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Although Nigeria demonstrates a significant level of awareness regarding blockchain and cryptocurrency, the nation continues to encounter challenges related to public education in this domain. A panel of local blockchain specialists addressed the obstacles of blockchain education in Nigeria during the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, which took place in Abuja, the capital city.
During the session titled “Web3 Education: Capacity Building,” the panel examined the existing state of blockchain and Web3 awareness in the country, along with the difficulties that have emerged throughout this journey.
Bello Usman Abdullahi, the chief operating officer (COO) of Bitkova Academy, a platform dedicated to blockchain education, noted that the language barrier poses a significant challenge due to the intricate nature of blockchain technology and its terminology. Nigeria ranks among the most linguistically diverse nations globally, with over 500 languages in use.
The Web3 Education- Capacity Building panel session at SIBAN’s Digital Assets Summit
Nevertheless, local blockchain hubs have started to educate those unfamiliar with blockchain technology by utilizing local Nigerian languages. Abdullahi emphasized the necessity of assisting newcomers to blockchain and Web3 in comprehending the objectives that Satoshi Nakamoto aimed to achieve with blockchain technology. This understanding is particularly crucial to counteract the fear and negativity instilled in the public by the Central Bank of Nigeria (CBN) and the government, he stated.
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In February 2021, the Central Bank of Nigeria cut ties between local banks and cryptocurrency exchange platforms. Abdullahi indicated that this government action and the CBN’s decision contributed to a decline in blockchain awareness in Nigeria, linking blockchain and cryptocurrency with negative perceptions.
Related: 99% of Nigerians are crypto aware — ConsenSys report
Nigeria has experienced fluctuations in crypto interest, with Google Trends data revealing that the country has dropped from its previous top position to No. 2 globally in search interest for Bitcoin (BTC).
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