Lagos: Nigeria’s commercial hub a hotbed for crypto

Lagos, Nigeria, West Africa

Across Africa, There’s no doubt major cities like Cape Town, Johannesburg, Nairobi, Lagos, Accra, Cairo, etc have been at the forefront of the continent’s technological revolution. But while there’s a debate about which amongst these cities play a more central role, the odds seemed to favour Lagos, Africa’s fastest-growing city.

Anyone who lives in Lagos, Nigeria will agree, the city is pulsating with energy and pure entrepreneur hustle. It is a place where things happen 24/7.

The city is a bustling tech hub. As such, every week, there is a tech or business event that takes place in Lagos. This has become a norm in the country. The city boasts of headquarters to major financial institutions, companies, organisations, and businesses in Africa. Alongside some of the largest tech innovation hubs, and houses hundreds of startups.

By stats offered by GSMA, Lagos is home to Africa’s largest tech ecosystem and valued at $2 billion. 

As the momentum and interest in blockchain and cryptocurrency keep building up in Africa, this article looks at Nigeria’s pulsating commercial capital as a hotbed for crypto.

Lagos an ideal destination for crypto startups

It is widely believed that Nigeria – Lagos –precisely is Africa’s testing ground – a place where any business idea can freely experiment.

By estimates, Lagos’s population of 20 million people is the largest for any African city. The figure which is expected to double, according to the Populations Reference Bureau

For startups, and companies looking to enter the African market, Lagos can be the ideal destination. 

Many of the positive development that took place in Lagos has happened with little involvement and interference from the government. 

Nigeria’s music and film industry, tech scene, alongside other micro industries are a testament to this.

For crypto and blockchain-focused startups and businesses looking to expand into the African market, Lagos can be the ideal destination. The city has almost everything you are looking for in an emerging market. 

As evident in Google Trends, Lagos ranks as the number one city with the most bitcoin-related search terms.

Lagos growing crypto hub

But, while it’s yet certain which stands Nigeria will take as to regulating crypto, however, there seems to be much already happening. 

In March 2019, the venture arm of the largest cryptocurrency exchange by volume Binance expands its crypto incubation program to five cities. The only African city on the list was Lagos. Binance has since then invested and incubated five startups. Notable examples are Yellowcard.io and Bundle Africa. 

Switzerland-based blockchain service provider Jelurida established her Africa’s regional head office in Lagos. 

Not to mention, the likes of Luno, Bitmama.io, NairaEx,  Binkabi, and other crypto startups with presence in Lagos.

In addition, Bitcoin and blockchain conferences, meet-ups hosted in the city, are often filled with attendees. 

All these and other more are a pointer to the growing interest in crypto and blockchain amongst people living in the city.

With increasing interest, every sign shows, Lagos will become a major hotspot and ideal destination for blockchain and crypto startups in Africa.

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