Nigeria’s Web3 Startups Raise $130M as Stablecoin Use Surges
TLDR
- More than 80 Nigerian Web3 startups have raised a cumulative $130 million to date, with $20 million secured in 2024 alone
- In Q1 2024, stablecoin transfers in Nigeria approached $3 billion, with USDT/NGN now the most traded pair on centralized exchanges
- Funding for Web3 finance startups jumped from $2 million in 2023 to $7 million in 2024, driven by cross-border payment solutions using stablecoins
More than 80 Nigerian Web3 startups have raised a cumulative $130 million to date, with $20 million secured in 2024 alone, according to a new report by Hashed Emergent, a venture capital firm focused on Web3 in emerging markets.
The Nigeria Web3 Landscape report highlights increasing developer activity, stablecoin adoption, and capital inflows into the sector. In Q1 2024, stablecoin transfers in Nigeria approached $3 billion, with USDT/NGN now the most traded pair on centralized exchanges. Funding for Web3 finance startups jumped from $2 million in 2023 to $7 million in 2024, driven by cross-border payment solutions using stablecoins.
Nigeria contributed 4% of global new Web3 developers in 2024—the highest share from any African country. The total number of developers in the country has grown to 1.1 million, marking a 28% year-on-year increase. Hashed Emergent says Nigeria is positioned to lead Africa’s participation in the global Web3 economy.
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Key Takeaways
Nigeria is emerging as a continental leader in Web3, with developer momentum and stablecoin usage driving adoption. According to Hashed Emergent’s report, the country’s 1.1 million developers and 28% annual growth rate underscore its role as a technical hub. Stablecoin-powered remittances and payment rails are gaining traction amid FX volatility and capital controls. With nearly $3 billion in Q1 stablecoin transfers, Nigeria’s financial infrastructure is increasingly leaning on blockchain-based tools. The surge in funding—from $2 million in 2023 to $20 million in 2024—signals growing investor confidence despite broader crypto market uncertainty. Nigeria’s policy stance remains in flux, but developer activity and user demand appear resilient. As global Web3 infrastructure players look to expand into frontier markets, Nigeria offers a blend of scale, engineering talent, and financial need that aligns with blockchain’s core value propositions. Its trajectory could serve as a blueprint for wider adoption across Africa.
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