Many people have called for Nigeria and Africa to incorporate blockchain technology into daily life; however, poverty must first be conquered before blockchain technology can be properly integrated into society, according to GT Igwe Chrisent, the CEO of SumoTrust, an online savings and investment platform; and Truzact, a crypto wallet.

At the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023, held in Nigeria’s capital, Abuja, Chrisent stated that hunger and poverty must first be eradicated from Africa before achieving a better level of blockchain technology integration.

Chrisent (right) at the SIBAN Digital Assets Summit 2023. Source: SIBAN

According to a World Bank report titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022,” just 17 percent of Nigerian workers hold the wage jobs best able to lift people out of poverty.

In Chrisent’s view, being able to erase the poor class in general and move them to the middle class would be the biggest driver of faster blockchain technology incorporation. This is to enable them to afford three square meals daily and have a little extra to save. However, the stability of the economy in Africa is key to establishing this.

In his words:

“ If we do not fix that, we’ll keep having these conversations over and over again”

Despite the extra scalability that comes from incorporating blockchain technology as a nation and continent, individuals cannot focus on exploring them while still battling with the problem of basic amenities, said Chrisent.

Despite the poverty challenges, Nigeria has emerged as one of the most active countries in terms of adoption and curiosity about Bitcoin and other cryptocurrencies. According to data from Google Trends, Nigeria ranks second by search interest for the keyword “Bitcoin,” behind El Salvador.

The current Nigerian President, Bola Tinubu released a manifesto during his campaign which, if implemented, would enable the use of blockchain technology and cryptocurrencies in the nation’s banking and finance sector.

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