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How to Buy Your First NFT in Nigeria: A Step-by-Step Guide

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NFT in Nigeria

While the NFT hype from 2021 has passed, the NFT market is still very much active, attracting creators, brands, collectors, and investors who want to capitalize on this new technology.

In this step-by-step guide, we’ll discuss how you can buy your first NFT in Nigeria. For this guide, we’ll walk you through the Magic Eden platform and how you can use it to buy an NFT on Ethereum.

What You Need to Get Started

To buy your first NFT in Nigeria using Magic Eden, you will need three things: an NFT wallet, ETH, and an NFT marketplace.

  • A crypto wallet that supports NFTs: A crypto wallet is a software program that stores your digital assets, such as NFTs. For this guide, we’ll demonstrate how to buy your first NFT in Nigeria using the Magic Eden Wallet.
  • ETH: Once you have set up your wallet, you will need to buy some ETH tokens if you don’t already have some to buy the NFT and pay for transaction fees.
  • NFT marketplace: Last but not least, you will need access to a suitable NFT marketplace, such as Magic Eden, a leading NFT marketplace that supports multiple blockchains.

Step-by-Step Guide to Buying an NFT on Magic Eden

Now that you know what you need, let’s take a look at the step-by-step guide on how you can buy an NFT on the Ethereum blockchain using the Magic Eden platform.

Set Up a Crypto Wallet

When looking to buy NFT, choosing a good crypto wallet is vital. For this guide, we’ll use the Magic Eden Wallet.

Visit MagicEden.io and click the ‘Wallet’ button, then ‘Install on Chrome’ to install the wallet on your browser.

The Magic Eden Wallet is available as a browser extension and mobile app for Android and iOS. For this step-by-step guide, we’ll install the wallet on the Chrome browser.

magic eden

Next, click the ‘Add to Chrome’ button to install the wallet on your Chrome browser.

Once installed, click ‘Create New Wallet’ and follow the prompts to set up your Magic Eden Wallet. If you already have a Magic Eden Wallet, select the ‘I Have A Wallet’ option.

wallet for multi-chain collectors

Next, create a strong password to prevent people from accessing your wallet.

Once you have successfully created and confirmed your password, you will be redirected to the below page.

Click ‘Go to Magic Eden’ to open the Magic Eden marketplace in another tab.

Magic Eden Wallet

Next, you will need to secure your wallet by backing it up. Click ‘Back Up Now’, enter your password, write down your 12-word seed recovery phrase, and follow the prompts to back up your wallet.

Remember to keep your seed recovery phrase secure as that’s the only way you can recover your wallet and funds in case you lose access to your device.

And that’s it.

That’s how to create and set up your Magic Eden NFT Wallet as a Chrome browser extension.

Buy and Transfer ETH Tokens

With your crypto wallet set up, the next step will be to buy ETH tokens and transfer them to your wallet.

There are various platforms that you can use to buy ETH in Nigeria. Some platforms you can consider include Binance, KuCoin, Remitano, and other local exchanges.

For instance, you can buy ETH on Binance in Nigeria by creating a Binance account, verifying your identity, navigating to the ‘Buy Crypto’ segment, selecting ETH, keying in the amount you want to purchase, choosing your preferred payment method, and following the on-screen prompts to finalize the purchase.

buy crypto

Once you acquire the ETH tokens, transfer them to your wallet by clicking on the ‘Withdraw’ button, select ETH, confirm the network, enter your Magic Eden Wallet address, and follow the on-screen prompts to withdraw your ETH tokens.

Connect Your Wallet to Magic Eden

Visit the Magic Eden platform, click ‘Log In, ’ and choose ‘View all wallets’ to log in or sign up via your crypto wallet.

Select Magic Eden Wallet from the list.

select magic eden wallet

Next, choose the chain you’d like to connect to as shown below. Proceed to choose EVM.

Next, you will receive a pop-up from Magic Eden Wallet requesting you to accept the connection with the Magic Eden marketplace. Click ‘Continue with Magic Eden.’

NFT Collection

Click ‘Connect’ to link your Magic Eden Wallet to the Magic Eden marketplace.

Finally, confirm the signature request message on your wallet to connect your Magic Eden Wallet and the Magic Eden platform.

Find the Right NFT Collection

Now that you have successfully connected your crypto wallet to Magic Eden, the next step is to find the right Ethereum NFT collection.

You can search for trending Ethereum NFTs on Magic Eden by clicking on ‘Discover’ on the menu bar and then ‘Collections.’

You can also browse the provided NFT list and use the filter functionality to narrow your search results. Using the filter functionality, you can filter the different NFT collections by floor price, sales, verified collections, volume, and volume change.

Additionally, you can check the project details, community engagement, and roadmap before buying.

buy your first NFT

Buy Your First NFT

Once you have found the right NFT, it’s now time to buy your first NFT. There are two ways to buy an NFT on Magic Eden: ‘Buy Now’ for immediate purchase based on the listed price, or ‘Make an Offer,’ which allows you to bid and wait.

If your preferred NFT is available to buy immediately, click the ‘Buy Now’ option and follow the prompts to complete the purchase.

By clicking ‘Approve’ in your Magic Eden Wallet, a pop-up message will confirm the successful purchase of your NFT.

