Nigeria’s Web3 ecosystem is showing renewed strength, with startups raising $43 million in 2025, more than double the $20 million recorded in 2024, according to a new industry report.
The “Nigeria Web3 Landscape Report 2025”, released by venture capital firm Hashed Emergent, highlights a maturing sector marked by rising investment, strong developer growth and increasing adoption of stablecoins for everyday financial use.
Drawing on ecosystem interviews, primary research and platform data, the report positions Nigeria as a key driver of global Web3 and blockchain adoption. Despite regulatory complexities, the country’s founders and talent base continue to push growth, with on-chain value received rising by 56 per cent year-on-year to $92 billion.
“Nigeria’s momentum in Web3 has evolved beyond early adoption into a mature, utility-driven ecosystem, positioning the country as a key force in shaping both local and global web3 economy,” said Tak Lee, CEO and Managing Partner at Hashed Emergent.
“With strong fundamentals across talent, stablecoin usage, and real-world applications, Nigeria is not only leading Africa’s Web3 growth but is increasingly defining how the continent participates in the global Web3 economy.”
The report also seeks to provide deeper clarity on structural changes within the ecosystem. As lead researcher Uchenna Edeoga, Associate, Platform (Africa), Hashed Emergent, explained, “This report aimed to bring more clarity to that picture through research, ecosystem engagement and market insight, highlighting not just the progress being made, but also the opportunities, constraints and signals that matter for the next phase of growth. This will serve as a useful resource for stakeholders looking to understand the ecosystem more deeply and engage it more effectively.”
Investment rebounds as funding doubles
After a slowdown in 2024, investment activity rebounded sharply in 2025. Funding was largely concentrated in fewer but higher-impact sectors, with early signs of growth-stage capital returning, particularly at Series A level.
The finance sector dominated, attracting 89 per cent of total funding—equivalent to $38 million—a five-fold increase from the previous year. Much of this growth was driven by startups focused on stablecoins, particularly those addressing payments, cross-border transactions and fiat on- and off-ramps.
Stablecoins gain ground in everyday finance
Nigeria has strengthened its position as a global hub for stablecoin usage. The report notes a 9,000 per cent increase in stablecoin deposits between 2018 and 2025.
In 2025 alone, Nigeria recorded the highest 24-hour peer-to-peer stablecoin transfer volume on centralised exchanges, reaching $48.2 million. This reflects a shift in usage, with digital assets increasingly serving as practical financial tools rather than speculative investments, particularly for inflation hedging and remittances.
Developer growth drives ecosystem expansion
Nigeria’s developer community remains a key competitive advantage. The country now accounts for 4 per cent of global Web3 developers—the highest share in Africa—with the talent pool growing by 36 per cent year-on-year in 2025.
However, the report highlights a gap in global exposure, noting that 53 per cent of developers have not worked with international teams. This presents an opportunity to strengthen global collaboration and retain top talent.
Regulatory progress continues
The regulatory environment also saw notable developments in 2025. The Securities and Exchange Commission formally recognised digital assets as securities under the Investment and Securities Act 2025, while a new tax framework clarified how digital assets are treated within Nigeria’s tax system.
Although implementation challenges remain, the report points to a generally positive direction, supported by increased engagement between regulators and industry players.
Outlook for Nigeria’s Web3 ecosystem
The report concludes that Nigeria’s Web3 sector is entering a more mature phase, underpinned by innovation, talent and resilient entrepreneurship. With continued investment and regulatory clarity, the country is expected to strengthen its position as a leading force in the global Web3 economy.
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