Nigeria is rapidly establishing itself as Africa's leading Web3 hub, with a remarkable 4% of global new developers hailing from the country, according to the Nigeria Web3 Landscape Report 2024. This milestone is a testament to the nation's growing blockchain ecosystem, which has seen over 80 startups raise a collective $130 million in funding.

The report, released by venture capital firm Hashed Emergent, provides a comprehensive overview of Nigeria's blockchain landscape, highlighting the progress of startups and the shifting funding trends. Notably, early-stage deals and ecosystem grants have played a significant role in driving growth, with infrastructure startups attracting $11 million and financial platforms leveraging stablecoins receiving $7 million.

One of the report's key insights is the surging developer community in Nigeria, which has seen a 28% year-on-year increase in Web3 developers. This growth is particularly impressive, given that 86% of these developers are under 27 years old, with many entering the industry through grassroots initiatives like Web3bridge, Web3Ladies, and SuperteamNG.

Nigeria's crypto market is also showing rapid growth, surpassing other African nations. According to a September 2023 report by blockchain research firm Chainalysis, the country's transaction volume increased by 9% year-over-year, reaching $56.7 billion between July 2022 and June 2023. This growth significantly outpaces that of major African markets such as South Africa, Kenya, Mauritius, Ghana, and Tanzania.

The report notes that regulatory uncertainty remains, but progress is being made. The Central Bank of Nigeria reversed its ban on crypto-related accounts in December 2023, and the Securities and Exchange Commission launched the Accelerated Regulatory Incubation Program (ARIP) to onboard new digital asset firms. Stablecoins now dominate usage, with the USDT/NGN pair becoming the most traded on centralized exchanges.

In 2024, Nigeria received $59 billion in crypto value, with $24 billion of that in stablecoins. Blockchain is also being adopted by public institutions for services like land registries, ID systems, education records, and healthcare. As Nigeria continues to solidify its position as Africa's leading Web3 hub, it will be interesting to see how the country's blockchain ecosystem evolves and grows in the coming years.

The implications of Nigeria's emergence as a Web3 talent hub are far-reaching, with potential benefits for the country's economy and global blockchain development. As the industry continues to grow, it is likely that Nigeria will play an increasingly important role in shaping the future of Web3.

With its surging developer community, significant investment in blockchain startups, and growing crypto market, Nigeria is poised to become a major player in the global Web3 landscape. As the country continues to make strides in this space, it will be important to monitor its progress and explore the opportunities and challenges that arise from its emergence as Africa's leading Web3 hub.