Over 60% of Nigerians use crypto for savings and long-term investing

Key Takeaways

  • Wealth-building dominates motivation: 45.4% cite “active wealth building” as their primary motive, and an additional 21.8% cite “long-term financial security”.
  • Payments and utility are minor drivers: Only 3.3% report “daily utility” and 2.2% “digital commerce” as their chief motive for using crypto.
  • Hedging and cross-border flows matter: 8.7% use crypto for currency hedging, and 4.1% for cross-border payments, showing a dual role of investment plus international value flows.
  • Nigerian retail users treat crypto like a conventional financial instrument rather than only as a means of payment or speculation.

In Nigeria, retail crypto users are turning to digital assets, not as a quick-payment tool but as a deliberate part of their financial strategy. Nearly two-thirds (~67%) are primarily interested in building portfolios or securing long-term security, while only a small minority use crypto mainly for day-to-day commerce. This reflects a market where users are actively managing risk, hedging against local currency decline and deploying crypto for strategic financial goals, behaviours more typical of developed-market investors than emerging-market “payment adopters”.

Source:

Quidax Report - The State of Crypto Adoption in Nigeria

Period:

2025
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