Economy
Nigeria Records Highest Crypto Ownership, Use in 2022
By Adedapo Adesanya
A new research has revealed that Nigeria topped the countries with the highest rate of cryptocurrency use and ownership in 2022.
Nigeria, Africa’s largest economy, clinched the top spot, with almost half the population having used or owned cryptocurrency.
The study, conducted by an online casino guide Trading Browser, analysed data on crypto ownership and usage. The ranking was done via the percentage of the population that reported that they used or owned cryptocurrency each year from 2019 to 2022.
Nigeria tops the list, with 45 per cent of the population using or owning cryptocurrency in 2022. The nation boasts over 90 million people using cryptocurrency – that’s almost 150 per cent higher than the population of the United Kingdom.
From 2019 to 2022, Nigeria saw a 17 per cent total increase in ownership and use from 28 per cent to 45 per cent, equating to over 34 million people adopting cryptocurrency over the three years.
Coming in second place is Thailand. The Southeast Asian country has a massive 44 per cent of its population reporting to using or owning cryptocurrency – equal to just over 30 million people.
Despite being dwarfed by some of the other contenders on the list, Thailand has the biggest uptake in ownership and usage, with a huge 21 per cent increase from 23 per cent to 44 per cent. That’s equal to 14.6 million people, just over one in five of the population of the country, which is the highest percentage of the top ten.
The number three spot belongs to Turkey. The transcontinental country has 40 per cent of its population owning and using cryptocurrency in 2022, equal to over 33 million people. The adoption of cryptocurrency has doubled from 20 per cent to 40 per cent amongst the population from 2019 to 2022 – over 16 million people. This increase from 2019 to 2022 places Turkey second in terms of cryptocurrency uptake.
The first South American country on the list, Argentina, comes in fourth with an ownership and usage rate of 35 per cent in 2022 – almost 16 million people. This may well change in the near future, though, with several draft laws aimed at institutionalising and regulating various aspects of digital assets and the virtual currency industry.
In fifth place comes the United Arab Emirates (UAE). The UAE is hot on the heels of Argentina, with 34 per cent of the population owning or using cryptocurrency in 2022 – just over one in three people of the almost 10 million population.
Minister of State for Foreign Trade, Dr Thani Al Zeyoudi, said in a recent interview with Bloomberg that a key area the UAE is looking to expand into, is cryptocurrencies. So, this might well mean that the 34 per cent figure is set to increase over the coming years.
The remainder of the top ten features the Philippines in sixth place with 29 per cent (15 million) of its population using or owning cryptocurrency. Vietnam is in seventh place with 27 per cent of the population, equalling just over 26 million people using or owning cryptocurrency.
Surprisingly, in joint eighth place, the country with the highest population in the top ten, India, is matched with the country with the lowest population in the top ten, Singapore. Both nations have a rate of 25 per cent of the population owning or using cryptocurrency in 2022, over 341 million and almost 1.5 million, respectively.
In ninth place is Brazil. The second South American country of the top ten has the lowest rate of cryptocurrency ownership and use at only 24 per cent – just over 51 million of the population. Last place in the top ten is South Africa, with a usage and ownership ship of 23 per cent, working out to over 13 million people.
Surprisingly, the United States ranks 22nd on the list, with only 16 per cent of the population owning or using cryptocurrency. That’s equivalent to just over one in six people. The United Kingdom ranks even lower, coming in at 50th place with only 11 per cent of the country owning or using cryptocurrency – equal to just over 7 million people.
Commenting on the findings, a spokesperson for Trading Browser said, “The information presented in the data offers valuable perspectives on the industry’s current status, specifically emphasizing the increasing adoption of digital assets worldwide. It is positive to observe various countries making strides in terms of cryptocurrency regulation and infrastructure. It is hoped that this data will contribute to the further development and widespread acceptance of digital assets.”
The study was conducted by Trading Browser, a one-stop solution for cryptocurrency traders and investors. They have a dedicated team of experienced crypto professionals on hand to guide and help people through cryptocurrency trading. They also provide information on the market, best practices for trading, and useful tools and resources for making informed decisions.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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