The Nigeria's crypto market is expected to continue its growth in 2024, driven by a young and tech-savvy population. Despite economic challenges like inflation and currency devaluation, Nigerians are increasingly turning to cryptocurrency as a means of financial transaction and store of value. The government's shift from hostility to support, as seen in the new president's vision for a "blockchain-powered" digital economy, is also expected to boost growth. However, regulatory clarity will be crucial in shaping the future of crypto in Nigeria. Some key trends to watch include:
1. Continued crypto growth: As more users come online and DeFi continues to evolve, crypto is likely to play an increasingly major role in Nigeria's economy.
2. Emergence of RWA tokenization: The Nigerian government's push for a blockchain-powered economy is expected to lead to a surge in asset tokenization, making assets like real estate and oil more accessible and liquid.
3. Improved regulatory clarity: The government is likely to continue developing a more favorable regulatory environment for blockchain, driven by its goal to create a "blockchain-powered" digital economy.
4. Renewed eNaira adoption drive: The government is expected to renew efforts to promote eNaira adoption, enhancing its features and functionality to make it more attractive to users.
