Nigeria has gained the title of Africa’s fastest-growing Web3 developer hub as it contributed four percent of all global new Web3 developers, the highest from any country in Africa.
This was according to Hashed Emergent, a venture capital firm accelerating web3 adoption in Africa and other emerging markets, in its recently released ‘Nigeria Web3 Landscape’ report.
“Nigeria contributed 4 percent of all global new Web3 developers—the highest from any country in Africa,” the report said.
It cited that Nigeria’s developer ecosystem is one of the country’s strongest growth signals. “In 2024, the country recorded a 28 percent year-on-year increase, reaching 1.1 million total developers.”
The report positioned Nigeria as Africa’s most active web3 market, shaped by its fast-growing developer base, consistent grassroots innovation, and increasing integration of blockchain technology in both financial and public sector systems.
In 2024, Nigeria was ranked number two globally for crypto adoption according to Chainalysis, with $59 billion in crypto value received.
Tak Lee, chief executive officer and managing partner at Hashed Emergent, said, “Nigeria’s momentum in web3 adoption will not only shape the future of digital innovation locally but also serve as a catalyst, leapfrogging Africa to the forefront of the global web3 economy.
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“As the country continues to build on a strong foundation of entrepreneurial resilience and technical talent, it is well-positioned to lead Africa’s charge into the global Web3 economy.”
The report noted that 86 percent of Nigerian Web3 developers are under the age of 27, and over half entered the ecosystem in the past 12 months.
Most entered through community-led programs like Web3bridge, SuperteamNG, Web3Ladies, and bootcamps hosted by ecosystems such as Solana, Base, and Starknet.
It stated that employment remains fluid, as only 15 percent of developers report full-time web3 roles, while 41 percent identify as freelancers. 45 percent of Nigerian web3 developers are paid in stablecoins, while 31 percent receive ETH, BTC, or SOL.
Compensation gaps relative to global peers remain, but the report notes rising exposure to international roles, bounty programs, and founder tracks.
Over 80 web3 startups founded by Nigerians have collectively raised more than $130 million to date, according to the Nigeria Web3 Landscape Report 2024.
In 2024 alone, startups in the space raised a total of $20 million, largely concentrated in infrastructure and financial use cases. “Unlike previous cycles dominated by large rounds, deal activity in 2024 was early-stage and driven primarily by ecosystem grants and Layer 1/Layer 2 program support,” the report noted.
Infrastructure startups led all sectors with $11 million in funding, followed by finance at $7 million, up from $2 million the previous year. Stablecoins, in particular, saw rising adoption across cross-border payments and inflation-resilient financial tools.
The report also revealed a funding dip in the entertainment and gaming sectors, which fell to $2 million in 2024 from $17 million the previous year.
However, it highlighted that builder interest remained active in SocialFi and Gaming/NFT projects, even as capital flows consolidate around foundational infrastructure.
According to the Nigeria Web3 Landscape Report, there is a shift in how adoption is unfolding as crypto usage in the country is no longer limited to retail trading or savings.
