Nigeria’s Web3 sector now boasts over 80 startups with more than $130 million raised, according to the Nigeria Web3 Landscape 2024 Report by Hashed Emergent.
Despite a dip in annual funding to $20 million in 2024 (from $22M in 2023), stablecoins and infrastructure saw strong growth:
> Finance funding jumped from $2M to $7M, led by rising demand for stablecoin-based payments addressing inflation and USD shortages.
> Infrastructure became the top-funded sector, securing $11M—a 270% YoY increase—driven by blockchain payments and cross-chain tools.
“Nigerian founders are at the forefront of stablecoin adoption, offering alternatives amid US dollar shortages,” the report noted.
While big-ticket funding remains a challenge, local founders are turning to crowd sales, and investor confidence persists with backing from names like Hashed EM, Microtraction, and Ventures Platform.
The momentum positions Nigeria as a continental leader in Web3 innovation despite capital constraints.
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