Nigeria Faces Poverty Challenge in Incorporating Blockchain, But Shows Interest in Bitcoin Adoption
Summary:
Nigeria and Africa face challenges in incorporating blockchain due to poverty, as highlighted during a discussion among stakeholders. GT Igwe Chrisent of Sumotrust & Truzact emphasized the need to eradicate poverty for effective blockchain integration. Despite this, Nigeria shows interest in Bitcoin and crypto adoption. President Bola Tinubu aims to implement blockchain in the country's banking sector.
There is a strong push for Nigeria and Africa as a whole to incorporate blockchain technology into their daily lives. However, a discussion among stakeholders in the Nigerian blockchain community highlighted the need to first address poverty before fully integrating blockchain into African society. During the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)'s Digital Assets Summit 2023 in Abuja, GT Igwe Chrisent, the CEO of Sumotrust & Truzact, emphasized the importance of eradicating hunger and poverty in Africa in order to achieve a more effective integration of blockchain technology. According to a World Bank report titled "A Better Future for All Nigerians: Nigeria Poverty Assessment 2022," only 17 percent of Nigerian workers have wage jobs that can help lift people out of poverty. Chrisent believes that eliminating poverty and moving people from the lower class to the middle class would greatly accelerate the adoption of blockchain technology. However, economic stability in Africa plays a crucial role in achieving this goal. Chrisent stated that without addressing these issues, discussions about blockchain will continue without meaningful progress. Despite the challenges posed by poverty, Nigeria has emerged as one of the most active countries in terms of Bitcoin and cryptocurrency adoption and interest, ranking second in search interest for the keyword "Bitcoin" behind El Salvador, according to data from Google Trends. The current Nigerian President, Bola Tinubu, has released a manifesto that, if implemented, would allow for the use of blockchain technology and cryptocurrencies in the nation's banking and finance sector.
Published At
9/8/2023 7:23:35 AM
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