85% of Crypto investors in Nigeria earn below N250,000 monthly — Report
About 85 percent of retail cryptocurrency investors in Nigeria report monthly incomes below N250,000 which places them firmly in the low- to mid-income bracket, according to The State of Crypto Adoption in Nigeria 2025 report.
The report published by Quidax in collaboration with IFS Insights revealed that young people and students dominate as students comprise 43 percent of Nigeria’s crypto investor base; many others are self-employed professionals and freelancers.
“Although Lagos accounts for nearly a quarter of survey respondents, other states such as Kaduna, Enugu, Abuja, and Osun also showed notable crypto activity, indicating that usage has expanded beyond Nigeria’s economic hubs,” it noted.
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The report estimates that 26.3 million Nigerians now use or have used cryptocurrency which reflects one of the largest population shares of crypto users globally.
Rather than purely chasing short-term gains, many investors turn to crypto for savings, payment use, and as a hedge against naira depreciation. Stablecoins are the most commonly used cryptocurrencies in Nigeria, it noted.
It said, “while Africa has become one of the fastest-growing regions in terms of crypto adoption, its total crypto economy remains relatively small on the global scale.
“Between July 2022 and June 2023, sub-Saharan Africa accounted for just 2.3 percent of global crypto transactions.”