To view your NFT, navigate to the ‘Portfolio’ tab in your Magic Eden Wallet and click ‘Collectibles’ to see your NFTs.

And that’s it!

That’s how to buy your first NFT in Nigeria using the Magic Eden platform.

You can view your NFT purchase in your Magic Eden Wallet by going to your wallet, click on ‘Portfolio’ then ‘Collectibles’.

Conclusion

Getting started with NFTs can seem daunting but it becomes easier with time if you have the right guides, information, and platforms. Just remember to find and use a secure crypto wallet and a prominent NFT marketplace when buying NFTs in Nigeria.

Also, you can join various NFT community groups on Discord and Telegram to grow your knowledge and explore the NFT ecosystem.

Economy

Nigeria’s Oil Production Drops 64,000b/d to 1.401m/d in April 2025

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libya oil production

By Adedapo Adesanya

Nigeria’s average daily crude oil production declined by 64,000 barrels per day or 4.4 per cent to 1.401 million barrels per day in April 2025 from 1.465 million barrels per day recorded in the preceding month (March).

The Organization of Petroleum Exporting Countries (OPEC) April Monthly Oil Market Report revealed this, saying the numbers are based on direct communication from the producing countries.

The report also indicated that oil production fell by 6.6 per cent below OPEC’s 1.5 million barrels per day quota, and approximately 32 per cent belief of the country’s 2025 budget target of 2.06 million barrels per day.

Nigeria’s persistent shortfalls in meeting government production targets comes from challenges such as underinvestment and rampant oil theft, all contributing to suppressed output.

Nigeria’s oil production peaked at 2.5 million barrels decades ago and despite ambitious 3-4 million barrels promises by subsequent governments, the highest actualisation in recent times have been 1.8 million barrels per day.

The decline in oil production since then and the falling oil prices in the international market are likely to strain fiscal revenues, worsening budgetary pressures

Market analysts have pointed out that this will impact national reserves, thereby reducing the availability of resources for developmental spending.

While the government has no control over global oil prices, it can, to some extent, meet its OPEC production quota.

Therefore, the government must intensify efforts by enforcing stricter penalties for oil theft, while fostering greater collaboration with local communities.

Simultaneously, there is a need to attract investment in the sector by ensuring that regulatory bodies and the judiciary work together to provide an enabling environment for investment and modernisation of oil infrastructure.

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Economy

USDT/Naira Stablecoin Pair Emerges Most Traded on Crypto Exchanges

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USDT-Naira Stablecoin Pair

By Modupe Gbadeyanka

A new report has shown the wide adoption of digital currencies in Nigeria despite efforts by the authorities to discourage the use of crypto.

The Central Bank of Nigeria (CBN) has yet to lift the ban of crypto transactions through the banking system in the country after almost five years.

In a report made available to Business Post by a venture capital firm, Hashed Emergent, it was stated that the USDT/Naira stablecoin pair has become the most traded on centralized exchanges, with stablecoin transfers in Nigeria nearing $3 billion in the first quarter of 2024, signalling the practical adoption of blockchain for real-world challenges like inflation and cross-border payments.

Last year, Nigeria ranked second globally for crypto adoption, according to Chainalysis, with $59 billion in crypto value received—$24 billion of that in stablecoins.

Stablecoin trading has overtaken Bitcoin trading on centralized exchanges, reflecting changing behaviour: for many, crypto is not speculative—it’s practical; it is how people hedge against inflation, send money, and make real-world payments.

According to the report, national agencies and multiple state governments are already implementing blockchain-based solutions across areas like identity verification, land registries, education records, and healthcare systems.

These aren’t pilots; they’re operational systems designed to improve transparency, efficiency, and trust in public services.

However, integration into existing public infrastructure remains a key challenge. Many legacy systems lack the technical readiness or interoperability needed for seamless adoption, and institutional capacity gaps—such as limited digital skills and fragmented procurement processes—continue to slow implementation.

Without addressing these bottlenecks, the long-term impact of public sector blockchain adoption may remain limited despite early momentum.

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Economy

ExxonMobil Plans $1.5bn Investment in Usan Deepwater Oil Field

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ExxonMobil PENGASSAN protest

By Adedapo Adesanya

ExxonMobil is planning a $1.5 billion investment in deepwater exploration and development of the Usan oilfield in Nigeria.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in a statement, noting that commitment will be implemented between this current quarter (Q2 2025) and 2027.

This announcement, it said, was made during a visit by ExxonMobil’s Managing Director in Nigeria, Mr Shane Harris, to the Commission’s Chief Executive of the NUPRC, Mr Gbenga Komolafe.

The company proposed a Final Investment Decision (FID) for late Q3 2025, subject to final Field Development Plan (FDP) approval as well as internal and partner funding approvals, the upstream regulator added.

According to the NUPRC, this is in addition to investment targeted at the accelerated development of the Owowo and Erha deepwater oil fields, amongst others.

Mr Harris, while speaking, stated that the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.

He also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.

The initiative has gotten commitments from other oil firms operating in the country since it was floated last year.

On his part, the NUPRC Chief Executive, Mr Komolafe, welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.

Mr Komolafe highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals, highlighting compliance with the Domestic Crude Supply Obligation (DCSO) and the need for transparent pricing and accountability in the sector.

“The commission is committed to the implementation of Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply,” he stated.

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