Nigerian Web3 startups saw funding double to $43 million in 2025, signaling growing interest in blockchain solutions across the region. While this represents significant momentum, particularly for stablecoin-based fintechs that captured 89% of total investment, experts note the ecosystem remains largely at an early stage.
Stablecoins are driving much of the activity, with adoption facilitating remittance payments and cross-border transactions between Nigeria and countries like Ghana, Kenya, the UK, Canada, China, and parts of Europe. The surge in stablecoin usage reflects a broader shift toward utility rather than speculation within Nigeria’s crypto market.
According to Hashed Emergent’s recent report, on-chain transaction value increased 56% year-on-year to $92 billion, while deposits grew by over 9,000% since 2018. This indicates stablecoins are increasingly functioning as payment rails rather than stores of value—with an 83% withdrawal-to-deposit ratio suggesting most funds move quickly through wallets.
The concentration in stablecoin infrastructure highlights both opportunities and challenges for IT leaders. While this specialization has attracted investment, it also means less funding is flowing to emerging areas like Web3 entertainment, developer tools, and AI-driven solutions—potentially limiting the ecosystem’s long-term diversity.