Crypto foreign investment in Nigeria 🇳🇬 has dropped significantly, according to a study.
The largest economy in Africa has a foreign investment problem despite exponential growth in crypto adoption.
The National Bureau of Statistics reported on Tuesday that foreign direct investment in Nigeria, the largest economy in Africa, dropped by 33% last year due to a severe shortage of dollars. The shortage has also discouraged crypto companies from expanding into the country. In 2022, investment declined to $468 million from the previous year’s $698 million. According to the data, FDI has decreased by approximately 90% since its peak of $4.7 billion in 2008.
The adoption of crypto in Nigeria has grown at an exponential rate. The country has active adult crypto traders, with many citizens now preferring to store their money in digital currencies over fiat cash due to the constant devaluation of the national currency, the naira. In Chainalysis’ 2020 Cryptocurrency Geography Report, Nigeria
eighth in crypto adoption and usage rate among 154 countries included in the study. This adoption rate is expected to have encouraged more foreign crypto investment in the nation but the reverse is the case.In an interview with Cointelegraph, local data analyst and crypto enthusiast, Obinna Uzoije, said the low rate of foreign investment in Nigeria could be attributed to the fact that the use of cryptocurrency was yet to go mainstream in the country.
directed all commercial banks to close accounts belonging to crypto exchanges and other businesses transacting in cryptocurrencies in the country.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigerian Food 101: Recipes to Get You StartedAn introduction to cooking Nigerian food at home.
Read more »
'Billionaire Chef' says 'enough is enough' to blasé Nigerian food, opens new bistro in Culver CityPlus, a Milanese restaurant opens its first U.S. location in Los Feliz, the Rossoblu team heads west, Katsu Sando expands to the SGV with a mini-mart and more.
Read more »
Cracking the Chess Code: A Groundbreaking Study Reveals Hidden Patterns in OpeningsUsing real data from an online chess platform, scientists of the Complexity Science Hub and the Centro Ricerche Enrico Fermi (CREF) studied similarities of different chess openings. Based on these similarities, they developed a new classification method that can complement the standard classificatio
Read more »
Alzheimer's and HRT: Study suggests sweet spot to avoid dementiaAlzheimer's disease strikes women harder than men. A new study may have uncovered a piece or two of the puzzle.
Read more »
Hospitals that pay board members offer less charity care, study findsA new study found that nonprofit hospitals that compensated board members in 2019 offered less charity care than hospitals that did not pay board members.
Read more »
Snooze or Lose: How Poor Sleep Habits Could Double Your Asthma RiskHealthy sleep pattern linked to lower risk in adults, large study shows. A UK Biobank study published in BMJ Open Respiratory Research suggests that poor quality sleep may increase an individual's genetic susceptibility to asthma, potentially doubling the risk of diagnosis. The study included 455,4
Read more »