies looking to enter the Nigerian market and for policymakers seeking to regulate this emerging industry."

"The survey findings confirm what we have been seeing on the ground in Nigeria - a growing interest and adoption of cryptocurrencies," said Maria Yelutina, Global Head of Markets Development at Ledger. "We are committed to providing Nigerians with the tools and services they need to securely manage their cryptocurrency investments."

"We hope that the findings will contribute to a more educated conversation about the role of cryptocurrencies in Nigeria's economy" said Bernard Giry, Founder of AfricaPanel.

The survey report is available for download on the Chapter54 website. For more information about the survey or to schedule an interview with the survey authors, please contact us!

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