Nigeria Ranked the Most Crypto Savvy Country Ahead of Brazil and France

With the FG limitations placed on online transactions and trading cryptocurrency in the country, recent research ranks Nigeria as the most crypto-savvy country, ahead of Brazil and France.

According to a poll carried out by Consensys, a top web3 software technology business, Nigerians have a high level of crypto knowledge and many are crypto traders. 

Between April and May, the worldwide online research data and analytics technology firm YouGov also polled a representative sample of over 15,000 people from nations including Nigeria.

In the poll, countries like Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, the United Kingdom, the United States, and Vietnam were among the 15 nations where data was collected.

Consensys also presented statistics from a global poll on web3 and crypto, revealing that 99% of Nigerian respondents had knowledge of crypto, and more than 70% operated with the blockchain, the most among all nations studied.

“The result also showed Nigerians believe in the future of crypto, as many Nigerian respondents familiar expressed belief in crypto’s potential as the future of money (58%) and the future of digital ownership (48%), surpassing those who see it as a form of speculation (9%) or scam (6%).

“The desire for increased ownership was also demonstrated, with 90% of Nigerian respondents believing they add value to the internet, while 87% believe they should own what they make on the internet. However, only 48% of Nigerian respondents believe they are adequately compensated for the value and creativity they add to the internet,” the report partly reads.

According to the research, most of the Nigerian respondents were concerned about the country's data protection.

Data privacy is crucial to 96% of Nigerians. According to the research, 88% feel individuals should receive a piece of the profit a corporation generates from their data, and 95% want more control over their online identity.

"Overall, Nigerians demonstrate to be active builders, embracing Web3 technologies and the space and agency it affords them to thrive in ways that were not previously possible, and assisting them in building the future they want for themselves," according to the research.

The poll results are now available, and they will give insights into how people see Web 3 and cryptocurrencies, as well as their level of integration throughout the world.

Web3 is known as a decentralized internet that gives individuals control over their data.

Between April 26th and May 18th, 15,158 persons aged 18-65 were polled in 15 countries throughout Africa, the Americas, Asia, and Europe. One thousand people in the poll are from Nigeria, accounting for more than 1% of the total.

Beyond other studies that evaluate people's thoughts of investing in crypto assets, the results provide compelling and unique insights into Nigerians' overall comprehension and perspectives on the web3 and crypto ecosystem.

Another advantage of this study is that it delves into subjects like digital ownership, the future of money, data privacy, and the current news cycle.

According to the researchers, the findings show that Nigerians, like other countries, are eager to develop and make significant contributions online.