Nigeria has officially become Africa’s fastest-growing Web3 developer hub, with the country’s tech ecosystem gaining international recognition for its rapid expansion and youthful innovation. According to a new industry report, Nigeria’s developer population surged by 28 percent in 2024, reaching a record 1.1 million developers.
The report noted that “Nigeria contributed 4 percent of all global new Web3 developers—the highest from any African country.” This growth not only marks a milestone for the local tech scene but positions Nigeria as a central force in the continent’s blockchain evolution. The country’s adoption of Web3 technologies is fuelled by a rising number of blockchain initiatives across public and financial sectors.
Chainalysis data further underscores Nigeria’s crypto dominance, revealing it ranked second globally in cryptocurrency adoption last year. The nation received $59 billion in crypto value, cementing its status as a blockchain powerhouse.
Young Talent Drives Ecosystem Expansion
A closer look at the Web3 surge shows that 86 percent of Nigeria’s Web3 developers are under the age of 27, with more than half having joined the space within the last 12 months. Much of this wave comes from grassroots projects like Web3bridge, SuperteamNG, and Web3Ladies, alongside global bootcamps run by names like Solana, Base, and Starknet.
Tak Lee, CEO of Hashed Emergent, shared his thoughts on the broader impact: “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.”
However, the employment structure within this sector remains fluid. Only 15 percent of Nigerian Web3 developers are employed full-time, while 41 percent operate as freelancers. Compensation varies widely—45 percent earn in stablecoins, while another 31 percent receive payment in popular tokens like ETH, BTC, or SOL.
Funding Flows, but Entertainment Sector Slows
Startups are also thriving. More than 80 Web3 startups founded in Nigeria have collectively raised $130 million to date. In 2024 alone, $20 million in early-stage funding was secured, thanks to ecosystem grants and support from Layer 1 and Layer 2 networks.
The lion’s share of investment went to infrastructure startups, which brought in $11 million. Fintech ventures followed with $7 million, more than tripling the $2 million raised in 2023. Stablecoin use is on the rise as well, particularly for cross-border transactions and tools designed to protect against inflation.
Still, it’s not all smooth sailing. The entertainment and gaming sectors took a hit, seeing a sharp drop in funding from $17 million in 2023 to just $2 million this year. Despite that, developers continue to focus on infrastructure while maintaining interest in SocialFi, gaming, and NFT-related projects.
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