How Blockchain Technology will Improve the Nigerian Economy through Job Creation 

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January 7, 2021 by
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How Blockchain Technology will Improve the Nigerian Economy through Job Creation 

It’s no doubt the blockchain technology has come to redefine our world especially the finance industry. While the technology has been noted to have great impact in many industries, the finance industry has been the most that has been impacted owing to the driving application of the technology – cryptocurrency. 

As the major driver pushing the adoption of the blockchain technology, cryptocurrencies has become increasingly popular and lucrative for the many Nigerians that trade or invest in them. Data from leading P2P platform paxful puts weekly average trading volume at over two billion naira. Another leading peer-to-peer marketplace for the sale and purchase of bitcoin – LocalBitcoin also records similar trade volumes. 

These are records from only two sources while there are dozens of trading platforms where Nigerians are trading that are not captured. This also excludes p2p deals via social media.

Many Nigerians within the “youth” age bracket are exploiting the blockchain technology to build defining products and wealth. 

Young Nigerians are interested in cryptocurrency than the stock market

According to the Head of Registration, Exchanges, Market Infrastructure and Innovation at SEC, Mr. Emomotimi Agama, many young Nigerians are involved in the cryptocurrency and blockchain space. An article by nairametrics revealed the disconnect between the young of today and the older generation in terms of stock trading on the Nigerian Stock Exchange. The article clearly summarizes this point below: 

Despite shareholder education by the NSE and several stockbroking firms, Nigeria’s youth clearly do not understand the workings of the market or see it as a profitable venture. Only 2 respondents out of the 15 surveyed stated that they were investing in the stock market. Nigeria’s youthful population which one would expect to be active participants are nowhere to be found. The ignorance about the exchange is shocking and cuts across all demographics. University educated, SSCE, Male. Female. Those located within and outside the state.

For many of the young Nigerians trading cryptocurrencies or involved in the development of blockchain based products, there seems to be a higher focus in the emerging technology and the market it has created than the traditional finance which the NSE represents. While traditional finance has its place, blockchain technology holds key to dramatically transforming the economic, political landscape of the Nigerian society if explored. 

Unemployment Rate Hits Undesired High.

The unemployment rate a few months ago in Nigeria according to a report by nairametrics puts the unemployment rate at 27.1%. This can be significantly reduced by exploiting multiple wealth creating solutions of which blockchain technology occupies a good position in the teeming youthful population in Nigeria.

Blockchain technology will help to reduce the unemployment rate in Nigeria as more and more Nigerians grow to understand the technology and what it stands for. As Nigerian entrepreneurs find more ways to exploit it in solving problems in the society cutting across many industries, this will in turn create businesses that will employ some of the many unemployed. 

As the awareness of cryptocurrencies grows considerably higher in Nigeria, coupled with the entry level ease, many locals will be able to leave the unemployment levels by building businesses themselves or involve in trading. It’s no doubt that trading cryptocurrencies while it’s risky, is highly lucrative and allows easy liquidation of assets. 

Blockchain technology offers amazing opportunities to reduce unemployment levels in Nigeria, yet  the government must play a good role in allowing players to exploit, hack and explore towards creating defining moves that will ultimately transform the nation. 

Image Credit: reliablecounter.com

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