67.2% of active crypto users use cryptocurrency primarily for investment

Key Takeaways

  • A majority (67.2%) of Nigerian crypto users (17.7 million people) use digital assets mainly for investment and long-term financial growth.
  • Overall, 26.34 million Nigerians—over one in eight adults—actively use or hold cryptocurrency, giving the country the highest adoption rate globally.
  • About 18.4% (4.8 million) use crypto for everyday needs such as remittances, payments, and inflation protection.
  • 14.4% (3.8 million) identify as active traders, providing liquidity and earning income through market participation.

According to Quidax’s 2025: State of crypto adoption in Nigeria report, cryptocurrency in Nigeria has matured into a mainstream investment vehicle rather than a speculative fad. With 26.34 million active users, the majority engage in investment, viewing crypto as a path to long-term financial stability and diversification beyond traditional banking. Meanwhile, utility use focuses on practical applications such as payments, remittances, and inflation protection, while trading continues to sustain market activity through regular buying and selling. This balance of investment confidence, practical utility, and active trading cements Nigeria’s position as a global leader in digital asset engagement.

Source:

Quidax Report - The State of Crypto Adoption in Nigeria

Period:

2025
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Stablecoins are the most frequently transacted asset for outbound payments among Nigerian users (38.3%), outpacing bitcoin (27.3%)
  • Stablecoins lead the market, accounting for 38.3% of all crypto sent, highlighting Nigerians’ preference for stability and dollar-backed assets.
  • Bitcoin ranks second at 27.3%, showing it remains a major channel for store-of-value transfers and remittances.
  • Altcoins like SOL, ADA, SHIB, and DOGE (15.4%) attract younger and experimental users but remain secondary to stable assets.
  • Ethereum (10.2%) and BNB (8.9%) maintain moderate transaction volumes, suggesting users favor low-fee and widely accepted tokens for transfers.
Over 40% of surveyed Nigerian crypto users are students
  • Students are the largest crypto-holding group (43.6%), underscoring the youthful nature of Nigeria’s crypto community and their early adoption of digital finance.
  • Entrepreneurs follow closely (25.7%), showing strong participation from self-employed Nigerians, traders, business owners, and hustlers who use crypto for investment and business flexibility.
  • Traditional employees make up 17.4%, indicating growing acceptance of crypto beyond informal or youth circles, even among salary earners.
  • Freelancers and gig workers (5.6%) also feature, reflecting crypto’s role in global online work and cross-border earnings. Unemployed and retired individuals remain a small minority, under 3.5% combined.
Over 60% of surveyed Nigerian crypto traders earn less than $50 per month, with $10–$50 the most common profit range (36%)
  • About 60% of users make less than $50 per month, showing crypto activity is mostly at a small, retail scale.
  • The $10–$50 band (36%) is the single largest group, reflecting frequent, low-value trading or incremental investment returns.
  • Only about 30% of users earn between $50 and $500, suggesting that consistent moderate returns are less common.
  • Less than 3% of users earn above $1,000 per month, confirming that the Nigerian crypto market remains largely retail-driven rather than dominated by professional or institutional traders.
About 44% of Nigerian crypto users mostly send crypto, primarily for investments and payments
  • 56.1% of users mostly send crypto, compared to 43.9% who mostly receive it, showing an active transaction culture.
  • Investing in other platforms or projects leads as the top reason for sending crypto (29.2%), indicating strong speculative and wealth-building motives.
  • Every 1 in 4 users (25.1%) use crypto for daily transactions like bills and subscriptions, showing rising integration into everyday finance.
  • Cross-border payments (7.7%) and donations (4.6%) remain small but notable niches, signaling growing utility beyond trading.
Nigeria’s public debt has soared since 2010, with domestic debt up 2,020% and external debt up 1,000% by mid 2025
  • Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
  • Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
  • Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
  • The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.
Borno records lowest domestic debt in North-East Nigeria at ₦22.3 billion in Q2 2025
  • The six North-Eastern states collectively owe around ₦450 billion in domestic debt as of Q2 2025.
  • Borno State maintains the lowest debt in the region at ₦22.3 billion, showing signs of controlled borrowing amid post-conflict rebuilding.
  • Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
  • The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.
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