Why Nigeria Must Eradicate Poverty Before Embracing Blockchain Technology

The Calls for Incorporating Blockchain Technology in Nigeria

There has been a resounding call for Nigeria, and Africa as a whole, to embrace blockchain technology and its potential benefits. However, a recent fireside chat with stakeholders in the Nigerian blockchain community revealed a crucial obstacle that must be addressed first: poverty.

Achieving a Better Level of Blockchain Technology Incorporation

At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, GT Igwe Chrisent, the CEO of Sumotrust & Truzact, discussed the importance of eradicating poverty in Africa before fully incorporating blockchain technology into society. Chrisent emphasized that the key to faster adoption lies in moving the poor class to the middle class by providing them with sufficient means to afford basic necessities and save. However, the stability of the economy in Africa is crucial for achieving this goal.

According to a World Bank report titled "A Better Future for All Nigerians: Nigeria Poverty Assessment 2022," only 17 percent of Nigerian workers have wage jobs that can lift them out of poverty.

Chrisent stated, "If we do not fix that, we’ll keep having these conversations over and over again."

The Challenges of Poverty

Despite the potential scalability that comes with incorporating blockchain technology at a national and continental level, individuals cannot fully explore its benefits while still struggling with basic amenities.

Chrisent's statement reflects the pressing need to prioritize poverty eradication efforts in Africa before expecting widespread adoption of blockchain technology.

Nigeria's Active Role in Bitcoin and Cryptocurrency

Despite the prevailing poverty challenges, Nigeria has emerged as one of the most active countries in terms of adopting and showing interest in Bitcoin and other cryptocurrencies. Google Trends data shows that Nigeria ranks second in search interest for the keyword "Bitcoin," following only El Salvador.

Furthermore, Nigeria's current President, Bola Tinubu, has released a manifesto during his campaign that highlights the potential use of blockchain technology and cryptocurrencies in the nation’s banking and finance sector. If implemented, this could further accelerate Nigeria's embrace of blockchain technology.