Former SiBAN president Obinna Iwuno says Nigeria is losing global crypto relevance due to weak institutional participation and prolonged regulatory uncertainty.
Nigeria is gradually losing its position among leading global cryptocurrency markets as countries like Vietnam, Brazil, and India build stronger blockchain products and attract institutional capital, according to former Stakeholders in Blockchain Association of Nigeria president, Obinna Iwuno, speaking with Nairametrics.
Iwuno said Nigeria’s earlier rise was driven by demographics rather than innovation. “Nigeria’s youthful population, high unemployment, widespread poverty, and mobile first digital culture made crypto attractive as an alternative economic opportunity,” he said, noting adoption remains largely retail-driven.
He identified regulatory uncertainty as a major constraint, saying investors avoid markets without clear licensing frameworks. “In the US, the volume of one institution can outclass what Nigeria does in a whole year,” he said, adding that countries with clearer rules are advancing faster.