• Nigerian Web3 founders raised $43 million in 2025, more than doubling the $20 million recorded in 2024.
• The finance sector captured 89% of total funding ($38 million), a five-fold increase from 2024, driven by stablecoin-focused startups.
• Nigeria led in 24-hour stablecoin P2P transfer volume on centralized exchanges, reaching $48.2 million in 2025.
• Nigeria contributes 4% of all global Web3 developers, the highest in Africa, with the local talent base growing 36% year-over-year in 2025

Hashed Emergent, the venture capital firm accelerating Web3 adoption in Africa and other emerging markets has announced the release of the second edition of the “Nigeria Web3 Landscape Report 2025.”

The landmark report reveals a maturing ecosystem that has successfully transitioned from early-stage foundations to a phase of consolidation, marked by a significant investment rebound and Nigeria’s continued dominance as Africa’s leading Web3 developer hub.

Drawing on extensive ecosystem interviews, primary research, and platform data, the 2025 report positions Nigeria as a critical anchor for global Web3 and blockchain adoption.

Despite a complex regulatory environment, the nation’s resilient founders and deep talent pool have propelled the ecosystem forward, with on-chain value received rising 56% year-over-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.”

Industry conversations about Web3 in Nigeria can sometimes lean heavily on momentum without fully capturing the structural shifts happening underneath. As the lead researcher of the report, Uchenna Edeoga, Associate, Platform (Africa), Hashed Emergent, stated,

“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.”

A Resilient Investment Landscape: Funding More Than Doubles

After a slowdown in 2024, investment activity in Nigeria’s Web3 sector rebounded sharply in 2025. Nigerian founders raised $43 million, more than double the $20 million recorded the previous year.

This growth was characterized by a concentration of capital in fewer, high-impact sectors, with scale capital modestly returning at the Series A stage, a clear signal of early ecosystem maturity.

The finance sector emerged as the undisputed leader, capturing 89% of total funding at $38 million, a five-fold increase from 2024.

This surge was primarily driven by a wave of stablecoin-focused startups tackling real-world financial problems, including payments, on/off-ramps, and B2B cross-border transactions.

Stablecoins: The New Backbone of Nigerian Finance

Nigeria has solidified its position as a global stablecoin hub. The report highlights a staggering 9,000% growth in stablecoin deposits between 2018 and 2025.

In 2025 alone, Nigeria led in 24-hour stablecoin P2P transfer volume on centralized exchanges, reaching $48.2 million.

This shift reflects a broader trend: for many Nigerians, crypto is no longer speculative, it is a practical tool for hedging against inflation and facilitating efficient remittances across regional and global corridors.

Developer Talent: Nigeria’s Competitive Advantage

Nigeria’s developer ecosystem remains its strongest growth signal. The country now accounts for 4% of all global Web3 developers, the highest contribution from any African nation. The talent base is rapidly maturing, recording a 36% year-over-year growth in 2025.

While the ecosystem is expanding, the report notes that 53% of developers have never worked with global teams, highlighting a critical opportunity for better-aligned incentives and international integration to retain top-tier talent.

Regulatory Progress Amidst Implementation Uncertainty

The regulatory landscape in 2025 saw significant milestones, including the SEC Nigeria’s formal recognition of digital assets as securities under the Investment and Securities Act (ISA) 2025. Additionally, a new tax framework has provided much-needed clarity on the treatment of digital assets within the national tax system.

While implementation uncertainty and enforcement gaps remain, the overall trajectory is positive, supported by increasing engagement between Web3 stakeholders and regulators.

Looking Ahead

The Nigeria Web3 Landscape Report 2025 concludes that the nation’s growth trajectory is robust, anchored by technical innovation and entrepreneurial resilience.

Hashed Emergent remains committed to backing early-stage founders in Nigeria, providing the capital and strategic mentorship needed to accelerate the nation’s ascent as a global Web3 leader.

The full report was prepared in collaboration with knowledge partners: Quidax, Convexity, Web3bridge, Guild Academy, and Infusion Lawyers.

Full report here.

Adedeji, was in Anambra to attend a program at the Faculty of Management Sciences, Nnamdi Azikiwe University, and decided to visit the State ICT Agency to reignite old ties with CFA.

During the visit, Owonibi took some time to appreciate CFA and the agency for the commendable work they are doing in the state and expressed his interest in potential collaboration.

He suggested that the agency could take advantage of some initiatives of the World Bank projects available for states, to create a safe space for start-up hubs in the state, and which could also help give impetus to the digitization process in Anambra State.

Mr. Owonibi further emphasized the importance of Blockchain and cybersecurity as game-changers that could help secure donations and relief efforts, which have in the past been marred by massive misappropriation.

“I strongly believe that Blockchain technology can also address the problem of fake academic results in schools and facilitate the seamless transfer of certificates and transcripts globally, regardless of location, with a focus on verifiability and traceability,” he noted.

On his part, Prof. Okoye, the UNIZIK Management Faculty Dean, expressed his openness to embrace transformative ideas that can enhance digital learning and skill acquisition for students of the Federal institution, whose population is made up of mostly Anambra people.

In his response, the Anambra ICT Agency Boss, CFA expressed appreciation for the insightful visit by the distinguished individuals, adding that their visit was an acknowledgment of the visible transformation Mr. Governor, Prof Chukwuma Soludo, CFR, is leveraging technology to bring in the state governance.

“As the State ICT Agency, we want to make clear, our willingness to explore collaboration in areas related to the digital ecosystem.

“We also recognize the potential of Blockchain technology in advancing the state’s education standards in the right direction. This we are aggressively pursuing with the support of line government agencies in Anambra because the governor has handed us the charge or achieving his vision of “Everything Technology and Technology Everywhere” in the state,” CFA posited.