99% of Nigerians Have a Strong Knowledge of Cryptocurrencies, According to ConsenSys Report


A recent global survey conducted by ConsenSys and YouGov has revealed that Nigeria, the largest economy in Africa, has the highest level of cryptocurrency awareness among its population. The survey aimed to gather insights into the perception of different countries towards cryptocurrencies and the broader Web3 ecosystem.

Key findings from the survey showed that Nigeria and South Africa lead in cryptocurrency awareness, with 99% of Nigerians and 98% of South Africans being more knowledgeable about Web3 compared to major economies like the United Kingdom, the United States, Japan, and Germany.

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Survey question and responses. Source: ConsenSys/YouGov Global Web3 Participation Survey

The survey involved 15,158 individuals from 15 countries, aged between 18 and 65. Among the Nigerian respondents, 70% stated that they understood the fundamental concepts of blockchain technology.

Furthermore, the survey revealed that a significant percentage of Nigerians own or have previously owned cryptocurrencies. Out of the 1,001 Nigerian respondents, 76% reported holding or having held cryptocurrencies, with Bitcoin (BTC) and Ether (ETH) being the most commonly owned. Interestingly, BNB (BNB) and Dogecoin (DOGE) ranked higher than Tether (USDT), the world’s largest stablecoin.

Related: Nigeria to tax crypto, digital assets 10% on capital gains — Experts react

Looking ahead, 90% of Nigerians expressed an interest in investing in cryptocurrencies within the next year. Additionally, 65% of respondents believed that cryptocurrencies could serve as a hedge against hyperinflation and monetary devaluation.

Despite regulatory restrictions imposed by the Central Bank of Nigeria in February 2021, which severed ties between cryptocurrency exchanges, firms, and local banks, 50% of the respondents felt that regulators should implement laws that encourage participation while safeguarding investors.

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Screenshot of a question from the survey. Source: ConsenSys/YouGov Global Web3 Participation Survey

ConsenSys has published comprehensive data and insights regarding all 15 countries surveyed. In the United States, 95% of respondents expressed awareness of cryptocurrencies, with 42% indicating a lack of clear understanding. Only half of the American respondents reported owning or having previously owned cryptocurrencies.

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