The integration of blockchain technology into daily life in Nigeria and Africa has been advocated by many, but GT Igwe Chrisent, CEO of SumoTrust, an online savings and investment platform, believes that addressing poverty should precede such integration. Speaking at the 2023 Digital Assets Stakeholders Summit hosted by the Blockchain Technology Society of Nigeria (SIBAN) in Abuja, Chrisent emphasized the need to eradicate hunger and poverty in Africa before achieving meaningful blockchain integration.
A recent World Bank report titled "Building a Better Future for All Nigerians: Nigeria Poverty Assessment 2022" highlights that only 17% of Nigerian workers have access to high-wage jobs capable of lifting them out of poverty. Chrisent contends that enabling the poor to Enter the middle class is a crucial step toward accelerating blockchain adoption. This economic progress provides individuals with the means to afford basic necessities and save money. However, Chrisent stressed that the stability of African economies is vital in achieving this goal.
He emphasized that as long as people are struggling to meet their basic needs, they cannot fully engage with and explore the potential of blockchain technology. Despite the challenges posed by poverty, Nigeria has exhibited significant interest in and adoption of Bitcoin and other cryptocurrencies, ranking second in global search popularity for "bitcoin," according to Google Trends, with El Salvador taking the top spot.
During his election campaign, President Bola Tinubu released a manifesto outlining plans to facilitate the use of blockchain technology and cryptocurrencies within Nigeria's banking and financial sectors, reflecting a growing recognition of the potential of blockchain technology in the country.
