Economy
The Social Impact Of Cryptocurrency Adoption
In recent years, cryptocurrency adoption has significantly increased, disrupting established banking institutions and influencing society. This stemmed from the decentralized feature of cryptocurrency that made it a viable tool or wealth creation.
People can make money from cryptocurrency through various means in Nigeria. Notable of which is crypto trading, where you can convert cryptocurrencies like Bitcoin to naira at a wide profit margin.
In the foregoing, this article highlights the various ways in which cryptocurrency adoption is transforming society and empowering individuals all across the world.
What Is Cryptocurrency Adoption?
Cryptocurrency adoption is the process through which cryptocurrencies are widely accepted, integrated, and used in various societal contexts as a legitimate form of digital currency. It includes everyone who accepts cryptocurrency as payment, investment vehicles, and technological advancement.
For people to accept cryptocurrencies as a legitimate substitute for fiat currencies, they must use them for personal transactions like paying for goods and services or transferring money. Furthermore, companies and e-commerce platforms may accept cryptocurrencies as a payment method to enhance customer options and foster a more open global financial environment.
Cryptocurrency adoption involves investments in which individual and institutional investors actively trade, hold, or diversify their portfolios using cryptocurrencies. This reflects that more people are beginning to see cryptocurrencies as a class of assets with the potential for long-term development and wealth creation.
Forms Of Cryptocurrency Adoption
1. Trading And Investment In Cryptocurrencies
Individuals and institutional investors buy and hold cryptocurrencies as investments. They use cryptocurrency exchanges or platforms to purchase, sell, and trade digital assets. This is peculiar to the Nigerian crypto landscape, where investors trade different crypto assets.
Some of the most-traded cryptocurrencies in Nigeria are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC). Therefore you can buy and sell your cryptocurrencies at crypto exchanges or other digital trading platforms – notably Prestmit.
2. Businesses Accepting Cryptocurrencies As Payment
Cryptocurrencies are a form of payment that some physical and online businesses have adopted to accept for their products and services. They could incorporate payment processors or digital wallets to make crypto transactions easier.
3. Individuals Using Cryptocurrencies For Private Transactions
Individuals use cryptocurrencies to make purchases, transfer payments, or engage in financial activities such as paying for products and services, transferring money to others, or investing in digital assets. This means that you can share your cryptocurrency from your wallet to another crypto wallet, just as you transfer funds from your bank account to another bank account.
For instance, if you have a Bitcoin wallet on Prestmit, you can quickly transfer your BTC from the wallet to a Bitcoin address with a glitch. This is also peculiar to other wallets such as the Dogecoin wallet, Litecoin wallet, and USDT wallet.
In addition, you can use cryptocurrency to buy products these days. In this instance, it is familiar and easy to use crypto assets like your Bitcoin to purchase gift cards, just as you can convert gift cards to Bitcoin.
Social Impact Of Cryptocurrency Adoption
1. Job Creation And Economic Growth
Cryptocurrency adoption has boosted the emerging industry, offering countless job possibilities and encouraging economic growth. From cryptocurrency exchanges and wallet providers to blockchain engineers and cybersecurity specialists, the crypto space has created avenues for creative enterprises and competent workers.
Moreover, blockchain technology can potentially optimize supply chains, improve efficiency, and reduce costs across numerous industries to promote economic development.
2. Democratizing Investments
The introduction of cryptocurrencies and blockchain technology has democratized investment options. Traditional investment opportunities have frequently been restricted to the rich or well-connected.
However, cryptocurrency markets have lowered entry barriers. It allows anyone with internet access to invest in a wide range of digital assets to reduce wealth inequalities. Another popular digital asset is gift cards, in which gift card trading is one of the viable ways to make money online. Therefore, you can buy and sell gift cards for naira on digital trading platforms like Prestmit.
In this light, these enable individuals from diverse backgrounds to participate in wealth creation and benefit from the growth of decentralized financial ecosystems.
3. Disintermediation
The elimination of third parties, such as banks and payment processors, has positioned cryptocurrencies as a threat to the old financial system. Blockchain-powered peer-to-peer (P2P) transactions reduce fees, boost transaction speed, and offer users ultimate ownership over their financial holdings.
