Cryptocurrency Becomes a Point of Focus in Nigeria’s Elections

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Interesting times have arrived in Nigeria, as cryptocurrency is now a focal point in the campaigns of the Nigerian national elections. Candidates are moving towards embracing cryptocurrency as a staple of the financial world of Nigeria, and are advocating for global adoption of crypto.

A presidential hopeful in Nigeria, Abubakar Saraki, has lent his voice in support of the cryptocurrency industry. Saraki claims that cryptocurrency has created a lot of opportunities for youth in the country, which has the highest population in Africa. He is, however, of the opinion that there should be laws in place to guide players in the industry.

A 2020 online survey by data platform Statista found: “that 32% of those Nigerians who took part used cryptocurrencies – the highest proportion of any country in the world. Estimates show that of the top 10 countries for trading volumes, Nigeria ranked third place after the US and Russia in 2020, generating more than $400m worth of transactions.”

Saraki believes that the cryptocurrency industry has huge potential to help increase employment. The presidential hopeful has suggested that legislation and policies should be in place to guide players in the cryptocurrency ecosystem.

The presidential hopeful, however, also believes the money laundering and fraudulent practices allegations by the central bank of the country towards cryptocurrency usage must be addressed.

Saraki had outlined the plan he has for the cryptocurrency industry if he eventually becomes the president of Nigeria in next year’s election. Saraki eventually lost out in his party’s presidential primary election but he has, however, promised that if his party eventually becomes the winner of the election, he will ensure policies are in place to support cryptocurrencies.

It is not surprising that Nigerian youth are deeply interested and invested in cryptocurrency. Despite the CBN statement to financial institutions to crackdown on digital cryptocurrencies, Nigerians’ interest in digital currencies has not reduced.