Nigeria has firmly established itself as the leading force in Web3 development across Africa, contributing 4 percent of all new global Web3 developers, the highest proportion from any African country, according to a recent report by venture capital firm Hashed Emergent.
The Nigeria Web3 Landscape report sheds light on the nation’s rapidly expanding tech talent pool, forecasting 1.1 million developers by 2024, marking a notable 28 percent increase from the previous year.
Nigeria’s blockchain ecosystem has experienced substantial growth, fueled by grassroots innovation, an upswing in crypto adoption, and the increased integration of decentralized technologies in finance and governance.
A remarkable 86 percent of Nigerian Web3 developers are under the age of 27, with more than half entering the sector in just the past year.
Many young developers have been drawn in through community-led initiatives such as Web3bridge and SuperteamNG, along with training programs from major blockchain networks like Solana and Starknet.
While full-time Web3 employment remains limited, with only 15 percent of developers employed full-time, freelancing has become the dominant mode of work.
About 41 percent of developers are working independently, with cryptocurrency serving as a key method of compensation, 45 percent of developers are paid in stablecoins, and 31 percent earn in cryptocurrencies such as ETH, BTC, or SOL.
Despite compensation still trailing global standards, opportunities are increasing, with international gigs, bounty programs, and startup funding opening new avenues for Nigerian Web3 talent.
In terms of crypto adoption, Nigeria ranks second globally, with $59 billion in transactions recorded in 2024.
However, the use of blockchain technologies in Nigeria is expanding beyond retail trading.
Cryptocurrencies are now powering cross-border payments, providing inflation-resistant savings, and supporting public sector solutions.
Stablecoins, in particular, are gaining traction as a stable and reliable financial tool.
Nigerian Web3 startups have also seen significant investment growth.
To date, Web3 startups in the country have raised over $130 million, with $20 million raised in 2024 alone.
Funding in infrastructure projects led the way, securing $11 million, followed by finance-focused ventures which raised $7 million, up from $2 million in 2023.
However, entertainment and gaming startups faced a sharp decline in investment, attracting just $2 million compared to $17 million the previous year.
Despite this, developer interest in SocialFi and NFT gaming remains high, even as investments increasingly focus on core infrastructure.
Tak Lee, CEO of Hashed Emergent, notes that Nigeria’s rapid momentum positions the country to propel Africa into a key player in the global Web3 economy.
“With its entrepreneurial resilience and deep technical talent, Nigeria is poised to lead the continent’s charge into decentralized innovation,” Lee commented.
As the adoption of blockchain technology moves beyond speculation and into practical, real-world applications, Nigeria’s young, tech-savvy population may very well play a defining role in the next phase of blockchain’s evolution, both within Africa and on the global stage.
