Nigeria’s Vice President Kashim Shettima has announced a new initiative aimed at making Nigeria a leader in digital technology across Africa.
The AI Expertise Blockchain and Technology Training and Outsourcing Initiative, launched in Jigawa, will partner with tech company Gluwa to train 1,000 Nigerians annually in AI, blockchain, and other technologies.
President Bola Ahmed Tinubu introduced a financial grant of 150,000 nairas ($90) to support micro, small, and medium enterprises (MSMEs), promoting a home-grown fintech ecosystem.
This grant, which does not require repayment, was highlighted by Shettima during the initiative’s launch in Jigawa.
Additionally, Shettima inaugurated the 4th edition of the Expanded National MSMEs Clinic, a programme designed to support small businesses nationwide.
Despite efforts to advance digital technology, Nigeria's approach to cryptocurrency remains stringent. In May, Tinubu banned peer-to-peer crypto trading with the naira to protect the national currency from devaluation and speculation.
Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), led a crackdown on Binance, the world's largest crypto exchange, halting all naira transactions and trading in Nigeria.
Binance faced charges of tax evasion and money laundering. One executive, Nadeem Anjarwalla, escaped custody but was found in Kenya.
Tigran Gambaryan, Binance’s head of financial crime compliance, remains in custody and is set to stand trial on behalf of Binance.
Binance executive Tigran Gambaryan
Despite regulatory challenges, cryptocurrency trading in Nigeria has remained robust. Between July 2022 and June 2023, trading volumes grew by 9%, reaching $56.7 billion, according to Chainalysis.
The government’s push to promote the eNaira, Nigeria’s central bank digital currency launched in 2021, is seen by some as a move to make the eNaira more popular.
A study by KuCoin found that 35% of Nigerians aged 16 to 18 are investing in or trading cryptocurrencies. The country ranks as the top globally for cryptocurrency usage and ownership.
Economic issues, such as high inflation and a weak currency, continue to drive Nigerians towards cryptocurrencies as an alternative store of value.
While Nigeria is taking significant steps to enhance its digital tech capabilities through training initiatives, its restrictive stance on cryptocurrency presents a complex landscape for digital asset adoption.
The country’s regulatory environment and economic challenges will play crucial roles in shaping the future of digital technology and cryptocurrency usage in Nigeria.
KuCoin halts Nigerian naira support amid regulatory pressure. Central Bank blames crypto for naira devaluation. Exchanges follow suit. Pending P2P ban raises concerns. Lack of clarity hampers crypto industry.
Xu LinStepn and Adidas unveil a fitness-enhancing NFT collaboration, promising an innovative integration of fashion and blockchain technology.
AlexThe decentralized exchange holds over $390 million in locked tokens as of Tuesday.
CoindeskTether has also recently clarified that its cash reserves for issuing USDT to Alameda were not on Alameda's balance sheet.
Beincrypto
Coinlive Metaverser - ‘Virtual world’ and Globiance - ‘International Platform for Crypto, Banking/Exchanging - have teamed up. Globiance has announced that ...
Bitcoinistearn it
链向资讯On May 19, Binance announced the integration of the DeFi project - the Venus Protocol applet. This marks the first time that the Binance App (iOS and Android versions) has integrated decentralized lending functions.
链向资讯What is the essence of X to Earn? Does everything really need to Earn?
链向资讯Does it look like the move-to-earn games are the next big thing in the gaming sector? Genopets and Dustland Runner, STEPN and others are making moves to make it happen.
Cointelegraph