The report, titled The State of Crypto Adoption in Nigeria 2025, surveyed over 1,850 individuals across Nigeria, revealing that the majority of the country’s crypto investors are not high-net-worth individuals but are instead young people from lower- to middle-income households. This demographic shift highlights a growing trend where crypto is seen less as an investment for the wealthy and more as a means for economic survival and value storage.
Interestingly, students alone make up 43% of Nigeria’s crypto-investing population. “This investor class, however, is not a high-net-worth segment,” noted the report. “Approximately 85% of retail crypto investors earn below ₦250,000, which places the majority of the crypto population in the low to mid-income bracket.”
These findings align with broader trends in crypto adoption across Africa, where cryptocurrencies are increasingly used not for speculation but for practical reasons like saving and protection against inflation. The depreciation of the Nigerian Naira has led many citizens to turn to digital assets like stablecoins for safeguarding their wealth.
Why It Matters: Nigeria has become one of the largest crypto markets by population share, with over 26.3 million people having used or currently using cryptocurrency. Despite this widespread adoption, the actual value of crypto transactions in sub-Saharan Africa remains relatively low. Between July 2022 and June 2023, the region accounted for only 2.3% of global crypto transactions, highlighting the disparity between usage and market value.
Lagos, Nigeria’s economic hub, remains the top city for crypto transactions, accounting for nearly 25% of all respondents, while other regions like Kaduna, Enugu, Abuja, and Osun show significant crypto activity as well.
Dr. Ngozi Okoye, an economist specializing in emerging markets, commented:
“The rise in cryptocurrency usage in Nigeria is a direct response to economic instability and the devaluation of the Naira. Stablecoins, in particular, are playing a crucial role in preserving purchasing power for millions of Nigerians.”
While Nigeria is a key player in global crypto adoption, the economic context is also critical. With inflation reaching record levels and the Naira constantly losing value, many Nigerians view digital currencies like USDT (Tether) as a more reliable store of value compared to the national currency. A significant portion of the country’s crypto investors use it to safeguard their savings and facilitate payments, rather than engaging in high-risk speculative trading.
Conclusion
As Nigeria continues to lead in cryptocurrency adoption across Africa, the country’s crypto investors are primarily from low- to middle-income brackets. While the usage of cryptocurrencies is growing, economic challenges and the search for financial stability are driving this trend. The shift towards stablecoins and other digital assets as a hedge against inflation shows that for many Nigerians, crypto is less about quick gains and more about survival in an unstable economy.
Key Statistics
85% of crypto investors earn below ₦250,000 per month.
43% of Nigeria’s crypto investors are students.
26.3 million Nigerians have used or are using cryptocurrency.
