There is a strong call for Nigeria, and Africa as a whole, to incorporate blockchain technology into its mainstream life. However, during a fireside chat with stakeholders in the Nigerian blockchain community, it was pointed out that poverty must first be overcome before blockchain technology can be properly integrated into African society.
Speaking at the Blockchain Technology Association of Nigeria (SIBAN) 2023 Digital Asset Stakeholder Summit in Abuja, Nigeria, GT Igwe Chrisent, CEO of online savings and investment platform Sumotrust & Truzact, said that hunger and poverty are first integrated in blockchain technology. It needs to be eradicated from Africa before reaching higher levels.
according to A World Bank report titled “Building a Better Future for All Nigerians: The Nigeria Poverty Assessment 2022” shows that only 17% of Nigerian workers are in the wage jobs that best lift people out of poverty.
In Christent’s view, being able to generally eliminate the poor and transfer them to the middle class will be the biggest driver of faster integration of blockchain technology. This is so they can afford three meals a day and have a little extra savings. However, the stability of Africa’s economy is key to achieving this goal.
In his words:
“If we don’t fix this, we’re going to keep having these conversations over and over again”
While incorporating blockchain technology into a country and continent can bring additional scalability, individuals cannot focus on exploring them while still battling infrastructure issues, Crescent said.
related: Nigeria’s Web3 education effort aims to address language challenges
Despite poverty challenges, Nigeria has become one of the most active countries in terms of adoption and curiosity of Bitcoin and other cryptocurrencies. according to According to Google Trends, Nigeria is the second most searched for the keyword “bitcoin,” after El Salvador.
The current Nigerian president, Bola Tiinub, released a manifesto during his election campaign that, if implemented, would enable the use of blockchain technology and cryptocurrencies in the country’s banking and financial sector.
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