Report: Nigeria Now Africa’s Fastest-growing ‘Web3 Developers Hub’

.Over 80 startups secure $130m funding

Sunday Ehigiator

Hashed Emergent, the venture capital firm accelerating web3 adoption in Africa and other emerging markets, in its inaugural edition of the ‘Nigeria Web3 Landscape Report’, has revealed that Nigeria is now the fastest growing ‘Web3 Developers Hub’ in Africa, accounting for 4 per cent of the global new ‘Web3 Developers’ in 2024.

The report also revealed that over 80 Nigerian ‘Web3 Developer’ startups have so far secured $130 million in funding, as the USDT/NGN emerging as the most traded pair on centralised exchanges, with stablecoin transfers in Nigeria nearing $3 billion in Q1, 2024.

The ‘Hashed Emergent Report’ offers a comprehensive view of the country’s startup ecosystem, developer activity, consumer and government adoption, and regulatory outlook, drawing on ecosystem interviews, primary research, and platform data.

According to the CEO and Managing Partner at Hashed Emergent, Tak Lee, “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.”

Providing more insights, the report noted that, “Over 80 web3 startups founded by Nigerians have collectively raised more than $130 million to date. In 2024 alone, startups 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. 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 noted a funding dip in the entertainment and gaming sectors, which fell to $2 million in 2024 from $17 million the previous year. “However, builder interest remains active in SocialFi and Gaming/NFT projects, even as capital flows consolidate around foundational infrastructure.”

Citing developer’s activity as Nigeria’s competitive advantage, the report revealed that, “In 2024, the country recorded a 28 per cent year-on-year increase, reaching 1.1 million total developers. Nigeria contributed 4 per cent of all global new Web3 developers, the highest from any country in Africa.

“86 per cent 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.”

On employment fluidity, the report noted that, “Only 15 per cent of developers report full-time web3 roles, while 41 per cent identify as freelancers. 45 per cent of Nigerian web3 developers are paid in stablecoins, while 31 per cent 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.

The report further noted that, “In 2024, Nigeria ranked #2 globally for crypto adoption (Chainalysis), with $59 billion in crypto value received; $24 billion of that in stablecoins.

“Stablecoin trading has overtaken Bitcoin trading on centralised exchanges, reflecting changing behaviour; for many, crypto isn’t speculative, it’s practical; It’s how people hedge against inflation, send money, and make real-world payments.”