Among all of the African nations, Nigeria has the highest GDP, but 40% of its citizens are poor. And over half of government income comes from oil exports, which are a major contributor to the struggling nation’s economy. . The incapacity of the nation to diversify its economy and stop relying entirely on the revenue from crude oil has been mocked by many experts as the country’s economic landscape plummets, impoverishing the vast majority of Nigerians in the process.
On a more upbeat note, BTC in Nigeria is thought to help Nigerians escape poverty, and this has caused the nation to breathe a new sigh of relief. A disadvantaged population stems from a lack of energy and transportation facilities as well as from failure to diversify the economy. In Nigeria, using cryptocurrencies is shown to be a helpful way to assist people to escape poverty.
Increasing Additional Income
Nigeria’s economy has been significantly impacted by the 2016 crisis, and the nation is still working towardrecovery. The nation’s rate of unemployment rose by 27.1% in the second quarter of 2020. Since average salaries have been falling for six consecutive years, economists expect 2021’s average annual income to climb by less than 2%. The price of the naira, the money of the nation, decreased by 24% in 2020. The economic crisis in Nigeria led some people to look for side jobs.
Simple Banking
There are 60 million people without bank accounts in Nigeria. Because of local bank limitations, individuals who have savings accounts could only deposit a maximum of $100. Due to the difficulties, mobile banking and bitcoin investments are becoming more popular. According to statistics from 2017, 71% of Nigerians use their cell devices for internet connectivity and messaging. Nigerians can convert their cash into cryptocurrency through mobile services like Xend Finance. Stablecoin, a cryptocurrency with low transaction costs, has gained popularity. Stablecoins have the added advantage of preventing money from losing value.
Providing Learning Opportunities
In Nigeria, Bitcoin is also expanding options for education. A school is being built in the Nigerian community of Sanga as part of the #BuiltWithBitcoin initiative, which is being spearheaded by the bitcoin marketplace Paxful. A peer-to-peer cryptocurrency platform called Paxful runs. On the platform, Nigerians conduct roughly 2 million blockchain payments each month.
100 to 120 kids between the ages of 3-6 are anticipated to attend the new school. It will serve as an adult academic institution in the evenings. A freshwater well and solar energy will also be included in the school’s amenities. Additionally, the well’s water may be inexpensively sold to the neighborhood. Paxful will pay for all expenses related to maintaining the school, including employees, textbooks, and clothes.
Many Nigerians looking for a path out of poverty have been greatly impacted by the rise in bitcoin transactions. Nigerians are making the most of the educational opportunities and extra income that cryptocurrencies provide. The unforeseen advantages of cryptocurrencies in Nigeria give people who are poor hope.
Conclusion
By promoting financial inclusion and assisting Nigerians in escaping poverty, cryptocurrency has the potential to offer considerable advantages and should be taken into consideration as a means of fostering Nigeria’s economic development.
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