Nigeria has been published to be second in the Chainalysis 2024 global crypto adoption index, following India.
Chainalysis is a blockchain data analytics business headquartered in New York City. It published a sample of its fifth annual Global Crypto Adoption Index on the 11th of September.
Every year, Chainalysis examines all data to determine which nations lead the world in cryptocurrency adoption. Also, Chainalysis research identifies locations where unique cryptocurrency use cases are emerging and investigates why countries throughout the world are adopting crypto. At the top of the list this year is Nigeria, maintaining the same second position as that of last year.
Nigeria Ranking Analysis
- Overall Ranking: Nigeria remained second in the overall ranking, displaying consistent good performance in different elements of cryptocurrency adoption.
- Centralized Service Value Received: Nigeria’s position in this area fell from third to fifth place, indicating a probable trend toward decentralized solutions or less reliance on centralized exchanges.
- Retail Centralized Service Value Received: Nigeria remained in second place, demonstrating that retail investors continue to rely heavily on centralized services.
- DeFi Value Received: Nigeria’s position rose from fourth to third, indicating a rising interest in and use of decentralized financial (DeFi) solutions.
- Retail DeFi Value Received: Nigeria’s rating in this area has risen from fourth to third, showing that retail investors are increasingly embracing DeFi goods and services.

Source: Chainanlysis
Possible Reasons For This Ranking
One of the major possible reasons for this ranking is Nigeria’s big and young population. Many Nigerian citizens are tech-savvy and receptive to new financial solutions, which has played an important role in pushing cryptocurrency acceptance.
Another important factor will be inflation and restricted access to traditional financial institutions. This has prompted many Nigerians to look for alternative investment opportunities.
Also, it might also be safe to assume that Nigerians have begun to understand that cryptocurrencies provide a faster and more cost-effective means to transmit and receive money.
Lastly, it’s important to note that while the Nigerian government has been wary about cryptocurrencies, there are signs of rising acceptance and a willingness to use the technology for economic growth.
Ultimately, Chainalysis concluded that there is a rise in global currency activity this year. As there was a significant rise in the total value of worldwide cryptocurrency activity between the end of 2023 and the beginning of 2024. Chainalysis also reported that the rise has surpassed even levels seen in 2021 during the crypto bull market.
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