Nigeria Tops Global List for Cryptocurrency Awareness — Survey

BySamson Ononeme

Sep 4, 2023
Nigeria Tops Global List for Cryptocurrency Awareness — Survey

Key Insights

  • Nigeria emerges as the world’s most cryptocurrency-aware nation, with 99% of Nigerians demonstrating substantial knowledge of Web3, surpassing major economies.
  • The survey involved over 15,000 participants from 15 countries, highlighting Nigeria’s exceptional cryptocurrency ownership.
  • Despite regulatory hurdles, 76% of Nigerian respondents have held or hold cryptocurrencies, mainly Bitcoin and Ethereum.

In a groundbreaking global survey spanning 15 countries, it’s been revealed that Nigeria, the largest economy in Africa, has the world’s most cryptocurrency-savvy population.

The survey, conducted by ConsenSys and YouGov, aimed to gauge the understanding and perception of cryptocurrencies and the broader Web3 ecosystem in various countries around the world.

Nigeria and South Africa dominate cryptocurrency awareness

The standout revelation from this survey is that not just one, but two African nations have surged ahead in cryptocurrency awareness. An astonishing 99% of Nigerians and 98% of South Africans demonstrated a more in-depth understanding of Web3 compared to major economies like the United Kingdom, the United States, Japan, and Germany.

Nigeria Tops Global List for Cryptocurrency Awareness — Survey
Survey inquiries and corresponding answers. Data derived from the ConsenSys/YouGov Global Web3 Participation Survey

This groundbreaking survey covered 15,158 participants from 15 different countries, all aged between 18 and 65. The Nigerian respondents, in particular, delivered remarkable insights, with 70% of them professing a solid grasp of blockchain technology’s fundamental concepts.

Impact of cryptocurrency awareness in Nigeria

What’s even more remarkable is that Nigeria’s knowledge of cryptocurrencies translates into real ownership. Of the 1,001 respondents from Nigeria, a staggering 76% either currently hold or have previously held cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) were the dominant choices, although Binance Coin (BNB) and Dogecoin (DOGE) outshone even the world’s largest stablecoin, Tether.

The enthusiasm for cryptocurrency in Nigeria doesn’t stop there. An impressive 90% of Nigerian respondents expressed their interest in investing in cryptocurrencies over the next year. For 65% of them, cryptocurrency trading represents a way to safeguard their assets against hyperinflation and monetary devaluation.

Read also: Nigerians Embrace Cryptocurrencies as Naira Hits ₦950/$1 in Freefall

It’s worth noting that Nigeria’s Central Bank severed ties between cryptocurrency exchanges and local banks back in February 2021. Despite this, half of the respondents believe that regulators should craft laws that foster cryptocurrency participation while ensuring investor protection.

Nigeria Cryptocurrency Awareness — Survey
Screenshot depicting a survey question. Source: ConsenSys/YouGov Global Web3 Participation Survey

While Nigeria takes the lead, ConsenSys also shared intriguing insights about the other 14 surveyed countries. In the United States, 95% of respondents claimed awareness of cryptocurrencies, though 42% admitted they lacked a deep understanding of the sector. Only half of the American participants reported owning or having owned cryptocurrencies.

Read also: How to Buy and Send Bitcoin on Cash App in Nigeria

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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