This disintermediation can undermine old power systems, redistribute wealth, and provide citizens universal monetary sovereignty.
4. Financial Inclusion
Cryptocurrencies can revolutionize financial inclusion through their ability to enable participation in cross-border financial transactions for those with limited access to traditional banking services.
Peer-to-peer (P2P) transactions, safe money storage, and direct access to critical financial services are all possible for people in underserved areas with just an internet connection and a smartphone. It can improve whole communities and spur economic growth by empowering the unbanked populace.
Conclusion
Cryptocurrency adoption is a revolutionary force with broad societal impacts. It provides people with more freedom by promoting financial inclusion, democratizing investments, and increasing transparency. It also encourages economic expansion and job development, opening doors for creative firms and new employment possibilities.
However, it is important to address the difficulties in cryptocurrency adoption, such as security issues, legal frameworks, and environmental sustainability.
By Adedapo Adesanya
The crude oil market was mixed on Wednesday as investors weighed revived expectations of a de-escalation in United States-Iran hostilities.
Brent crude futures gained 9 cents or 0.11 per cent to trade at $79.45 a barrel, while the US West Texas Intermediate (WTI) crude futures fell by 55 cents or 0.73 per cent to $75.22 per barrel.
US President Donald Trump previously said there was an “all-day negotiation” with Iran, characterizing the talks positively while also threatening to hit the country “really hard” if a deal was not reached.
Meanwhile, Iran denied that peace talks were under way. Its Foreign Ministry said on Wednesday that Iran and Oman have reached an understanding on how to manage the Strait of Hormuz.
It was reported that the decision was awaiting a decision from Iran’s supreme leader after Iranian and Omani negotiators completed a draft agreement that could reopen the Strait of Hormuz, the main export route for Persian Gulf oil and LNG. Also, a joint announcement is being finalized.
The proposed temporary arrangement would direct ships entering the Persian Gulf through waters controlled by Iran, while vessels leaving the Gulf would use a route administered by Oman. The agreement would revive parts of the US-Iran memorandum reached in June, which collapsed after attacks on shipping resumed.
Reuters reported that Iran is seeking payments equivalent to between 5 per cent and 7 per cent of cargo value, while Oman has proposed a 3 per cent charge.
However, the Trump administration has rejected any arrangement requiring ships to pay Iran for passage through what was an open international waterway before the war.
Crude stockpiles rose by 2.5 million barrels to 407 million barrels last week, data from the Energy Information Administration (EIA) showed on Wednesday. Previously, the American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.69 million barrels in the week ending July 30.
Apart from disruption in the Gulf, a surge in attacks on Russian and Ukrainian ships, ports and export terminals in the Black Sea is disrupting global commodity supplies.
Disruption has spread to the Caspian Pipeline Consortium (CPC), the main export route for Kazakh crude oil, which has repeatedly suspended operations this week because of safety concerns and a lack of tankers.
By Aduragbemi Omiyale
Between $30 billion and $50 billion in investments are anticipated from 22 major offshore projects by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from now till 2030.
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said since 2022, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreages.
She made reference to the recent 2025 Licensing Round where 31 companies emerged successful bidders for 37 oil and gas blocks after progressing through a robust, data-driven and technology enabled evaluation process.
Mrs Eyesan said the 2026 Licensing Round, which is set to commence soon, is showing greater promise thanks to the transparency that has characterised licensing rounds.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” the NUPRC boss stated.
The agency’s chief, who was represented at the event by the Executive Commissioner for Development and Production, Mr Enorense Amadasu, the expected investments are expected to increase production, create jobs and strengthen energy security.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plan (FDPs) some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30–50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” she stated.
She noted that besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.
Mrs Eyesan said infrastructure deficit continues to undermine Africa’s promising potential, stating that, Nigeria is, however, addressing this challenge through a series of strategies.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” the NUPRC boss stated.
Besides these infrastructure strategies, Mrs Eyesan said stronger collaboration among government, security agencies, operators, host communities and private partners; as well as the Host Community Development Trust had led to an improvement in the protection of critical energy assets which had ultimately made Nigeria’s upstream sector more resilient.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
