Nigeria shows the highest crypto interest in Africa — CoinGecko study

Nigeria has the highest level of interest in cryptocurrencies in Africa, according to recent research by cryptocurrency tracking platform, CoinGecko. Per the study, Nigeria accounts for 66.8% of Africa’s crypto interest, nearly eight times as much as the next country on the list. 

Key details  

• The report analyzed crypto interest in Africa based on CoinGecko data for page views between January 1 and July 4.  
• Other African countries, including South Africa, Morocco, Ghana, Egypt and Ivory Coast, have only contributed to a smaller extent. In total, they all represent 23.8% of the continent’s interest in crypto. 
• Only 41 of the 54 countries in Africa have recorded any interest in crypto this year. By translation, 13 countries have no share at all in crypto interest across Africa, the survey stated. 
• According to the research, West Africa accounts for the most crypto interest on the continent at 74.7%, followed by Nothern Africa (10.0%), Southern Africa (9.6%), East Africa (3.8%) and Central Africa (1.9%).

Key background  

• Nigeria has frequently featured in other global top rankings, with a strong interest in specific digital currencies. 
• A recent Consensys survey found that 99% of Nigerian respondents demonstrated crypto knowledge. This is the highest percentage of the surveyed countries.  
• Nigeria was previously ranked as the most crypto-curious country in the world, according to a 2022 CoinGecko research. Nigeria topped the list for the highest search levels for the word and phrases ‘cryptocurrency,’ ‘invest in crypto’ and ‘buy crypto’ worldwide. 
• The country also ranked fifth in the list of countries with growing interest in meme coins.  

Zoom out  

• Economic challenges such as high inflation and currency depreciation have been classified as driving forces behind the high interest among citizens, as they turn towards digital assets as a hedge against these problems.