Nigeria remains a leader in blockchain adoption across Africa, with significant government and private sector support driving efficiency, security, and transparency. Geoffrey Weli-Wosu, CEO of Domineum, a blockchain-as-a-service company in Lagos, highlights the crucial role of government initiatives in fostering blockchain innovation in the country.
Weli-Wosu emphasizes the pivotal partnership between Domineum and the Nigerian government, which recently signed an MOU to develop a tech city ecosystem. Nigeria’s substantial market size, with over 230 million people, provides ample opportunities for blockchain growth, especially with 70% of the population under 35 years old.
Government backing has been instrumental in leveraging blockchain technology to address societal challenges, positioning blockchain firms at the forefront of Nigeria’s digital transformation. Domineum’s involvement in hosting key national events like the Digital Nigeria conference underscores the government’s commitment to blockchain integration.
Despite recent crackdowns on digital currencies, Weli-Wosu clarifies that the government’s actions are aimed at curbing illicit activities and enforcing compliance with KYC and AML regulations. The arrest of Binance’s Tigran Gambaryan underscores the government’s stance on illegal financial operations, with ongoing legal proceedings highlighting the importance of regulatory compliance in the crypto industry.
As Nigeria continues to advance in blockchain adoption, it sets a precedent for other African countries to follow suit. Weli-Wosu’s optimism about Nigeria’s potential to influence the broader African market underscores the country’s position as a frontrunner in blockchain innovation.
