Nigeria has been recognized as the fastest-growing Web3 developer hub in Africa, contributing 4 percent of all new Web3 developers globally—more than any other African nation—according to the Nigeria Web3 Landscape Report 2024.
The report highlights the rapid expansion of Nigeria’s developer ecosystem, calling it one of the country’s strongest indicators of growth. In 2024, Nigeria recorded a 28 percent year-on-year increase in its developer population, reaching a total of 1.1 million developers.
“Nigeria contributed 4 percent of all global new Web3 developers—the highest from any African country,” the report stated.
This momentum places Nigeria at the heart of Africa’s Web3 revolution, driven by a young, innovative tech community and a growing integration of blockchain solutions across both the financial and public sectors.
In a notable milestone, Nigeria ranked second globally in cryptocurrency adoption in 2024, receiving $59 billion in crypto value, according to data from Chainalysis.
Tak Lee, CEO and managing partner at Hashed Emergent, emphasized the broader impact of this growth:
“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. 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 notes that 86 percent of Nigerian Web3 developers are under the age of 27, with more than half entering the ecosystem within the past year. Many are products of grassroots programs such as Web3bridge, SuperteamNG, Web3Ladies, and training bootcamps hosted by Solana, Base, and Starknet.
Employment trends in the sector remain fluid: only 15 percent of developers hold full-time roles in Web3, while 41 percent work as freelancers. When it comes to compensation, 45 percent of Nigerian Web3 developers are paid in stablecoins, and 31 percent receive tokens like ETH, BTC, or SOL.
Although pay gaps persist compared to global peers, Nigerian developers are increasingly gaining access to international roles, bounty programs, and founder pathways.
The report also highlights the vibrant startup scene. Over 80 Nigerian-founded Web3 startups have raised a combined $130 million to date. In 2024 alone, startups secured $20 million in funding—mostly through early-stage deals supported by ecosystem grants and Layer 1/Layer 2 programs.
Infrastructure startups led the way with $11 million in funding, followed by financial technology ventures with $7 million—more than triple the $2 million raised in 2023. Stablecoins have seen significant adoption, particularly in cross-border payments and inflation-resistant financial tools.
However, sectors such as entertainment and gaming experienced a dip, with funding dropping to $2 million in 2024 from $17 million the previous year. Despite this, interest remains strong in SocialFi, Gaming, and NFT-related innovations, as builders continue to focus on foundational infrastructure.
The report concludes by noting a shift in crypto adoption trends. Unlike in previous years, usage in Nigeria now extends beyond retail trading and savings, reflecting a broader embrace of blockchain applications in everyday life.
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